Coro Mining Corp.
TSX : COP

Coro Mining Corp.

June 18, 2008 14:16 ET

Coro Provides Update on San Jorge Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 18, 2008) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce that it has reached an agreement with Global Copper Corp ("Global") to amend the terms of the option agreement ("the Agreement") for the acquisition from Global of the San Jorge Project, located in the Province of Mendoza, Argentina.

Under the terms of the original Purchase Agreement, Coro was obliged to complete a bankable feasibility study on the Leachable Resources at San Jorge prior to May 10, 2009 and pay to Global US$0.025 per pound of mineable proven and probable copper reserves contained within the Leachable Resources. Existing legislation in the Province of Mendoza prohibits the use of toxic substances, including sulphuric acid, which is required in the heap leaching of copper oxide ores, in metalliferous mining. As stated in the Company's news release NR08-09 dated April 22, 2008; Coro is now focused on developing a Floatation only project which does not require the use of sulphuric acid, and the Agreement has been amended to reflect this.

The amended terms of the Agreement are as follows;

1. Coro is no longer obligated to complete a bankable feasibility study on the Leachable Resources.

2. On or before May 10, 2009, Coro will pay to Global US$500,000.

3. On the earlier of completion of a feasibility study at San Jorge or December 31st 2009, Coro will pay Global US$8,000,000 less the deemed value of 1,000,000 common shares previously issued to Global.

4. On the earlier of completion of a bankable feasibility study at San Jorge or December 31st 2010, Coro will pay Global an additional US$8,000,000, at which time Coro will own the San Jorge project.

5. The payments (US$16,000,000) under point 3 and 4 will be treated as an advance payment on either:

(a) The existing obligation to pay US$0.02 per pound of mineable proven and probable copper reserves contained within the Sulphide Resources upon Commencement of Commercial Production or

(b) The existing obligation to pay US$0.025 per pound of mineable proven and probable copper reserves contained within the Leachable Resources upon Commencement of Commercial Production from such resources, if any.

The Company is now fast tracking work towards the completion of an Environmental Impact Study of the Floatation only project for submission to the provincial authorities early in the third quarter of 2008, and subject to a favourable response, intends to advance the Floatation only project to completion of a feasibility study prior to the end of 2009.

For further information about the San Jorge Project, please refer to the Company's website.

CORO MINING CORP.

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 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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