Coro Mining Corp.

Coro Mining Corp.

September 15, 2008 12:52 ET

Coro Extends Cerro Negro Option

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2008) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce that it has extended its option period to acquire Cerro Negro from September 18, 2008 to October 3, 2008. The extension of the option allows the Company additional time to complete the financing of Cerro Negro without incurring a financial penalty should the transaction not be completed.

The amended agreement provides for an additional 31 days from the exercise of the option to complete financing arrangements, if required. Coro may extend this period by an additional 30 days by making an advance payment of US$1,000,000. In the event that Coro elects to exercise its option, but is unable to complete financing arrangements within the 61 day period, Coro is liable to pay a penalty of US$5,000,000 to the sellers, as per the original agreement.

In addition, the Company has received shareholder approval for the Cerro Negro financing announced on August 22, 2008.

About Cerro Negro

The Cerro Negro mine is located 37km south east of the town of Cabildo in the Province of Petorca, V Region of Chile, and approximately 210km north of Santiago. All plant and mine sites are easily accessible and are located at elevations of less than 1200m in moderate terrain. Agricultural activity in the immediate area of the property is negligible and confined to rough grazing, apart from company sponsored trial avocado production.

Operations commenced in 1944, and between 1983 and 1996, Cerro Negro was owned by a predecessor company to Antofagasta Minerals, operating exclusively as a 1,200 tpd concentrator, producing 5,000 tpy copper in concentrates. In 1997, at a time of low copper prices and high costs, CMN was sold to its employees, and a small copper precipitate plant subsequently installed. This leaching operation was converted to SX in 1999 to produce copper sulphate and in 2001-02 to a 3,000 tpy SXEW operation; it was further expanded in 2005 to 4,000 tpy capacity and in 2007 to its current 6,000 tpy Cu.

Current copper cathode production capacity, including toll treatment, is approximately 6,000 tonnes per year, concentrator production capacity is approximately 9,600 tonnes of copper-silver concentrates per year, and copper sulphate production capacity is approximately 4,200 tonnes per year.

The toll treatment of oxides is governed by an agreement with Enami which purchases third party ore trucked in from small artisanal mines in the surrounding district. The agreement extends to 2011 and Cerro Negro production plan assumes treatment of 180,000 tonnes per year of this material to recover approximately 2,000 tonnes per year cathode.


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, an option to acquire the Cerro Negro copper mine in Chile, 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.

Contact Information