Coro Mining Corp.

Coro Mining Corp.

October 09, 2009 14:00 ET

Coro Receives $900,000 From Exercise of Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2009) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce that its major shareholder, Benton Resources Inc. ("Benton"), have sold and transferred 5,000,000 warrants at an exercise price of $0.18 per warrant to a third party and that these warrants have subsequently been exercised.

The proceeds from the warrants will be used for working capital purposes and to fund an initial drill program at Llancahue to follow up on the initial drill program undertaken by Freeport McMoRan Corporation ("Freeport") where one of the holes intersected 100m at 1.375% CuT + 0.015% Mo + 3.8Ag g/t from 10m to 110m. For full results of the initial Freeport drill program reference should be made to the Company's News Release dated May 28, 2009. The Llancahue prospect is located 38km south west of the city of Talca in central Chile.

The Company also intends to drill test its wholly owned Cerro Chacay prospect located 12km southeast of Teck Cominco's Relincho copper project, and 50km east of the city of Vallenar in the III Region of Chile. The previous drilling on the prospect was conducted in March 2005, by First Quantum Minerals ("FQM") where a total of 7 RC holes were drilled with three of these holes intersecting porphyry copper style mineralization.

In addition, the working capital will be used to continue to advance the San Jorge project in Mendoza, Argentina where the Company previously announced the positive conclusions from the Independent Review of the San Jorge project by National Technological University ("UTN") of Mendoza. A formal public consultation process is underway and the Company is actively engaging with the local community, local businesses and chambers of commerce, political parties, and potential suppliers to the project. As announced in its April 22, 2008 press release, the Company has completed an independent Preliminary Economic Assessment ("PEA") of the San Jorge Project which contemplates the production of an average of 39,500 metric tonnes per year of copper and 39,000 ounces per year of gold contained in concentrate for a period of 16 years. The PEA concluded that the project would require an initial investment of $277 million, and at prices of $2.00/ lb copper and $600 per ounce of gold, would have an after tax NPV 10% of $220 million and an IRR of 28.6%.

Alan Stephens, President and CEO commented, "The early exercise of these warrants will allow us to continue to advance the new discovery at Llancahue and drill test Chacay. The Company is also encouraged by the ongoing progress of our Argentinean team and their consultation with the local communities in working towards the final approval of the Environmental Impact Study in the coming months."


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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