Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce the
results of an updated, independent, National Instrument 43-101 compliant
resource estimate for its Berta copper leach project, located approximately 20km
west of the village of Inca de Oro, in the III Region of Chile. Coro is also
pleased to announce the results of confirmatory metallurgical column test work
completed for the Berta Central deposits.
On May 8th 2013, the Company announced that it had signed a Letter of Intent
("LOI") with ProPipe SA, ("ProPipe") an engineering firm based in Santiago,
Chile, giving ProPipe the right to earn up to a 50% interest in the Berta
property by funding the further development of the project.
Alan Stephens, President and CEO of Coro commented, "We continue to make
excellent progress at Berta, where we have demonstrated a significant increase
in in-pit resources, by re-assessing the economic parameters of Berta Sur and by
incorporating the Berta Central deposits into the resource model. The updated
in-pit resource estimate for the project now stands at 17,604,000t at a grade of
0.37%CuT, equivalent to 64,000t of contained copper, and with a low overall
stripping ratio of 0.49:1. The results of the column test work from Berta
Central confirm the encouraging results previously obtained from Berta Sur. Coro
and ProPipe are currently optimising the development plan for Berta, with the
objective of placing it into production at the rate of 5,000-10,000 tonnes per
year of copper cathode, as soon as possible."
Updated Resource Estimate
This updated resource estimate includes the Berta Sur deposit, and the Berta
Central deposits, which comprise 5 individual but adjacent deposits which have
been subject to prior small scale open pit mining. The resource estimate was
completed by independent consultants, Geoinvestments SpA, at a variety of total
copper (%CuT) grades, as shown on Table 1, below.
Table 1: Resource Estimate
----------------------------------------------------------------------------
Berta Project Resource Estimate
----------------------------------------------------------------------------
Measured Indicated
Zone Cutoff kt % CuT % CuS kt % CuT % CuS
----------------------------------------------------------------------------
0.10 16,498 0.34 0.23 8,653 0.23 0.14
--------------------------------------------------------
0.15 13,275 0.39 0.27 5,780 0.27 0.18
--------------------------------------------------------
Berta Sur & Central 0.20 10,487 0.45 0.31 3,336 0.35 0.23
--------------------------------------------------------
0.25 8,355 0.51 0.36 1,961 0.44 0.30
--------------------------------------------------------
0.30 6,791 0.56 0.40 1,289 0.52 0.36
----------------------------------------------------------------------------
--------------------------------------------------------
0.10 10,972 0.32 0.21 4,423 0.18 0.11
--------------------------------------------------------
0.15 8,853 0.37 0.25 2,800 0.21 0.13
--------------------------------------------------------
Berta Sur 0.20 6,892 0.42 0.29 1,332 0.26 0.16
--------------------------------------------------------
0.25 5,385 0.47 0.33 561 0.31 0.20
--------------------------------------------------------
0.30 4,288 0.53 0.37 261 0.36 0.24
----------------------------------------------------------------------------
--------------------------------------------------------
0.10 5,526 0.38 0.26 4,230 0.27 0.17
--------------------------------------------------------
0.15 4,422 0.45 0.31 2,980 0.33 0.22
--------------------------------------------------------
Berta Central 0.20 3,594 0.51 0.36 2,003 0.41 0.27
--------------------------------------------------------
0.25 2,969 0.57 0.40 1,401 0.49 0.34
--------------------------------------------------------
0.30 2,503 0.63 0.45 1,028 0.56 0.39
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Berta Project Resource Estimate
----------------------------------------------------------------------------
Measured & Indicated Inferred
Zone kt % CuT % CuS kt % CuT % CuS
----------------------------------------------------------------------------
25,150 0.30 0.20 4,845 0.24 0.15
--------------------------------------------------------
19,055 0.36 0.24 3,249 0.30 0.20
--------------------------------------------------------
Berta Sur & Central 13,822 0.43 0.29 2,039 0.38 0.25
--------------------------------------------------------
10,316 0.50 0.35 1,402 0.45 0.31
--------------------------------------------------------
8,080 0.56 0.39 932 0.53 0.37
----------------------------------------------------------------------------
--------------------------------------------------------
15,394 0.28 0.18 2,105 0.18 0.11
--------------------------------------------------------
11,653 0.33 0.22 1,296 0.22 0.13
--------------------------------------------------------
Berta Sur 8,225 0.39 0.27 720 0.26 0.16
--------------------------------------------------------
5,946 0.46 0.32 343 0.29 0.18
--------------------------------------------------------
4,549 0.52 0.36 127 0.33 0.21
----------------------------------------------------------------------------
--------------------------------------------------------
9,756 0.33 0.22 2,740 0.29 0.19
--------------------------------------------------------
7,402 0.40 0.27 1,953 0.35 0.24
--------------------------------------------------------
Berta Central 5,598 0.47 0.33 1,318 0.44 0.30
--------------------------------------------------------
4,370 0.55 0.38 1,059 0.50 0.34
--------------------------------------------------------
3,531 0.61 0.43 805 0.57 0.40
----------------------------------------------------------------------------
In order to demonstrate the potential economic viability of the Berta Sur and
Central resources, a series of pit optimizations using the Lersch & Grossmann
algorithm was completed utilizing appropriate operating costs, results obtained
from the metallurgical test work, and a variety of copper prices. For a $3.00/lb
copper price and a 0.14% CuT cut-off grade, the optimum pits were determined to
contain 17,604,000t at a grade of 0.37% CuT and an overall stripping ratio of
0.49:1, as detailed in Table 2, below.
