Coro Mining Corp.

Coro Mining Corp.

August 06, 2008 16:47 ET

Coro Mining Corp. Announces Release of Its Second Quarter Results for 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 6, 2008) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce the release of its Financial Statements and Management Discussion and Analysis ("MD&A") for the three months and six months ended June 30, 2008. The Company's Financial Statements and MD&A are now available on the Company's website and we encourage any interested party to visit our website for more information about the Company. The key milestones for the quarter and six months are noted below, as well as a summary of the recently completed studies on the Company's San Jorge project, and a brief overview of the Cerro Negro option agreement.

Milestones / Highlights

- Updated resource estimate at Barrel Seco, July 2008

- Completed 3,826 meters of drilling at Cerro Negro

- Completed due diligence at Cerro Negro

- Completed a Preliminary Economic Assessment for a flotation only operation at San Jorge, April 2008

- Completed to pre-feasibility study standards, a technical report on a leach only operation at San Jorge, April 2008

- Regulatory approval of Mexican property disposition

Cerro Negro, Chile

Cerro Negro comprises a combined open pit and underground operation producing copper cathodes via heap leach, copper-silver concentrates via flotation, and copper sulphates, as well as the toll treatment of third party oxide ores. Current capacity is 6,000 tonnes of copper cathode, 9,600 tonnes of copper-silver concentrate, and 4,200 tonnes of copper sulphate per year. Coro has an option to purchase Cerro Negro for total option payments of $40.0 million ($2.0m paid) and Cerro Negro have agreed that it will have a minimum of $10.0 million in cash and cash equivalents at the date of exercise of the option.

Financial Highlights

As of July 31, 2008, the Company had cash and cash equivalents of $1.4 million. During the quarter ended June 30, 2008, the Company had cash outflows of $1.1 million on its San Jorge project, $0.9 million on its exploration projects, and $0.9 million evaluating Cerro Negro.

During the six months ended June 30, 2008 the Company has cash outflows of $2.0 million on it San Jorge project, $2.3 million on its exploration projects, and $2.1 million evaluating Cerro Negro.


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, an option to acquire the Cerro Negro copper mine in Chile as well as other exploration properties located in Chile.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: 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 and gold, 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 and gold, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, foreign exchange rate variations 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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