Coro Mining Corp.

Coro Mining Corp.

February 24, 2010 14:02 ET

Coro Announces Completion of San Jorge Sectoral Review & Appointment of VP, Project Development

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2010) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce that the Provincial Environmental Authority has now formally resolved that the Sectoral Review stage of the approval process has been satisfactorily completed at San Jorge.

The San Jorge copper-gold project is located in Mendoza, Argentina. The Company completed an initial Preliminary Economic Assessment ("PEA") in April 2008 which contemplated production of 39,500 tonnes of copper per annum and 39,000 ounces of gold per annum over a 16 year mine life. The deposit remains open to the west and at depth and using a $2.00 per pound copper and $600 per ounce gold price returned an after tax NPV of $220 million, with a capital expenditure of $277 million.

In September 2009, the Company received the positive conclusions from the National Technological University of Mendoza's Independent Review of the San Jorge project which was then followed by a Sectoral Review. The Sectoral Review was coordinated and supervised by the Secretary of the Environment and included more than 10 opinions from provincial bodies which endorsed the project. The Review included presentations from the Natural Resources Department, Environmental and Urban Development Department, Irrigation Department, Provincial Environmental Council, Scientific and Technological Center, Municipality of Las Heras, Hydrology Department amongst others.

With the positive results and conclusions from the Sectoral Review, a date for a formal public hearing is expected to be announced shortly. The public hearing represents the final step in the public consultation process. Our Argentinean team has met extensively with numerous interested parties with direct and indirect interests in the project during the last twelve months and we welcome the opportunity to formalize this process. The Public consultation represents a further opportunity for the Company and the Government to address the concerns of interested parties prior to the Environment Impact Declaration being submitted to the Secretary of the Environment for approval.

Subject to this approval, the Environmental Impact Declaration is then expected to be presented to the House of Deputies and Senate for ratification, late in the first quarter or the second quarter of 2010.

The Company also wishes to announce the promotion of Marcelo Cortes as Vice-President, Project Development, subject to regulatory approval. Mr. Cortes has a degree in Civil Engineering, holds an MBA in Environmental Management and a masters degree in Engineering Sciences. He has over 20 years experience in mining engineering including Project Engineer for Los Bronces, Minera Disputada of Las Condes, Hydraulic Discipline Lead for Minera Michilla S.A., Construction Lead for EPC Contract of the El Tesoro Mine and also Project Lead for El Tesoro expansion project. Mr. Cortes will also continue in his role as Project Manager at San Jorge.

Alan Stephens, President and CEO of Coro commented, "We are pleased that the San Jorge EIS approval process continues to advance as anticipated towards permitting, and we look forward to being able to formally present the project to the people of Mendoza in due course. The completion of the Sectoral Review process is a significant and very robust step in the permitting process with a number of governmental organizations actively participating in the process. Our team in Argentina has done an exceptional job of advancing the project through the Review and the appointment of Marcelo Cortes as VP, Project Development recognizes his contribution to both the Company and the project to date."

Alan Stephens FIMMM, President and CEO of Coro, a geologist with more than 33 years of industry experience is the Qualified Person for Coro who has reviewed and approved the contents of this News Release. In respect of the PEA, it should be noted that mineral resources that are not mineral reserves do not have demonstrated economic viability.


Alan Stephens, President and CEO

About Coro Mining Corp.:

The Company was founded with the goal of building a mining company focused on medium-sized 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. Coro's core property is the advanced San Jorge copper-gold project, in Argentina, and the Company holds other earlier stage exploration properties located in Chile.

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.

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