Coro Provides Exploration Update Including Initial Results at Chacay

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 3, 2011) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce that it has completed a 4 hole, 1,975m diamond drilling program at its 100% owned Chacay project and a 24 hole, 4,360m reverse circulation drilling program at its recently acquired Berta Project. The Company also wishes to announce that Angelo Peri, its VP Exploration has resigned to take up a position with a major mining company in Santiago. The Company wishes to thank him for his significant contributions over the past 5 years and wish him well in his new position. Alan Stephens will assume his responsibilities until a suitable replacement is found.

Chacay Initial Drilling Results:

Assay results have been received for the first 2 holes from Chacay as shown in the following table; sampling and assaying of the final 2 holes of the program is in progress.

The deep diamond drill hole completed at Chacay has indicated the presence of potentially significant primary mineralization, occurring in apparently separate gold rich and molybdenum rich zones. The copper in the chalcocite intervals of these 2 holes occurred largely as coatings on pyrite.

Berta Drill Program:

The RC drilling at Berta (24 hole, 4,360m reverse circulation drilling program) was completed on time and we look forward to receiving the assay when available.

All diamond drill holes were sampled on a 2m continuous basis, with core samples split on site and one half delivered to the Andes Analytical Assaying (AAA) prep lab in Copiapo by Coro personnel. Pulp samples were transported to the AAA assay laboratory in Santiago by AAA personnel. Samples were prepared using the following standard protocol: drying, crushing to better than 80% passing -10#, homogenizing, splitting and pulverizing a 400 g subsample to 95% passing -150#. All samples were analyzed by sequential assaying for CuT, CuSol and CuCN and for Au, Ag and Mo. A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results. The remaining core was stored at a Coro facility for reference.

Angelo Peri, VP Exploration, Coro Mining Corp, a geologist with more than 26 years was responsible for the design and conduct of the exploration at Chacay, and Alan Stephens, FIMMM, President and CEO, of Coro Mining Corp, a geologist with more than 36 years of experience is the Qualified Person for the purposes of NI 43-101.

Further information about the Chacay and Berta projects can be found on the Coro website, www.coromining.com.

CORO MINING CORP.

"Alan Stephens"
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, Berta, Llancahue, El Tapao 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.