Coro Mining Corp.

Coro Mining Corp.

May 09, 2008 12:17 ET

Coro Mining Corp. Announces Release of Its First Quarter Results for 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 9, 2008) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce the release of its Financial Statements and Management Discussion and Analysis ("MD&A") for the three months ended March 31, 2008. The Company's Financial Statements and MD&A are now available on the Company's website and we encourage any interested party to visit our website for more information about the Company. The key milestones for the quarter are noted below, as well as a summary of the recently completed studies on the Company's San Jorge project, and a brief overview of the Cerro Negro option agreement.

Milestones / Highlights

- Signed the Cerro Negro option agreement and completed its initial evaluation

- Completed a Preliminary Economic Assessment for a flotation only operation at San Jorge, in April 2008

- Completed to pre-feasibility study standards, a technical report on a leach only operation at San Jorge, in April 2008

- Commenced a scoping study on the Flores Project

Summary of Recently Completed Technical Reports on San Jorge in Argentina
Float Only Leach Only
Table 1: San Jorge Technical Reports Summary Case Case
Base case (10%): Pre-tax NPV $291 million $159 million
($1.65/lb copper and Pre-tax IRR 31% 28%
$600/oz gold) After-tax NPV $82 million $77 million
After-tax IRR 18% 20%
Upside case (10%): After-tax NPV $220 million $139 million
($2.00/lb copper and After-tax NPV 29% 28%
$600/oz gold)
Average cash Before credits $0.91 $0.90
operating costs: Credits $0.22 $0.35
(years 1 to 5) ($/lb) After credits $0.69 $0.55
Total production: Copper (tonnes) 632,000 223,363
Gold (ounces) 629,000 n/a
Average production: Copper (tonnes) 51,000 24,000
(years 1 to 5) Gold (ounces) 42,000 n/a
Mine life: Years 16 10
Initial capital costs: $ million $277 $162
Prepared by: GRD Minproc Ausenco
Report type: Preliminary Preliminary
Economic Feasibility
Assessment Standard
Date: April 22, 2008 April 3, 2008

Cerro Negro, Chile

Cerro Negro comprises a combined open pit and underground operation producing copper cathodes via heap leach, copper-silver concentrates via flotation, and copper sulphates, as well as the toll treatment of third party oxide ores. Current capacity is 6,000 tonnes of copper cathode, 9,600 tonnes of copper-silver concentrate, and 4,200 tonnes of copper sulphate per year. Coro has an option to purchase Cerro Negro for total option payments of $40.0 million ($1.0m paid) and Cerro Negro have agreed that it will have a minimum of $10.0 million in cash and cash equivalents at the date of exercise of the option.

Financial Highlights

As of April 30, 2008, the Company had cash and cash equivalents of $4.8 million. During the quarter ended March 31, 2008, the Company spent $0.9 million on its San Jorge project and a further $1.4 million on its exploration projects.


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.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: 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 and gold, 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 and gold, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, foreign exchange rate variations 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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