Coro Announces ProPipe Makes Berta Option Payment and Acquires 10% of SCM Berta
June 11 2013 - 12:15PM
Marketwired
Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to
announce that, as described in the Company's news release dated 8th
May 2013, its partner ProPipe SA, ("ProPipe") has made the
US$500,000 option payment due to the underlying owner of the Berta
property. As a result, Propipe has acquired an initial 10%
shareholding in SCM Berta, a new company established to develop and
operate the Berta property which hosts a copper oxide deposit and
is located approximately 20km west of the village of Inca de Oro,
in the III Region of Chile. Propipe has the right to earn up to a
50% interest in SCM Berta, with Minera Coro Chile Ltda., Coro's
100% owned Chilean subsidiary, holding the remainder, by completing
additional work on the property and obtaining and structuring
project financing.
Alan Stephens, President and CEO of Coro commented, "We are
delighted that ProPipe has made this initial investment in Berta.
ProPipe is currently undertaking additional metallurgical test work
and engineering & environmental studies for the project aimed
at advancing it rapidly to a production decision. A resource
update, incorporating the Berta Central deposits, is nearing
completion and will be announced shortly."
About Berta
Berta is a modest sized, near surface, copper oxide deposit,
with mineralization, as defined by drilling, mapping and
geochemistry, occurring in three principal areas; Berta Sur,
Central and Norte. Mineralization is associated with sub-vertical,
elongate, potassically altered porphyry intrusive bodies and
related hydrothermal and intrusive breccias, emplaced into a
tonalite stock. At Berta Sur, this mineralization is present within
a roughly horseshoe shape area with oxidation extending from
surface to depths of 50m to 100m. Berta Central comprises several
smaller bodies, located immediately north of Berta Sur, which were
the focus for previous small scale copper oxide production. Berta
Norte comprises several, discreet, NW oriented zones of
mineralization, individually 25-85m in width, 100-250m in strike
length and partially gravel covered.
Coro announced a NI43-101 compliant resource estimate for the
Berta Sur area, in its news release dated December 6th 2012, the
results of preliminary metallurgical test work in its news release
dated November 5th 2012, and the signing of a Letter of Intent with
ProPipe in its news release dated May 8th 2013. There are
additional resources on the property in the Berta Central deposits,
and there is potential elsewhere on the property and in the
surrounding district to augment these.
About ProPipe SA
ProPipe is a Chilean supplier of consultancy, engineering and
project management services to its customers in the mining process,
infrastructure and environment markets. ProPipe have relevant
experience in conceptual and basic design, preliminary feasibility
and feasibilities studies, and detailed engineering for mining
companies in Chile. Some of its principal clients are BHP Billiton
(Minera Escondida), Antofagasta Minerals (Minera Los Pelambres,
Minera El Tesoro, and Minera Esperanza), Minera Las Cenizas and
Algorta Norte. ProPipe's recent projects include the Camarones
7,000 tonne per year copper cathode plant, the Algorta Norte 78 km
sea water pipeline, and Minera Escondida's Coloso filter plant
expansion project.
Alan Stephens, FIMMM, President and CEO of Coro, a geologist
with more than 37 years of experience, is the Qualified Person for
Coro who has reviewed and approved the contents of this news
release.
CORO MINING CORP.
Alan Stephens, President and CEO
About Coro Mining Corp.:
The Company was founded with the goal of building a mining
company focused on medium-sized base and precious metals deposits
in Latin America. The Company intends to achieve this through the
exploration for, and acquisition of, projects that can be developed
and placed into production. Coro's properties include the Berta
copper development project and the Payen, El Desesperado, Llancahue
exploration properties all located in Chile; and the advanced San
Jorge copper-gold project, in Argentina.
This news release includes certain "forward-looking statements"
under applicable Canadian securities legislation. Such
forward-looking statements or information, including but not
limited to those with respect to resources, the potential for
additional resources and the timeline to a production decision,
involve known and unknown risks, uncertainties, and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements or information. Such factors include,
among others, the actual prices of copper, the factual results of
current exploration, development and mining activities, changes in
project parameters as plans continue to be evaluated, as well as
those factors disclosed in the Company's documents filed from time
to time with the securities regulators in the Provinces of British
Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick,
Nova Scotia, Prince Edward Island and Newfoundland and
Labrador.
Contacts: Coro Mining Corp. Michael Philpot Executive
Vice-President (604) 682 5546investor.info@coromining.com
www.coromining.com
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