VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 9, 2017) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce that an environmental baseline study has been completed for the Marimaca copper leach development-stage project, located in the II Region of the Republic of Chile.
The work was carried out by an independent consultant, BORDOLI & Consultores Asociados EIRL of Antofagasta, Chile between November 2016 and January 2017. The consultant concluded that there were no material environmental issues that would impede the development of the Marimaca project, and the information gathered will form part of the feasibility study for the project that is in progress. It will also form the basis for the environmental permit applications for Marimaca, which will be submitted in due course.
Alan Stephens, President and CEO of Coro commented, "We are pleased to have completed this important phase of the project's evaluation which, together with the previously announced maiden resource estimate (see Coro press release dated January 12, 2017) and the planned acquisition of the Ivan processing plant, confirm our intention to accelerate the development of Marimaca."
The Company is also progressing through the acquisition of the Ivan processing plant and anticipates a closing of this arrangement by the end of Q1 2017. The recently announced Marimaca pit-constrained mineral resource estimate of 145,500 tonnes of copper in the measured and indicated categories and the 99,300 tonnes of copper in the inferred category provided the resource confirmation necessary to validate the decision to acquire the Ivan processing plant.
In light of the improved company outlook with respect to both the Nora/Berta and Marimaca projects, Coro has heightened its investor outreach program to include a greater focus on social media, broader reach to potential new shareholder groups and greater exposure within the mining community. Coro has partnered with InvestorIntel, which is currently featuring a video interview with CEO Alan Stephens highlighting the new resource estimate at Marimaca and progress at the Nora/Berta operation (www.investorintel.com). In addition, Coro will be marketing in the western United States in late February and will be presenting at the Investor Forum during the Prospectors and Developers Conference (PDAC) in early March. More information will be forthcoming on these activities as the dates approach.
About Coro Mining Corp.:
Coro Mining is a copper-producing company with a strategy to grow its Chilean copper production through the discovery, development and operation of "Coro type" deposits. These are projects and properties that are well-located with respect to infrastructure and water, have low permitting risk and the potential for a short and cost-effective timeline to production. Our preference is open pit heap leach copper projects, where we will seek to minimize capital investment rather than maximize NPV; where we will prioritize profitability over production rate and where we will keep capital costs in relative proportion to our market capitalization. The Company's main assets include the Marimaca development project, in which the company is earning a 75% ownership and its 65% interest in SCM Berta, which includes the Nora and Berta operations as well as the El Jote deposit.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, include but are not limited to production estimates. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Coro's ability to predict or control and may cause Coro's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the operation of the Nora Plant, copper price volatility, and changes in debt and equity markets. Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, 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.
Accordingly, readers should not place undue reliance on forward-looking statements. Coro undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.