Coro Mining Corp. (“Coro” or the “Company”) (TSX:
COP) is pleased to announce changes to the Company’s Board
of Directors including the transition of Mr. Colin Kinley from
Non-Executive Chairman to a Non-Executive Director role and the
appointment of Mr. Michael Haworth as the Company’s Executive
Chairman, reflecting the increasing time commitment expected of the
role as the Company advances the development of its Marimaca
project. The board changes also include the appointment of
Ms. Petra Decher as the lead independent Non-Executive Director,
and Mr. Kinley assuming the role of Chairman of the Compensation
Committee.
Coro is developing the exciting Marimaca Copper
Project (“Marimaca” or “the Project”) for which the Company
recently released an updated oxide Mineral Resource Estimate
(“MRE”) of 420Kt of contained copper with an average grade of 0.60%
copper within the Measured & Indicated Categories and 224kt of
contained copper with an average grade of 0.52% copper within the
Inferred Category (refer release on 2 December
2019), representing an increase of nearly 100% from the
pit constrained MRE released in April 2018.
Coro has identified several near deposit oxide
targets which offer the potential to further extend the MRE in
addition to larger sulphide exploration targets both at Marimaca
and within the broader tenement package, which will be the subject
of follow-up exploration work.
Coro is currently undertaking a Preliminary
Economic Assessment (“PEA”) for Marimaca, which is anticipated to
be completed in the first half of 2020. The Company, through its
Chilean consultants, GEM, recently completed a detailed trade-off
study to understand the key development strategies available for
the project and which has identified a stand-alone, full scale,
development option for Marimaca to be used for the PEA. As a result
of its premier location and access to first class infrastructure,
simple open-pit mining and oxide processing, Marimaca is expected
to benefit from low capital development costs relative to other
copper development peers in the region. In addition, due to the
favourable geometry of the orebody and relatively simple oxide ore
processing through Solvent Extraction-Electrowinning (“SX-EW”),
Management believes the Project will have highly competitive
operating costs, delivering compelling economics in the PEA.
The appointment of Mr. Haworth as Executive
Chairman will provide support to the CEO, Mr Luis Tondo, as he
spends increasing time on the completion of numerous technical work
streams for Marimaca. These technical items represent key
de-risking catalysts for the Company and include an immediate focus
on the delivery of the PEA, a rigorous preliminary and follow-up
metallurgical test work programme, ongoing exploration work to
expand resources and define new deposits, as well as preparing for
various permitting workstreams. Mr Haworth is a co-founder and
Senior Partner of Greenstone Resources, which holds 24.9% of the
shares of Coro Mining, and is Coro’s largest shareholder. His
career in natural resources has spanned over 20 years including in
roles as Managing Director and Head of Metals and Mining Corporate
Finance in London for J.P. Morgan. He will provide leadership on
corporate strategy, financing, investor engagement and marketing
including investor roadshows.
Michael Haworth, Executive Chairman of
Coro Mining Corp commented:
“I look forward to supporting Luis and his
project team as they progress the development of what we believe is
one of the most exciting copper oxide deposit discoveries in Chile
in the last 10 years. Marimaca appears to have all the hallmarks of
a low capital cost, high margin, copper mine development.
“2020 is expected to be a transformational year
for the Company and my focus will be on providing structure for an
active engagement with the capital markets and further developing
our corporate strategy, including the various financing options
available, as we aim to move Marimaca towards production. To
complement this, we have commenced preparations for several changes
to the corporate structure of Coro to best position us for a
successful future development, including corporate rebranding in
line with the primary focus on the development of Marimaca.
”The Board and I would like to thank Colin for
his strong leadership as Non-Executive Chairman, and his ongoing
involvement as a Non-Executive Director and Chairman of the
Compensation Committee.”
Contact InformationFor further
information please visit www.coromining.com or contact:
Tavistock +44 (0) 207 920
3150Jos Simson/Emily Fentoncoro@tavistock.co.uk
Qualified Persons
The scientific and technical information in this
news release including the sampling, analytical and test data
underlying such information, was prepared under the supervision of,
or has been reviewed by, Sergio Rivera, Vice President of
Exploration, Coro Mining Corp, a Qualified Person for the purposes
of NI 43-101 and a geologist with more than 36 years of experience.
Mr. Rivera is a member of the Colegio de Geologos de Chile and the
Institute of Mining Engineers of Chile.
The independent Qualified Person responsible for
the Mineral Resource Estimate at Marimaca is Luis Oviedo Hannig, a
geologist with more than 41 years of experience at NCL Ingeniería y
Construcción S.A. He is a member of the Colegio de Geologos de
Chile and the Institute of Mining Engineers of Chile and is
registered with the Qualification Commission of Resources and
Mining Reserves (CRISCO, CMC, Membership Number 013). He has a
postgraduate degree in "Certification and Validation of Mining
Assets” from Queens University and PUVC.
The Qualified Person for other contents than
geological information of this news release is Luis Tondo, Chief
Executive Officer and Director of Coro Mining, a mining engineer
with more than 30 years of experience and a Fellow of The
Australasian Institute of Mining and Metallurgy, who is the
Qualified Person for the purposes of NI 43-101.
All QPs confirm they have visited the project area,
reviewed relevant project information, allowing the correct
technical judgement in their respective areas of expertise, in turn
used in the writing and reviewing the contents of this news
release.
Forward Looking StatementsThis
news release includes certain “forward-looking statements” under
applicable Canadian securities legislation. These statements
relate to future events or the Company’s future performance,
business prospects or opportunities. Forward-looking statements
include, but are not limited to, the impact of a rebranding of the
Company, the future development and exploration potential of the
Marimaca Project. 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:
risks related to share price and market conditions, the inherent
risks involved in the mining, exploration and development of
mineral properties, the uncertainties involved in interpreting
drilling results and other geological data, fluctuating metal
prices, the possibility of project delays or cost overruns or
unanticipated excessive operating costs and expenses, uncertainties
related to the necessity of financing, the availability of and
costs of financing needed in the future 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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