Coro Mining Corp.

Coro Mining Corp.

March 25, 2008 14:57 ET

Coro Makes Initial US$1,000,000 Option Payment for Cerro Negro Copper Mine in Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2008) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce that, further to its news release of February 13th 2008, the Company has completed its initial evaluation period and has made the first US$1,000,000 option payment, thereby entering the first due diligence period of its acquisition of an effective 100% ownership of Compania Minera Cerro Negro SA ("CMN"), whose sole asset is the operating Cerro Negro copper mine, located in the V Region of the Republic of Chile.

Coro may proceed to a second stage of due diligence by making a further US$1,000,000 payment on or before July 7th 2008 and may exercise its option to acquire 100% of CMN by making a final payment of US$38,000,000 on or before September 18th 2008. At the date of exercise of the option, CMN has agreed that it will have a minimum of US$10,000,000 in cash and cash equivalents; in the event that CMN has less than this amount, the final payment will be reduced by the corresponding amount.

During the evaluation period, the Company and its consultants reviewed all aspects of the Cerro Negro operations including a preliminary evaluation of the resources, which have not been prepared in compliance with National Instrument 43-101. The status of plant, equipment and production capacity; and an initial environmental, legal, financial and title audit were also undertaken. Potential for operational improvements, efficiency enhancements and exploration upside was also examined.

Alan Stephens, President and CEO of Coro, commented, "After our initial evaluation, we continue to believe that Cerro Negro represents an excellent opportunity for Coro to acquire a cash flow producing asset. During the first due diligence period, we intend to work towards completing a National Instrument 43-101 compliant resource and associated mine plan; to define production enhancements; to conclude our environmental, legal, financial and title due diligence; and to further investigate the exploration potential of the CN property and the surrounding district."

As announced on February 28th 2008, the Company has engaged Auramet Trading, LLC to assist in arranging debt financing for the acquisition of Cerro Negro, which may include an equity component.

Completion of the acquisition will be subject to satisfactory completion of due diligence and certain other conditions, including receipt of all necessary regulatory approvals.

About Cerro Negro

Cerro Negro comprises a combined open pit and underground operation producing copper cathodes via heap leach, and copper-silver concentrates via flotation, as well as toll treating third party oxide ores via an agreement with Enami, a Chilean State owned mining company.

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. The mine is situated within an established mining district and is located approximately 25km northeast of the El Soldado mine operated by a subsidiary of Anglo American plc. All plant and mine sites are easily accessible and are located at elevations of less than 1,200m in moderate terrain. Agricultural activity in the immediate area of the property is negligible and confined to rough grazing.

Cerro Negro is a flat lying manto type deposit hosted by Cretaceous age volcanics and sediments. Mineralization comprises bornite, chalcocite and chalcopyrite and their oxidized equivalents, disseminated within volcaniclastic breccias and carbonaceous shales. Oxide ores are mined by open pit methods while sulphide ores are largely produced by underground methods, particularly room and pillar, and smaller satellite ore bodies are selectively underground mined by independent contract miners on a price participation basis.

Operations commenced in 1944, and between 1983 and 1996, CMN was owned by a predecessor company to Antofagasta Minerals, operating exclusively as a 1,200 tpd concentrator, producing up to 5,000 tpy copper in concentrates. In 1997, at a time of low copper prices and high costs, CMN was sold to its employees. The operation now comprises a heap leach SX-EW operation with a capacity of approximately 6,000 tpy Cu cathode, and a flotation plant which produces copper in concentrate from which production has averaged approximately 1,900 tonnes per year since 1998. 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; this agreement extends to 2011 and is for processing of 180,000 tonnes of ore per year. The average grade in 2007 was approximately 1.9%CuT. The foregoing information relating to the Cerro Negro mine has been provided to the Company by by the seller but has not yet been independently verified by the Company. It is included in this news release for information purposes, and is subject to verification by the Company.


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. The Company has two main properties; Barreal Seco, 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 and 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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