Table 2: In-Pit Resource Estimate
----------------------------------------------------------------------------
Berta Project In Pit Resource
----------------------------------------------------------------------------
Measured Indicated
------------------------------------------------
Zone Pit kt % CuT % CuS kt % CuT % CuS
----------------------------------------------------------------------------
Berta Sur Berta Sur 8,929 0.35 0.23 1,427 0.19 0.11
----------------------------------------------------------------------------
Trinchera-
Salvadora 2,242 0.48 0.30 527 0.47 0.29
--------------------------------------------------------------
Carmen-Gemela 982 0.51 0.36 562 0.38 0.26
--------------------------------------------------------------
Berta Central Nueva 219 0.43 0.29 295 0.34 0.22
--------------------------------------------------------------
Berta II 853 0.37 0.24 150 0.36 0.23
--------------------------------------------------------------
Chico 900 0.30 0.18 518 0.25 0.14
----------------------------------------------------------------------------
Berta Sur &
Central Total 14,125 0.38 0.25 3,479 0.29 0.18
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Berta Project In Pit Resource
----------------------------------------------------------------------------
Measured & Indicated Waste Strip
------------------------------------------------
Zone Pit kt % CuT % CuS kt Ratio
----------------------------------------------------------------------------
Berta Sur Berta Sur 10,356 0.33 0.21 2,609 0.25
----------------------------------------------------------------------------
Trinchera-
Salvadora 2,769 0.48 0.30 2,499 0.90
--------------------------------------------------------------
Carmen-Gemela 1,544 0.47 0.32 1,852 1.20
--------------------------------------------------------------
Berta Central Nueva 514 0.38 0.25 375 0.73
--------------------------------------------------------------
Berta II 1,003 0.37 0.24 572 0.57
--------------------------------------------------------------
Chico 1,418 0.29 0.17 762 0.54
----------------------------------------------------------------------------
Berta Sur &
Central Total 17,604 0.37 0.23 8,669 0.49
----------------------------------------------------------------------------
The copper grade distribution for Berta Sur and Central is shown on Figure 1 and
the proposed open pits are shown on Figure 2.
Parameters Used in the Construction of the Mineral Resource
An updated mineral resource block model was produced for the Berta Sur and
Central deposits, using information from Coro's 2011 and 2012 drilling campaigns
and from earlier Anglo American, Grand Cru Resources and Outokumpu drilling. The
resource estimate was based on 152 drill holes for a total of 22,213m, as shown
on Table, below.
