Welcome!

News Feed Item

Coro Provides Projects Update

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/22/14 -- Coro Mining Corp. ("Coro" or the "Company") (TSX: COP) is pleased to provide an update on its projects and strategy for developing a growth oriented copper mining business in Chile.

Berta Copper Development Project

On November 7th 2013, Coro announced that its subsidiary, SCM Berta S.A. ("SCMB") and a third party had executed a preliminary agreement which accompanied SCMB's submission of an Environmental Impact Declaration ("EID") for the Berta project, located approximately 20km west of the village of Inca de Oro, in the III Region of Chile. The agreement contemplates the sale of water to SCMB and the purchase of pregnant leach solution from SCMB at the third party's solvent extraction/electro-winning ("SXEW") operation, 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 a definitive agreement with the third party, completing a positive Preliminary Economic Assessment ("PEA"), receiving an approved EID, and to obtaining financing for the project, Berta is anticipated to produce 5,000-10,000 tonnes of cathode copper per year.

SCMB 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 all of the ongoing development costs, completing the PEA and arranging 100% debt financing, non-recourse to Coro, for the project.

The EID permitting process is proceeding normally and Coro anticipates that it should be concluded later this quarter. The definitive agreement with the owner of the third party plant is being finalised and is currently going through their internal approval process. The engineering studies are virtually complete and Coro anticipates that the PEA may be released once the definitive agreement between SCMB and the third party is executed, later this quarter. Negotiations are in progress with the underlying property owner to defer the final US$2.5m option payment payable by SCMB in June 2014. Finally, ProPipe is in discussions with parties interested in financing the project.

Payen Copper-Gold Exploration Project

On October 9th 2013, Coro announced that it had entered into an agreement with Minera Freeport-McMoRan South America Limitada (formerly Minera Aurex (Chile) Limitada) ("Freeport SA"), an indirect subsidiary of Freeport-McMoRan Copper & Gold Inc., whereby Freeport SA may exercise an option to acquire up to an 80% interest in the Payen porphyry copper-gold property. Payen is located approximately 90km NNE of La Serena, 4km W of the Panamerican Highway and approximately 47km from the coast, in the III Region of Chile, at an elevation of 1,100m.

The Payen property is located within the large Pajonales alteration zone which is part of the 90-110 million year old belt of porphyry copper-gold deposits which includes Teck's Andacollo mine, Cemin's Dos Amigos mine, PanAust's Inca de Oro & Carmen projects and Hot Chili's Frontera project, which is located some 2.5km SE of the Payen property boundary. In a news release of 11th March 2014, Hot Chili Ltd announced a JORC compliant Indicated resource for Frontera of 16.1mt at 0.4%Cu + 0.2g/tAu and an Inferred resource of 34.4mt at 0.4%Cu + 0.2g/tAu.

In 2011-12, reverse circulation drilling of outcropping potassically altered and quartz stockworked diorite porphyry on the property intersected encouraging copper-gold mineralization, results of which were summarized in the Company's news release of October 17th 2012.

Since execution of the agreement, Freeport SA has completed surface exploration comprising geophysics, geochemistry and geological mapping, and has advised Coro that it intends to initiate a 4000-5000m diamond drilling program later this quarter. Coro believes that Payen has the potential to host a major copper-gold porphyry deposit, and we look forward to receiving the results of the Freeport SA drill program later this year.

San Jorge Copper Development Project

On March 5th 2012, Coro announced the results of a Preliminary Feasibility Study for its San Jorge project in Argentina, which comprises a proposed rock quarrying operation in Mendoza province together with an SXEW plant located in adjacent San Juan province, for the production of up to 25,000 tonnes per year of copper in cathode.

On December 9th 2013, Coro announced the execution of a binding Heads of Agreement with a group comprised of Aterra Investments Ltd. and Solway Industries Ltd. giving them rights to acquire up to a 70% interest in the project, with the provision for an early buy-out of Coro's interest, subject to Coro's retention of a 2.5% Net Smelter Return on the production of all payable metals from the project, except gold.

Aterra and Solway have now taken over management of the project, and the parties are working towards the expeditious execution of a definitive agreement, which includes a cash payment to Coro of US$300,000 within 6 months of its signature, and two further payments of US$500,000 each on the first and second anniversary dates of signature.

El Desesperado Copper Exploration Project

On February 27th 2014, Coro announced the results of a 5 hole, 1191m diamond drilling program and a 7 hole, 950m reverse circulation drilling program at the El Desesperado copper project, located 7 km NW of the city of Calama in the II Region of Chile. A thorough review of the exploration results concluded that the near surface mineralization intersected in drilling comprises both oxidized and enriched structurally controlled mineralization, and transported exotic copper oxides, but disappointingly of more limited extent than anticipated. A porphyry copper system may be present at unknown depth beneath this mineralization, but given the high risk nature of the target and the cost of testing it, both in terms of drilling and property payments, Coro has elected to terminate the option to acquire the property.

Corporate Strategy Update

Using our in-house exploration and development expertise, Coro's strategy is to grow a mining business in Chile through the discovery, development and operation of "Coro type" deposits. These are defined as projects at whatever stage of development that are well located with respect to infrastructure and water, or to third party owned plants with spare capacity, and which have the potential to achieve a short and cost effective timeline to production. Our preference is for open pit heap leach copper projects, where we will seek to minimise capital investment rather than maximise NPV, where we will prioritise profitability over production rate, and finally, where the likely capital cost is financeable relative to our market capitalization. Partners will be sought for any attractive projects identified that we do not have the financial capacity to develop alone.

Cash Balance

As at March 31st 2014, Coro had a cash balance of US$1.3m. In addition, the outstanding US$500,000 payment from the sale of the Chacay property last year is expected to be received later this quarter or early next.

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.

For further information please visit the Company's website at www.coromining.com.

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to ma...
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 21st Int\ernational Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their ...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists discussed...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists looked at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deliver...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, discussed some of the security challenges of the IoT infrastructure and related how these aspects impact Smart Living. The material was delivered interac...