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Coro Provides Update on Berta Project
|By Marketwired .
|June 10, 2014 12:56 PM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/10/14 -- 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.
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.
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.
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