Coro Mining Corp.
TSX : COP

Coro Mining Corp.

January 16, 2008 13:52 ET

Coro Mining Corp.: San Jorge New Resource Estimate and Project Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 16, 2008) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce a new resource estimate for its San Jorge copper-gold project, located in the Province of Mendoza, Argentina. This estimate incorporates the results of the 2007 drilling program which comprised a total of 27 diamond drill holes for 4,177 meters, aimed at expanding and further defining the resource base. The estimate has been completed by NCL Ingenieria y Construccion S.A., Santiago, Chile. Details of the updated resource estimate are presented in Table 1.



Table 1
San Jorge Project Mineral Resources (at 0.30 % CuT cutoff)

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Domain Category Tonnage CuT CuT Metal CuSol CuCN Au Au Metal
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(Ktons) (%) (klb) (%) (%) (g/t) (koz)
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Measured 19,425 0.59 250,803 77 7 0.23 147
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Indicated 12,852 0.46 129,223 74 8 0.20 81
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Oxide Measured +
Indicated 32,276 0.53 380,026 76 7 0.22 228
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Inferred 1,054 0.39 9,083 59 13 0.12 4
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Measured 24,315 0.67 356,763 20 40 0.21 167
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Indicated 1,648 0.47 17,076 18 35 0.20 11
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Enriched Measured +
Indicated 25,963 0.65 373,839 20 40 0.21 177
--------------------------------------------------------------
Inferred 395 0.52 4,524 19 25 0.07 1
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Measured 36,043 0.49 391,629 4 5 0.23 272
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Indicated 100,162 0.41 905,486 3 5 0.18 580
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Primary Measured +
Indicated 136,205 0.43 1,297,114 4 5 0.19 852
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Inferred 71,524 0.37 578,575 3 6 0.14 332
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Measured 79,782 0.57 999,194 28 15 0.22 586
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Indicated 114,662 0.42 1,051,785 12 8 0.18 672
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Total Measured +
Indicated 194,445 0.48 2,050,979 20 13 0.21 1,257
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Inferred 72,974 0.37 592,182 4 8 0.14 337
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(i)Resources reported as follows: Copper Cutoff grade for all domains 0.3%.
The gold estimates are the average grade for each resource category, since
the shorter variographic ranges do not permit the same level of precision
as for the copper estimates.


A Whittle pit envelope based on a copper price of US$1.50/lb was also estimated and resources contained within this envelope are reported in Table 2. The resource estimate was based on 3D modeling of the orebody, followed by geostatistical interpolation of metal grades and rates of solubility, using ordinary kriging.



Table 2
San Jorge Project Mineral Resources
Within economic envelope, based on a price of US$ 1.50/lb Copper

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Domain Category Tonnage CuT CuT Metal CuSol CuCN Au Au Metal
-----------------------------------------------------------------------
(Ktons) (%) (klb) (%) (%) (g/t) (koz)
-----------------------------------------------------------------------
Measured 19,395 0.59 250,481 77 7 0.23 147
--------------------------------------------------------------
Indicated 12,538 0.46 126,337 74 8 0.20 80
--------------------------------------------------------------
Oxide Measured +
Indicated 31,933 0.54 376,818 76 7 0.22 226
--------------------------------------------------------------
Inferred 445 0.39 3,834 57 14 0.16 2
-----------------------------------------------------------------------
Measured 24,315 0.67 356,763 20 40 0.21 167
--------------------------------------------------------------
Indicated 1,648 0.47 17,076 18 35 0.20 11
--------------------------------------------------------------
Enriched Measured +
Indicated 25,963 0.65 373,839 20 40 0.21 177
--------------------------------------------------------------
Inferred 395 0.52 4,524 19 25 0.07 1
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Measured 35,808 0.49 389,789 4 5 0.24 271
--------------------------------------------------------------
Indicated 90,013 0.41 820,658 3 5 0.19 536
--------------------------------------------------------------
Primary Measured +
Indicated 125,821 0.44 1,210,448 4 5 0.20 807
--------------------------------------------------------------
Inferred 10,720 0.38 90,698 3 5 0.16 56
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Measured 79,518 0.57 997,033 28 15 0.22 584
--------------------------------------------------------------
Indicated 104,200 0.42 964,072 13 8 0.19 626
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Total Measured +
Indicated 183,718 0.48 1,961,105 21 13 0.21 1,211
--------------------------------------------------------------
Inferred 11,560 0.39 99,056 6 11 0.15 60
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Compared with the previous in pit estimate, which was completed by AMEC Americas Ltd in April 2007 using a copper price of US$1.30/lb, and reported in the Company's Final Prospectus dated June 12th 2007, the total copper contained metal in Measured and Indicated resources has increased as follows; Oxide: 28%, Enriched: 32%, Primary: 73%.

Alan Stephens, President and CEO of Coro commented, "We are pleased that the latest round of drilling at San Jorge has achieved its objectives of substantially increasing overall resources, and significantly improving the level of confidence in them. The Measured Resource category has been expanded and most of the previously defined Inferred Resource upgraded to Measured and Indicated category."

Project Update

The Company anticipates that its independent pre-feasibility study for a 20-25,000 tonnes per year copper leach-only case will be completed later this quarter. This study contemplates the processing of Oxide and Enriched material only, to produce cathode copper by heap leach SX-EW methods.

However, as described in the Company's News Release 07-10 dated October 29th 2007, given the continued prohibition on the use of toxic substances including sulphuric acid in mining in the Province of Mendoza; the higher copper recoveries obtainable from flotation of the Enriched material as compared to heap leaching; and the significant gold content of the Enriched and Primary material, Coro has been evaluating the alternative of processing the Enriched and Primary material by conventional flotation methods. The results of this internal evaluation have been encouraging and given the increased resource base, Coro has now decided to complete a flotation-only independent Preliminary Economic Assessment for 25-35,000 tonnes per year of copper in concentrates with a significant gold credit; this is scheduled for completion in the second quarter of 2008. In addition, the Company continues with its efforts to have the toxic substances legislation modified or repealed so that the Oxide material could be treated by heap leach SX-EW methods, for a further 15-20,000 tonnes per year copper cathode.

For further information about the San Jorge Project, please refer to the Company's website.

Qualified Person Notes

The mineral resource estimates contained in this news have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The technical information in this news release, including the information that relates to drilling and mineral resource estimates on the San Jorge Project, is based on information prepared under the supervision of, or has been reviewed by Alan Stephens, FIMMM, President and CEO of the Company, a geologist with more than 32 years of experience. The foregoing person is a "qualified person" for the purposes of National Instrument 43-101 with respect to the drilling being reported on.

The "qualified person" responsible for the independent resource estimate for resources at San Jorge was Rodrigo Mello a geologist with more than 22 years of experience, of NCL Ingenieria y Construccion S.A. The technical information has been included herein with the consent and prior review of the above noted qualified persons. The qualified persons have verified the data disclosed, including sampling, analytical and test data underlying the information contained herein.

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 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.

All mineral resources have been estimated in accordance with the definition standards on mineral resources and mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in National Instrument 43-101, commonly referred to as NI 43-101. U.S. reporting requirements for disclosure of mineral properties are governed by the United States Securities and Exchange Commission (SEC) Industry Guide 7. Canadian and Guide 7 standards are substantially different. This press release uses the terms "measured," "indicated" and "inferred" resources. We advise investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that enable them to be categorized as mineral reserves.

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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