SYS-CON MEDIA Authors: Pat Romanski, Michael Jannery, Javier Paniza, Kevin Jackson, Glenn Rossman

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
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
CA Technologies released a new study – “DevOps: The Worst-Kept Secret to Winning in the Application Economy” – that reveals that 82% of enterprises in Asia Pacific and Japan (APJ) already have or plan to adopt a DevOps strategy, a 12 point increase from last year’s figure of 70%. DevOps is a methodology which helps foster collaboration between the teams that create and test applications (Dev) with those that maintain them in production environments (Ops). Vanson Bourne conducted the survey with...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
SYS-CON Events announced today that that Innodisk, the service-driven provider of industrial embedded flash and DRAM storage products and technologies, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies. With satisfied customers across the embedded, aerospace and defense, cloud storage markets an...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
At 15th Cloud Expo, Shrikant Pattathil, Executive Vice President at Harbinger Systems, demos a video delivery platform that helps you do interactive videos. He discusses how Harbinger is accomplishing it in the cloud world, the problems they faced and the choices they made to get around these problems.
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's

The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at ...
Mobile commerce traffic is surpassing desktop, yet less than 20% of sales in the U.S. are mobile commerce sales. In his session at 15th Cloud Expo, Dan Franklin, Segment Manager, Commerce, at Verizon Digital Media Services, defined mobile devices and discussed how next generation means simplification. It means taking your digital content and turning it into instantly gratifying experiences.
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
NuoDB just introduced the Swifts 2.1 Release. In this demo at 15th Cloud Expo, Seth Proctor, CTO of NuoDB, Inc., discussed why scaling databases in the cloud is challenging, why building your application on top of the infrastructure that is designed with this in mind makes a difference, and what you can do with NuoDB that simplifies your programming model, your operations model.