Coro Provides Update on Berta Project
June 10 2014 - 12:56PM
Marketwired
Coro Provides Update on Berta Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 10, 2014) - Coro
Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to
announce the renegotiation of the terms of the final payment due to
the underlying owner of the Berta copper development project,
located approximately 20km west of the village of Inca de Oro, in
the III Region of Chile. The project is being developed by SCM
Berta ("SCMB") which is currently 87% owned by Coro and 13% by its
partner, ProPipe, a Chilean engineering company, and ProPipe may
increase its interest to 50% by funding the ongoing development
costs, completing a positive Preliminary Economic Assessment
("PEA") and arranging 100% debt financing, non-recourse to Coro,
for the project.
Modified Terms
The payment of US$2,500,000 payable by SCMB on June 10th 2014
has been deferred as follows;
- US$250,000 payable on August 14 2014
- US$2,250,000 payable on August 14 2015. SCMB may elect to pay
this amount in 8 equal quarterly payments of US$281,250 which will
bear interest at LIBOR.
In addition, under the modified terms SCMB is permitted to
commence production at Berta at any time after the August 14 2014
payment.
About Berta
SCMB intends to develop a heap and dump leach operation at Berta
and has negotiated a contract with the owners of a nearby solvent
extraction/electro-winning ("SXEW") plant, whereby they would sell
water and sulphuric acid to SCMB and would purchase pregnant leach
solution ("PLS") from SCMB, for a period of 5 years.
Development of the project would include the construction by
SCMB of a pipeline between Berta and the third party's processing
facilities, as well as a crusher and heap & dump leach pads at
the mine site. Subject to SCMB executing the contract with the
third party, completing a positive PEA, receiving an approved
Environmental Impact Declaration ("EID"), and to obtaining
financing for the project, Berta is anticipated to produce
5,000-10,000 tonnes of cathode copper per year, contained in
PLS.
The EID permitting process is nearing its conclusion and the
contract is currently completing the third party's internal
approval process. The engineering studies are virtually complete
and Coro anticipates that the PEA and the commercial terms agreed
with the third party will be released once the contract is
executed. Finally, ProPipe continues discussions with parties
interested in financing the project.
Alan Stephens, FIMMM, President and CEO, of Coro Mining Corp, a
geologist with more than 38 years of experience, and a Qualified
Person for the purposes of NI 43-101, is responsible for 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 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 in Chile. Coro's properties include the
Berta, Payen, Celeste and Llancahue copper properties 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 future transactions 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.
Coro Mining Corp.Michael PhilpotExecutive Vice-President(604)
682 5546investor.info@coromining.comwww.coromining.com
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