Greenstone Resources L.P. Signs Term Sheet to Convert Debentures and Subscribe for Common Shares of Coro

GUERNSEY, CHANNEL ISLANDS--(Marketwired - May 24, 2016) - Further to a binding term sheet signed on May 24, 2016 ("Term Sheet") with Coro Mining Corp. ("Coro" or the "Company"), Greenstone Resources L.P. ("Greenstone") announces that it has agreed to convert the full repayment amount of US$8.125 million owing to it under the US$5.1 million convertible debenture dated 7 August 2015 and the US$1.4 million convertible debenture dated November 11, 2015 (together, the "Convertible Debentures") at C$0.10 per share. Greenstone currently has ownership and control over 79,800,000 common shares of Coro, representing 33.4% of the issued and outstanding common shares of the Company. As a result of the conversion of the Convertible Debentures, Greenstone will acquire ownership and control over an additional 106,730,000 common shares of Coro and will, following the conversion, have ownership and control over a total of 186,530,000 common shares of Coro, representing approximately 53.9% of the issued and outstanding common shares of Coro.

Pursuant to the Term Sheet, Greenstone has also agreed, subject to satisfaction of customary conditions, to subscribe for 34,000,000 common shares of Coro, at a price per common share of C$0.10, for aggregate proceeds of US$2,588,307 (the "Tranche 1 Placement"), representing 9.8% of the issued and outstanding common shares of Coro post-conversion of the Convertible Debentures. Following completion of the Tranche 1 Placement and the conversion of the Convertible Debentures (as described above), Greenstone will own 220,530,000 common shares of Coro, representing approximately 58.0% of the issued and outstanding common shares of Coro.

In addition, pursuant to the Term Sheet, in the event that Coro is not able to raise an additional C$4.61m from subscribers other than Greenstone, Greenstone has agreed, subject to satisfaction of customary conditions and the approval by shareholders of Coro other than Greenstone, to subscribe for up to 66,000,000 additional common shares of Coro at a price per common share of C$0.10 (to be converted into US dollars) (the "Tranche 2 Placement"), representing 64.3% of the issued and outstanding common shares of Coro post-conversion of the Convertible Debentures and post completion of the Tranche 1 Placement.

Coro and Greenstone have agreed that the amount of the Tranche 2 Placement shall be no less than such number of common shares as will result in Greenstone owning at least 53.9% of the issued and outstanding common shares of Coro after the conversion of the Convertible Debentures and the completion of the Tranche 1 Placement and the Tranche 2 Placement.

Greenstone intends to convert the Convertible Debentures and subscribe for the Tranche 1 Placement and Tranche 2 Placement for investment purposes. Depending on market conditions and other factors, Greenstone may from time to time acquire and/or dispose of securities of Coro or continue to hold its current position. A copy of the early warning report required to be filed with the applicable securities commission in connection with the transactions will be available on SEDAR at www.sedar.com and can be obtained by contacting Joanna Duquemin Nicolle and Sadie Morrison at +44 1481 810 100. Greenstone's address is set out below.