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Coro Mining Corp
Symbol COP
Shares Issued 445,902,180
Close 2016-12-02 C$ 0.135
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Coro to release Marimaca NI 43-101 estimate in January

2016-12-05 09:48 ET - News Release

Mr. Alan Stephens reports

CORO PROVIDES UPDATE ON ITS OPERATIONS AND PROJECTS

Coro Mining Corp. has provided an update on the operations of its 65-per-cent-owned subsidiary SCM Berta (SCMB), the progress of the Marimaca project and the acquisition of Minera Rayrock.

SCMB

SCMB owns the Berta copper deposit, the Nora SXEW processing plant and has an option to acquire 100 per cent of the nearby Salvadora exploration project. SCMB operates in the III region of northern Chile, near the town of Diego de Almagro.

Since early 2016, the Nora plant has been treating material from a variety of dumps from the surrounding district, but as of August, it has been exclusively processing material derived from test mining of high-grade material selectively mined from shallow pits at the Berta deposit itself. As such, the operation has not yet reached commercial production, with delays in receiving operating permits for the Berta site contributing to its inability to do so. These are finally expected to be received early in the first quarter of 2017, and SCMB will now proceed to install crushing and leaching facilities at the Berta site. This will enable concentrated pregnant leach solution (PLS) to be trucked to Nora, which will be expanded to five-kilotonne-per-year cathode capacity. The installation should be completed by March, 2017.

Marimaca

Coro is earning a 75-per-cent interest in the Marimaca project located 22 kilometres east of the port of Mejillones in the II region of Chile, for which drill results were released by the company earlier this year. The initial Marimaca National Instrument 43-101 resource estimate is being completed by NCL Ingenieria y Construccion SA in Santiago and is expected to be released in January, 2017.

Minera Rayrock

On Aug. 4, 2016, Coro announced that it had signed a non-binding letter of intent to acquire Minera Rayrock Ltda, a Chilean subsidiary of Compania Minera Milpo SAA. Rayrock is the owner of the Ivan 10-kilotonne-per-year copper capacity SXEW plant located approximately 18 kilometres south of Marimaca, and its purchase will enable Coro to accelerate the project's development and production. The total purchase price is $6.5-million, of which $250,000 was paid to ensure exclusivity. The company has now completed its due diligence on Rayrock and anticipates closing the transaction in due course.

Alan Stephens, president and chief executive officer of Coro, commented: "We are looking forward to finally getting Berta up to full production of five kilotonnes per year copper in cathode as planned, and with luck, see this coincide with continued stronger copper prices. Once this has been done, SCMB will focus on advancing the Salvadora project with a view to potentially further increasing its production. Importantly, the acquisition of Rayrock and the release of our resource estimate for Marimaca will initiate the development of Marimaca as our second copper-cathode-producing operation."

Mr. Stephens, FIMMM, a geologist with more than 40 years of experience and a qualified person for the purposes of National Instrument 43-101, is responsible for the contents of this news release.

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