Coro Mining Corp.

Coro Mining Corp.

May 10, 2011 13:30 ET

Coro Announces Start of 2,000m Diamond Drilling Program at Chacay and Acquisition of New Chilean Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 10, 2011) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce the commencement of a 2,000m diamond drilling program at its 100% owned Chacay porphyry copper property, located 12km southeast of the Teck Resources Relincho copper project, and 50km east of the city of Vallenar in the III Region of Chile. Previous drilling results from Chacay were announced in the Company's news releases dated March 26th 2010, May 4th 2010 and February 8th 2011.

Alan Stephens, President and CEO of Coro commented, "This round of drilling will provide additional geological information about Chacay, will test for deeper primary copper mineralization, and will further define the continuity of the Nacho Zone chalcocite blanket. If results from this program continue to be encouraging, the Company intends to embark on a resource definition drilling campaign later in the year."

Coro is also pleased to announce that it has acquired by staking and optioning from a local Chilean claim owner, the El Tapao property, located in the IV Region of Chile. Coro may acquire 100% of the optioned property by making four annual payments of US$25,000, followed by a final payment of US$1 million. El Tapao is an early stage, high level alteration zone with potential to host a large porphyry copper deposit. Coro intends to complete surface exploration, prior to conducting a drill test later in 2011.

Coro continues to evaluate other exploration opportunities in Chile.

About Chacay

The Chacay property hosts a porphyry copper prospect of probable Eocene age that has previously been drill tested by several companies. The drill hole locations and summary geological information are available for some of the previous drilling but it has not been possible to obtain the corresponding assay information. A zoned porphyry alteration suite of external propylitic alteration surrounding a phyllically altered core is developed over a distance of 3500m, oriented west northwest. Three zones of copper mineralization have been outlined by the drilling to date.

The largest of these, known as the Nacho Zone, occupies an area of approximately 900 x 700m centered on Cerro Colorado. This hill has an elevation difference of 300m over the surrounding valleys and hosts a leached cap, which drilling has shown to vary from 50 to 200m in thickness. Underlying the leached cap, a weakly oxidized, flat lying, chalcocite enrichment blanket has been intersected in drilling, that is currently interpreted to be between 20m thick on its margins and greater than 100m thick towards its centre. The chalcocite blanket is thickest and has the highest copper grades when developed within a diorite porphyry intrusive exhibiting sericite-chlorite-quartz alteration, and which contained original primary copper sulphides. This diorite is cross cut by zones of moderate to strong quartz-sericite-pyrite alteration, which may or may not represent a separate late porphyry phase, and which generally hosts mineralization grading less than 0.2%CuT, with chalcocite occurring only as coatings on pyrite. The geometry of the mineralized diorite porphyry is poorly constrained by the existing drilling and its relationship with other lithologies is obscured by the intense alteration that affects all rock types except a weakly altered, late-post mineral hornblende diorite that occurs as small stocks and dykes, and post mineral latite dykes.

Coro owns 100% of the Chacay property, subject to a 2% Net Profits Interest with a US$2 million cap, payable to First Quantum Minerals.


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.

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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