Table 3: Drill holes
----------------------------------------------------------------------------
Berta Sur & Central Drilling
Campaigns Berta Sur Berta Central
----------------------------------------------------------------------------
Av TD Total Av TD Total
Company Date Type Holes (m) m Holes (m) m
----------------------------------------------------------------------------
Outokumpu Mar-Sept 1994 RC 4 25 100 28 44 1,221
----------------------------------------------------------------------------
Anglo American Sep-Dec 1997 RC 19 112 2,126 16 121 1,930
----------------------------------------------------------------------------
Grand Cru Res Feb-Jul 2007 DDH 3 435 1,305 6 335 2,007
----------------------------------------------------------------------------
CORO Phase 1 Jul-Aug 2011 RC 23 181 4,160
----------------------------------------------------------------------------
CORO Phase 2 Mar-Jun 2012 RC 14 300 4,198 3 379 1,136
----------------------------------------------------------------------------
CORO Infill Jul-Aug 2012 RC 29 112 3,264 7 109 766
----------------------------------------------------------------------------
Total 92 15,153 60 7,060
----------------------------------------------------------------------------
----------------------------------------------------------------------
Berta Sur & Central Drilling
Campaigns Berta Sur + Central
----------------------------------------------------------------------
Company Date Type Holes Av TD (m) Total m
----------------------------------------------------------------------
Outokumpu Mar-Sept 1994 RC 32 41 1,321
----------------------------------------------------------------------
Anglo American Sep-Dec 1997 RC 35 116 4,056
----------------------------------------------------------------------
Grand Cru Res Feb-Jul 2007 DDH 9 368 3,312
----------------------------------------------------------------------
CORO Phase 1 Jul-Aug 2011 RC 23 181 4,160
----------------------------------------------------------------------
CORO Phase 2 Mar-Jun 2012 RC 17 314 5,334
----------------------------------------------------------------------
CORO Infill Jul-Aug 2012 RC 36 112 4,030
----------------------------------------------------------------------
Total 152 22,213
----------------------------------------------------------------------
The mineral resource estimate has been generated from drill hole sample assay
results and the interpretation of a geologic model which relates to the spatial
distribution of copper in the deposit. Grade estimates were made using ordinary
kriging with nominal block size measuring 5 meters long, 5 meters wide and 5
meters in height and resources have been classified by their proximity to sample
locations. The small open pit workings at Berta Central were topographically
surveyed and their volumes subtracted from the model. The in-pit mineral
resource was constructed according to technical and economic parameters shown in
Table 4.
Table 4: Technical and Economic Parameters
----------------------------------------
Mining $2.09/t
----------------------------------------
Processing $4.74/t
----------------------------------------
SXEW $0.102/lb
----------------------------------------
G & A $0.045/lb
----------------------------------------
Sales & Marketing $0.041/lb
----------------------------------------
Metallurgical Recovery 80%
----------------------------------------
Inter ramp Pit Slope 50 degrees
----------------------------------------
Copper Price $3.00/lb
----------------------------------------
The mineral resources in this news release were estimated using current Canadian
Institute of Mining, Metallurgy and Petroleum (CIM) standards, definitions and
guidelines. An updated NI 43-101 technical report detailing the mineral resource
estimate will be completed and filed on SEDAR (www.sedar.com), and Coro's
website (www.coromining.com), within 45 days.
Metallurgical Testwork
A sample was taken from outcrop and pit walls from each of the Berta II - Nueva
- Chico and Gemela - Salvadora old workings, and submitted to the
Hydrometallurgy Laboratory of the Department of Metallurgical Engineering,
University of Santiago de Chile (USACH) for compositing and column test work.
The principal objective of this test was to ascertain if there were any material
differences in the metallurgical characteristics of the Berta Central deposits
and those from the previously announced Berta Sur deposit test work carried out
by Geomet.
A total of three 2m column tests, with the same column dimensions used for the
previous Berta Sur test work, and with granulometry of 80% - 1/2", were
completed. The cur ing dosage was 10kg acid/t with a curing time of 24 hours and
a specific flow rate of 10 l/hm2. The head grade of the sample was
1.4%CuT/1.1%CuS, and the three columns were run at 10, 15 and 20g/l of acid
concentration in the irrigation solution.
The results from the three columns showed very similar leach kinetics to that
observed for the Berta Sur tests with best results obtained with concentrations
of plus 15g/l acid. A summary of the Berta Sur and Berta Central test work is
shown on Table 5, below. As with the previous test work for Berta Sur,
recoveries in excess of 100% of the theoretical solubilities have been obtained
for Berta Central, indicating recovery of copper from copper wad species.
