Welcome!

News Feed Item

Coro Signs Letter of Intent to Acquire New Copper Oxide Project

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/13/14 -- Coro Mining Corp. (TSX: COP) ("Coro", the "Company") is pleased to announce that it has signed a letter of intent ("LOI") with a local private company, SCM Compania Minera Constanza ("Constanza") to acquire an interest in the Marimaca copper oxide prospect, located close to the city of Antofagasta in the II Region of northern Chile (Figure 1). Coro also announces the termination of the Payen property option.

Alan Stephens, President and CEO of Coro commented, "We are pleased to have identified and agreed terms to acquire this exciting prospect. Despite the absence of prior drilling, broad zones of copper oxide mineralization, well exposed on the hillside and currently being mined by open pit methods, provide a significant and low risk target. We are confident that a viable leachable copper oxide resource meeting our criteria can be rapidly defined at Marimaca, and if so, its excellent location ensures there should be no impediment to its expeditious development."

About Marimaca

Located 56km N of Antofagasta and approx. 22km from the coast at Mejillones, Marimaca comprises an early stage copper oxide prospect hosted by Jurassic intrusive rocks. Mineralization is controlled by a NNE oriented major structure, representing the northern extension of the same structure that hosts Milpo's past producing Zar and Emperatriz mines, located 12km to the south. Marimaca mineralization is located within a 500m x 150m cymoid loop, is currently being exploited in a series of open pits over a vertical elevation difference of approx. 150m by mechanized artisanal miners, and has potential to host 10-20mt of oxides at 0.5-0.8%CuT. Further tonnage potential exists in the underlying primary sulphides. The property has never been drilled and Coro intends to conduct surface sampling and mapping during its 90 day due diligence period.

The agreed purchase terms for Coro to own a 75% interest, are as follows;


--  $10,000 payment on signature of LOI (paid)
--  $40,000 payment on 6th February 2015
--  $125,000 payment on formation of Newco (51% Coro) on completion of an
    NI43-101 compliant resource estimate and engineering study that
    demonstrates the technical and economic feasibility of producing a
    minimum of 1,500tpy Cu as cathode by August 6th 2018 at Coro's cost
--  Additional 24% interest in Newco earned by Coro upon obtaining financing
    for the project construction
--  The owners interest will comprise a 15% interest free carried to
    Commencement of Commercial Production (as defined above), and a 10%
    participating interest subject to dilution. The owners at their election
    may request Coro to loan them the equity portion corresponding to their
    10% interest, if any. This loan plus applicable interest would be
    recoverable by Coro from 100% of the project's free cash flow after debt
    repayments
--  First right of refusal over Constanza's interest

Payen

The Company has been advised by Minera Freeport-McMoRan South America Ltda ("Freeport") of its decision not to proceed with the option of the Payen project. Freeport completed 11 diamond drill holes for 3592.1m, as well as ground geophysics, geochemistry and geological mapping. Four of the drill holes intersected low grade copper (0.15-0.22% Cu) & gold (0.04-0.24g/t Au) porphyry style sulphide mineralization over lengths of 54-220m. Coro has concluded that these results, while interesting, are not sufficiently encouraging to justify continuing with the project and has terminated the underlying option.

About Coro Mining Corp

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, which have low permitting risk, 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. Coro's properties include the Berta copper development project, the Planta Prat copper development project, the Celeste iron ore project and the Marimaca & Llancahue copper exploration prospects, all located in Chile. Our advanced San Jorge copper-gold project located in Argentina has been optioned to Aterra Capital and Solway Industries.

CORO MINING CORP.

Alan Stephens, President and CEO

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 the prices of copper, estimated future production, estimated costs of future production, permitting time lines, 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.

A map is available at the following address: http://media3.marketwire.com/docs/962540a.pdf.

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
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, discussed the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filterin...
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
Early adopters of IoT viewed it mainly as a different term for machine-to-machine connectivity or M2M. This is understandable since a prerequisite for any IoT solution is the ability to collect and aggregate device data, which is most often presented in a dashboard. The problem is that viewing data in a dashboard requires a human to interpret the results and take manual action, which doesn’t scale to the needs of IoT.
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Much of IT terminology is often misused and misapplied. Modernization and transformation are two such terms. They are often used interchangeably even though they mean different things and have very different connotations. Indeed, it is somewhat safe to assume that in IT any transformative effort is likely to also have a modernizing effect, and thus, we can see these as levels of improvement efforts. However, many businesses are being led to believe if they don’t transform now they risk becoming ...
"We provide DevOps solutions. We also partner with some key players in the DevOps space and we use the technology that we partner with to engineer custom solutions for different organizations," stated Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...