Coro Mining Corp.

Coro Mining Corp.

November 05, 2007 14:53 ET

Coro Mining Corp.: Acquisition of Andrea Copper Gold Prospect and New Claim Positions in South-Central Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2007) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce the acquisition of the Andrea Copper Gold Property and the acquisition, by staking, of a number of claim positions in south-central Chile.

Andrea Property

Andrea is a copper gold prospect, located 19 kilometers northwest of the city of Talca in the VII Region of central Chile. The property was previously explored by two junior mining companies, during the periods 1991 to 1992 and 1993 to 2003, each of who conducted surface exploration and diamond drilling campaigns. The focus of both these companies' work was the discovery and delineation of mesothermal gold copper veins that occur within a larger, but poorly defined porphyry system.

From 1991-92 work carried out included: surface sampling, geological mapping and trenching, and drilling a total of 24 shallow diamond drill holes for 1,354 meters that were aimed at testing several veins, located on the eastern half of the property. Samples were assayed for gold only, and reported highlights included 21.7m @ 1.78g/t Au in DDH-16, 10m @ 2.35g/t Au in DDH-02, and 7m @ 5.87g/t Au in DDH-01.

From 1993-2003 work carried out included: trenching and locating a new structure in the northwestern part of the property and drill testing the new structure with a total of 15 shallow diamond drill holes for 1,194 meters. Samples were assayed for gold and copper, and reported highlights include 49.4m @ 1.24g/t Au + 0.81%CuT in SA-25, 31m @ 1.16g/t Au + 0.92%CuT in SA-27, and 46.8m @ 1.39g/t Au + 0.44%CuT in SA-31.

Coro has reviewed the available geologic data and drill core from Andrea and believes that it has potential to host a medium sized porphyry copper deposit, as well as a more modest sized gold copper vein swarm. The Company will complete a thorough re-evaluation of the prospect aimed at defining drill targets to test the property's potential.

Minera Cielo Azul Ltda (MCAL), Coro's Chilean subsidiary may acquire 100% of the Andrea Property from its owner, Compania Minera y Comercial Santa Andrea Ltda (CMCSA), by completing the following payment schedule:

Date Option Payment (US$)
On signing (Paid) $ 50,000
On or before 9 months from signature $ 100,000
On or before 21 months from signature $ 300,000
On or before 33 months from signature $1,550,000
Total Option $2,000,000

In addition, MCAL would make three annual payments of $750,000 for a total of $2,250,000 from the date of commencement of commercial production. In the event that commercial production has not commenced on or before 60 months from signature MCAL would pay CMCSA five equal annual advance payments of $450,000 for a total of $2,250,000 starting in month 60.

The Andrea acquisition is subject to the terms of the Phelps Dodge Data Use Agreement, whereby Phelps Dodge has a one-time back in right to acquire an undivided 70% interest in the property in the event that it is demonstrated to contain a minimum of 2 million tonnes of copper, or its equivalent including by-products, of which 1 million tonnes must be in the Measured and Indicated resource categories.

South-Central Chile Claim Staking

A review of the Phelps Dodge database coupled with interpretation of ASTER satellite imagery by MCAL has resulted in the identification of a number of prospects and areas exhibiting attractive alteration, which have now been staked by the Company. MCAL has embarked on an initial site evaluation of these claims and further information will be released in due course. The acquisition of these claims is also subject to the terms of the Phelps Dodge Data Use Agreement described above.

Alan Stephens, President and CEO of Coro commented, "The Andrea Property has good potential to host a medium sized porphyry copper deposit as well as an interesting gold copper vein swarm, and we anticipate advancing it to the drilling stage during the second quarter of 2008. The potential for porphyry style mineralization in the coastal cordillera of south-central Chile has been underappreciated and we look forward to exploring our newly acquired claim position for similar deposits to Andrea."

About the Andrea Property:

The Andrea Property, which is located 19 kilometers northwest of the city of Talca and 230 kilometers south of Santiago in the VII Region of Chile, comprises two exploitation claims totaling 670 hectares. It occupies a small hill that rises 200 meters above the surrounding valleys and has a peak elevation of 300m above sea level. Access is via paved and dirt roads from Talca, and infrastructure in the region is excellent. Agricultural activity, including grape production, takes place within 3 kilometers of the property but not on the property itself. Native vegetation cover comprises grass and trees, sufficient to mask alteration except where exposed in road cuts, and outcrops are limited.

The property is located adjacent to a major NNE oriented regional structure, visible on satellite imagery. Host rocks andesitic volcanics and sediments are intruded by an early biotite granodiorite batholith, by a suite of WNW striking quartz diorite and micro diorite porphyries, and by later NNW and NNE oriented aplite dykes. WNW trending and steeply dipping silicified structures and stockworks host the vein style mineralization at Andrea.

Previous work included petrographical studies which described the development of porphyry style Cu-Mo mineralization with potassic and propylitic alteration, associated with the quartz diorite intrusive bodies. Progressive collapse of the system led to the development of an extensive retrograde phyllic overprint upon the earlier alteration assemblage, the emplacement of the aplitic dykes, and the possible contemporaneous development of late stage structurally controlled epithermal to mesothermal gold-bismuth-silica mineralization.

This late stage mineralization at Andrea, which has been the focus of all previous drilling and trenching, occurs in cross-cutting WNW structures up to 50 meters wide and several hundred meters long. The structures contain banded chalcedonic quartz veins and veinlets which host significant gold. Based on review of drill core, previous petrographic work and field evidence, Coro believes that the potassic alteration and associated porphyry copper mineralization is in the process of being unroofed at Andrea.

Coro believes that the sampling and assaying of drill core by the previous owners at Andrea was conducted to the historical standards of the day, and that the results reported in this news release are consistent with Coro's visual estimates of mineralization and its interpretation of the geology of the prospect. Readers are cautioned however, that; Coro has not yet undertaken any independent re-assaying of the core; the results are not compliant with the standards of National Instrument 43-101; are reported for information purposes only; and therefore should not be relied upon.

Alan Stephens, FIMMM, President and CEO, of Coro Mining Corp, a geologist with more than 32 years of experience, is the Qualified Person for the purposes of this news release and has reviewed the information in this news release.


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 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 and it has established an experienced development and exploration team to accomplish this. The Company has two main properties; Barreal Seco, in Chile and San Jorge, in Argentina, as well as other exploration properties located in Chile and Mexico.

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, Price Edward Island and Newfoundland and Labrador.

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