Coro Completes Process to Acquire 51% Ownership of Marimaca Claims, and Announces Drilling has Recommenced at La Atómica
August 27 2018 - 7:00AM
Coro Mining Corp. (“Coro” or the
“Company”) (TSX: COP) is pleased to
announce that it has now completed the Chilean legal registrations
and has title over 51% of the corporate entity holding the Marimaca
1-23 Claims, following the completion of the initial Definitive
Feasibility Study, released in June 2018. This marks the first step
in ownership over Marimaca. To increase ownership to 75%, the
Company intends to exercise its option to acquire an additional 24%
by incorporating the Ivan Plant into the new Marimaca joint venture
company, targeting completion in the fourth quarter 2018.
The Company is completing the necessary legal
processes to complete its consolidation over the Marimaca district,
with the addition of the various surrounding Sierra Miranda, La
Atómica and Naguayan claims and will advise shareholders of further
progress in due course.
An image accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/3cea2abd-8e0f-4566-a9c0-06a0faf6e3cd
A comprehensive exploration program for the
Marimaca district will also be announced once the ongoing rights
offering has been completed. In the meantime, the Company has
completed detailed surface geological mapping and sampling of
underground workings at La Atómica. In January 2018, Coro
announced encouraging results from drilling at La Atómica, and
following this, has now initiated a 10,000 metre reverse
circulation drill program which is expected to be completed in the
fourth quarter.
Commenting on the announcement, Luis Tondo,
President and CEO of Coro said: “The granting of 51% ownership in
our flagship project Marimaca is an important first step for Coro
as we progress the consolidation of the greater Marimaca district.
I am also delighted that, following the recent financing, we have
been able to recommence the drilling program at La Atómica with the
deployment of two drill rigs. I look forward to sharing the
drilling results with the market in the coming months.”
On behalf of the Board of Directors,LUIS TONDO,
PRESIDENT & CEO
Contact InformationFor further information
please visit www.coromining.com or contact:Nicholas Bias, VP
Corporate Development & Investor Relations+1 (604) 682 5546
x202 or +44 (0)7771 450 679 | nbias@coromining.com
Forward Looking StatementsThis
news release includes certain “forward-looking statements” under
applicable Canadian securities legislation. Forward-looking
statements in this press release relate to, among other things
satisfaction of the conditions precedent to the conversion of the
US$12 million into an equity interest in Rising Star and the use of
the proceeds of US$3 million drawdown. Actual future results may
differ materially. There can be no assurance that such statements
will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements.
Forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made and are based upon
a number of assumptions and estimates that, while considered
reasonable by Coro, are inherently subject to significant business,
economic, competitive, political and social uncertainties and
contingencies. Many factors, both known and unknown, could cause
actual results, performance or achievements to be materially
different from the results, performance or achievements that are or
may be expressed or implied by such forward-looking statements and
the parties have made assumptions and estimates based on or related
to many of these factors. Such factors include, without limitation:
the ability of Coro to satisfy the conditions precedent to
conversion of the loan and management’s discretion to reallocate
the use of proceeds 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. Accordingly, readers
should not place undue reliance on forward-looking statements. Coro
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements contained herein whether as a result of
new information or future events or otherwise, except as may be
required by law.
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