Table 5: Metallurgical Column Test Work
----------------------------------------------------------------------------
Theore
Column Sample Location Head assays -tical Actual Days NAC
----------------------------- -----
Rec Rec
% CuT % CuS % Sol CuT CuS kg/t
----------------------------------------------------------------------------
P80 3/8" Comp A BDH07-07 Drill
Geomet Core (Berta Sur) 0.84 0.59 70 91.0 130 26 21
----------------------------------------------------------------------------
P80 3/8" Comp B Surface trench,
Geomet partially
leached (Berta
Sur) 0.66 0.36 55 68.0 126 28 24
----------------------------------------------------------------------------
P80 3/8" Comp C Surface trench,
Geomet partially
leached (Berta
Sur) 0.38 0.14 37 56.0 150 28 22
----------------------------------------------------------------------------
P80 1/2" (10 g/L Berta Central
H2SO4) USACH 1.40 1.10 79 51.5 66 28 22
----------------------------------------------------------------------------
P80 1/2" (15 g/L Berta Central
H2SO4) USACH 1.40 1.10 79 80.0 113 28 20
----------------------------------------------------------------------------
P80 1/2" (20 g/L Berta Central
H2SO4) USACH 1.40 1.10 79 87.0 120 28 28
----------------------------------------------------------------------------
About Berta
Berta is a near surface, copper oxide deposit, with mineralization, as defined
by drilling, mapping and geochemistry, occurring in three principal areas; Berta
Sur, Berta Central and Berta Norte. It is associated with sub-vertical,
elongate, potassically altered porphyry intrusive bodies and related
hydrothermal and intrusive breccias, emplaced into a tonalite stock. Oxidation
extends from surface to depths of 50m to 100m. Berta Sur comprises a single,
coherent body of mineralization that has not been previously mined, while Berta
Central comprises several smaller bodies, located immediately north of Berta
Sur, which were the focus for previous small scale artisanal copper oxide
production. Berta Norte comprises several, discreet, NW oriented zones of
mineralization, individually 25-85m in width, 100-250m in strike length and
largely gravel covered. A resource estimate has not yet been completed for Berta
Norte. Coro has identified potential for additional copper oxide resources
elsewhere on the property, and in the surrounding district.
Coro announced a NI43-101 compliant resource estimate for the Berta Sur area, in
its news release NR12-19, dated December 6th 2012 and the results of preliminary
metallurgical test work in its news release NR12-17, dated November 5th 2012.
The shareholder's agreement for the new operating company, SCM Berta, formed by
Coro and ProPipe, is being finalized and additional time has been granted to
ProPipe to present an Environmental Impact Declaration for the project and to
complete a Preliminary Economic Evaluation, in order to accommodate an optimal
development plan for the project, as a result of the resource increase.
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.
Qualified Person Notes
The mineral resource estimates contained in this news release have been prepared
in accordance with National Instrument 43-101 Standards of Disclosure for
Mineral Projects ("NI 43-101"). The technical information in this news release,
including the information that relates to geology, mineralization, drilling, and
mineral resource estimates on the Berta deposit, is based on information
prepared under the supervision of, or has been reviewed by Sergio Rivera, Vice
President of Exploration, Coro Mining Corp, a geologist with more than 30 years
of experience and a member of the Colegio de Geologos de Chile and of the
Instituto de Ingenieros de Minas de Chile. The foregoing person is a "qualified
person" for the purposes of NI 43-101 with respect to the geology,
mineralization and drilling being reported on. The "qualified person"
responsible for the independent resource estimate at Berta Sur was Sergio
Alvarado Casas, a consultant geologist with more than 27 years of experience and
General Manager and partner of Geoinvestments SpA. He is a member of CIM, the
Chilean Mining Commission, and the Instituto de Ingenieros de Minas de Chile.
The technical information has been included herein with the consent and prior
review of the above noted qualified persons. The qualified persons have verified
the data disclosed, including sampling, analytical and test data underlying the
information or opinions contained herein.
All mineral resources have been estimated in accordance with the definition
standards on mineral resources and mineral reserves of the Canadian Institute of
Mining, Metallurgy and Petroleum (CIM) referred to in National Instrument
43-101, commonly referred to as NI 43-101. U.S. reporting requirements for
disclosure of mineral properties are governed by the United States Securities
and Exchange Commission (SEC) Industry Guide 7. Canadian and Guide 7 standards
are substantially different. This News Release uses the terms "measured,"
"indicated" and "inferred" resources. We advise investors that while those terms
are recognized and required by Canadian regulations, the SEC does not recognize
them. Mineral resources which are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially affected
by copper pricing, environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues. Inferred mineral resources
are considered too speculative geologically to have economic considerations
applied to them that enable them to be categorized as mineral reserves.
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 advanced Berta copper leach project and the Payen, El Desesperado,
Llancahue, and Celeste copper exploration properties, all located in Chile and
the advanced San Jorge copper-gold project, located 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 the prices of copper and
molybdenum, metallurgical results and resources, 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.
To view Figure 1, "Berta Sur & Central Cu Grade Distribution at 1710m
Elevation," click the following link:
http://media3.marketwire.com/docs/coro1.jpg.
To view Figure 2, "Berta Proposed Open Pits," click the following link:
http://media3.marketwire.com/docs/coro2.jpg.
FOR FURTHER INFORMATION PLEASE CONTACT:
Coro Mining Corp.
Michael Philpot
Executive Vice-President
(604) 682 5546
investor.info@coromining.com
www.coromining.com
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