Coro Mining Corp.

Coro Mining Corp.

December 22, 2008 18:34 ET

Coro Announces Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2008) - 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, $3,000,000 will be subscribed for by Benton Resources Corp ("Benton"), a mineral exploration company listed on the TSX.V (Symbol: BTC) and the balance of up to $1,500,000 will be subscribed for by other unrelated parties. The Company expects to close the private placement on or before January 16, 2009.

In total the Company intends to issue up to 40,909,090 units at a price of $0.11 per Unit. Each unit will be comprised of one common share and one non-transferable warrant. Each warrant will entitle the holder to purchase one common share of Coro for a period of two years at a price of $0.18 for the first year from the date of Closing and at a price of $0.20 thereafter until the expiry date. The net proceeds of the Units sold under this private placement will be used for working capital purposes.

Completion of the financing is subject to a number of conditions precedent, including; regulatory approval, completion due diligence by January 5, 2009, shareholder approval and amendment to certain option payment schedules.

Alan Stephens, President and CEO of Coro commented, "We are very pleased to have secured financing that 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. This financing will also permit us to continue with our exploration activities in Chile."


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. Coro has two main properties; Flores, in Chile and San Jorge, in Argentina, as well as other 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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