Coro Mining Corp.

Coro Mining Corp.

May 17, 2010 13:00 ET

Coro Announces Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2010) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce the terms of a non-brokered private placement to raise gross proceeds of up to $4,500,000. Of the total gross proceeds, it is anticipated that up to $1,755,000 will be subscribed for by Benton Resources Corp ("Benton"), a mineral exploration company listed on the TSX Venture Exchange (Symbol: BTC) and the balance of up to $2,745,000 will be subscribed for by other unrelated parties. At the date of this announcement, Benton holds 39% of the Company's common shares on a fully diluted basis and 36% on an undiluted basis. Under a Subscription Agreement dated January 23, 2009, Benton has, subject to regulatory approval; a pre-emptive right to maintain its then current proportionate interest in Coro, on a fully diluted basis in any common share offerings, including private placements. The Company expects to close the private placement on or before June 8, 2010.

In total, the Company intends to issue up to 12,500,000 units ("Units") at a price of $0.36 per Unit. Each Unit will be comprised of one common share and one half of a non-transferable warrant. Each whole warrant will entitle the holder to purchase one common share of Coro for a period of two years at a price of $0.50 for the first year from the date of closing and at a price of $0.65 thereafter until the expiry date. Such warrants, at the Company's election, are subject to accelerated expiry in the event that the Company's San Jorge copper gold project receives approval of its Environmental Impact Study ("EIS") and the market price of the Company's common shares is greater than 25% of the warrant exercise price for 10 consecutive days. The Company plans to use the net proceeds of the Units sold under this private placement for working capital purposes and to pay Lumina Copper Corp. a USD$2,000,000 option payment under the terms of the San Jorge Project Purchase Agreement. The Company may pay finders fees of up to 6% of the gross proceeds of the private placement being subscribed for by subscribers other than Benton and other key existing shareholder groups.

Alan Stephens, President and CEO of Coro commented, "We are very pleased to be able to move forward with this financing which will enable us to advance the San Jorge project through the permitting phase and look forward to continuing to demonstrate that the project can be developed in an environmentally responsible manner to the lasting economic and social benefit of the local community and the Province of Mendoza. We expect that this financing will also permit us to continue with our exploration activities in Chile, specifically at the Cerro Chacay copper project."

"Alan Stephens"
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 properties include the advanced San Jorge copper-gold project, in Argentina, and the Chacay, Llancahue and Celeste copper exploration properties located in Chile. The Company also holds 9,140,353 shares (a 20.5% interest) in Valley High, which holds the Cordero property in 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, Prince Edward Island and Newfoundland and Labrador.

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