Coro Mining Corp.

Coro Mining Corp.
Valley High Ventures Ltd.

Valley High Ventures Ltd.

March 19, 2008 16:08 ET

Valley High Ventures Ltd. to Acquire Mexican Properties From Coro Mining Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 19, 2008) - Valley High Ventures Ltd. ("Valley High") (TSX VENTURE:VHV) and Coro Mining Corp. ("Coro") (TSX:COP) are pleased to announce that they have signed a letter of intent pursuant to which Valley High will, subject to a number of conditions, acquire all of the issued and outstanding securities of Coro's subsidiary, Coro Minera de Mexico SA de CV ("Coro Mexico") in consideration for a purchase price equal to the aggregate value of Coro's investment in Coro Mexico as of the date of completion of the acquisition, which is expected to be approximately $1,800,000, to be settled through the issuance to Coro of common shares of Valley High at a deemed price of $0.25 per share. The transaction is at arm's length.

Concurrently with the completion of the acquisition by Valley High of the shares of Coro Mexico: Valley High has agreed to settle $700,000 of existing debt by the issuance of common shares of Valley High; and Coro has agreed to purchase for cash, on a private placement basis, common shares of Valley High for gross proceeds to Valley High of $200,000.

Completion of the acquisition is subject to a number of conditions, including approval by the board of directors of Valley High and Coro, negotiation of a definitive purchase agreement, applicable regulatory approvals and, if required, shareholder approvals.

Coro Mexico has options to acquire two properties in Mexico. The Cordero-Sanson property is located approximately 220 km south of the city of Chihuahua, and approximately 40 km northeast of the town of Hidalgo de Parral. Cordero comprises a 332 ha claim block that has been optioned by Coro Mexico, and which contains the Cordero polymetallic prospect, from which historic artisinal underground mining has taken place; and a surrounding, wholly Coro Mexico owned claim block, which contains the Sanson porphyry molybdenum prospect. The optioned property comprises the Herrera claims and the Jandrina claims covering the Cordero property. Coro Mexico has staked the 100% owned Sanson mining claim, covering 9210 ha, surrounding the Herrera and Jandrina claim groups. Coro has engaged a qualified person to prepare a technical report in compliance with National Instrument 43-101, and is currently waiting for the report to be completed.

Coro Mexico has an option to acquire a 100% interest in the Herrera claims by paying a total of US$990,781. To date, Coro Mexico has made payments totaling US$150,781, and the remaining payments are payable as follows: US$150,000 on or before February 21, 2009, US$220,000 on or before February 21, 2010 and US$470,000 on or before February 21, 2011. A 1.0% NSR is payable on production from the property. Coro Mexico also has an option to acquire a 100% interest in the Jandrina claims by paying a total of US$2,000,000. To date Coro Mexico has made payment totaling US$150,000, and the remaining payments are payable as follows: US$150,000 on or before February 21, 2009, US$250,000 on or before February 21, 2010 and US$1,450,000 on or before February 21, 2011. A 2.0% NSR is payable on production from the property, out of which 1% may be acquired for US$1,000,000.

Coro Mexico also has rights under a data use agreement with Phelps Dodge Exploration Corp. ("Phelps Dodge") pursuant to which Coro Mexico has access to its database of proprietary geophysical, geologic, geochemistry, maps, data reports and other files on various properties in Mexico and Central America for a period expiring May 20, 2008 (subject to extension by the mutual consent of Phelps Dodge and Coro). Pursuant to the agreement, Phelps Dodge has a back-in right, which will expire on May 20, 2009, to acquire an undivided 70% of Coro Mexico's interest in any property which it may acquire within the areas of Mexico and Central America covered by the agreement which has a minimum of 2 million tonnes of contained copper, of which a minimum of 1 million tonnes must be in the measured mineral resource or indicated mineral resource categories. The Cordero-Sanson property is subject to Phelps Dodge's back-in right.

New Directors and Officers

Valley High is also pleased to announce that it has appointed two new directors and three new officers. James Mustard, PEng. and Alan Stephens have been appointed as directors of Valley High, and Patrice Nazareno has resigned as a Director of Valley High. James Mustard is currently President and a Director of Mantle Resources Inc. Mr. Mustard is a geologist and Professional Engineer (B.C.) and has in excess of 33 years of diverse industry experience covering a broad range of exploration activity, and engineering functions at both open pit and underground development projects and mines. From 1996 to 2007 he was Vice President and Senior Mining Analyst with Haywood Securities Inc. Alan Stephens is currently President, Chief Executive Officer and a director of Coro, and is a graduate of the Royal School of Mines (Imperial College of London) and is currently a fellow of both the Society of Economic Geologists (US) and of the Institute of Materials, Minerals and Mining (UK). Mr. Stephens has over 31 years of international mining experience. Prior to co-founding Coro, Mr. Stephens was the Vice-President of Exploration for First Quantum Minerals Ltd. from April 2000 to December 2004, and was international exploration manager for Cyprus Amax Minerals Company from March 1994 to January 2000 where he managed exploration teams in Latin America, Africa, Europe and Asia. Kathrine MacDonald, a director and the current President of Valley High, and Ray Strafehl, a director of Valley High, will continue in those capacities following completion of the acquisition.

In addition, Valley High has appointed the following officers: Damian Towns as Chief Financial Officer; Geoff Chater as Vice President Business Development; and Michael Philpot as Corporate Secretary. Damian Towns is currently Chief Financial Officer of Coro. Geoff Chater formerly acted in an investor relations capacity for First Quantum Minerals Ltd. Michael Philpot is currently Executive Vice President, Corporate Secretary, and a director of Coro.


Alan Stephens, President and CEO


Kathrine MacDonald, President

About Coro Mining Corp.:

Coro Mining Corp. was founded with the goal of building a mining company focused on medium-sized base metals deposits in Latin America. Coro 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; 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.

About Valley High Ventures Ltd.:

Valley High Ventures Ltd. is a Canadian based precious and base metal exploration company with several properties, totalling approximately 10,000 hectares, located in south-central British Columbia, along the Quesnel trough and adjacent to the producing Imperial Metals Mt. Polley copper-gold-silver mine. Valley High has confirmed copper-gold mineralization, through previous drilling, and plans further exploration and development of its mineral properties in the area.

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 Coro or Valley High 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 documents filed from time to time with the securities regulators in the applicable Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information