Mr. Alan Stephens reports

CORO ANNOUNCES EQUITY CLOSING AND OPERATIONAL UPDATE

Coro Mining Corp.'s 65-per-cent-owned subsidiary, SCM Berta, has been notified by Sernageomin, the Chilean Mining Authority, that all of the requirements needed to lift the suspension order on its Nora solvent extraction/electrowinning plant have been met. The formal documentation confirming this is expected shortly.

Greenstone equity financing

The lifting of the suspension order was a condition precedent to the completion of an equity financing to be provided by Greenstone Resources LP, as described in the company's news release dated June 16, 2015. Coro and Greenstone have now completed this financing whereby Greenstone purchased 79.8 million Coro common shares at a price of four cents per share by way of a private placement for total gross proceeds of $3,192,000. Greenstone now owns 33 per cent of the issued and outstanding common shares of the company. The shares are subject to a statutory hold period of four months and one day from the date of issue.

Nora plant commissioning

The plant commissioning has been completed satisfactorily through the processing of approximately 50,000 tonnes of dump material. To date, a total of 203 tonnes of copper cathode have been harvested and are being sold to Luis Dreyfus Commodities. SCMB has also entered into a $600,000 prepayment facility with LDC, repayable in equal instalments over six months at an interest rate of LIBOR (London interbank offered rate) plus 6 per cent.

Commencement of production

The lifting of the closure order permits SCMB to commence production at a rate of approximately 3,000 tonnes per year copper cathode. It intends to do this through the processing of further dump material and of higher-grade material trucked from the Berta deposit.

Improvements to operational economics

The change in the Chilean peso exchange rate, coupled with the decline in the oil price, has had a favourable impact on the current and projected operating costs of the Berta operation. SCMB is currently evaluating alternatives to the operating plan set out in the company's preliminary economic assessment filed on Oct. 8, 2015, which are expected to reduce the capital cost of the Berta site crushing and leaching facilities and the expansion of the Nora electrowinning circuit to 5,000 tonnes per year copper cathode. These improvements in operating and capital costs will be incorporated into a feasibility study, which is anticipated to be completed in the second quarter of 2016.

Alan Stephens, president and chief executive officer of Coro, commented: "We are delighted that we are now in a position to commence full production and that our newly refurbished plant is operating well. The decline in the copper price, although partially offset by a fall in locally denominated costs both at an operating and capital investment level, has encouraged us to seek further efficiencies and savings wherever possible. As planned, we intend to continue to develop our SCMB operations by expanding the Nora plant capacity from 3,000 tonnes per year to 5,000 tonnes per year of cathode and installing crushing and leaching facilities at the Berta mine site as soon as practical. We are also actively seeking to acquire additional resources in the district that would enable us to further expand or extend our operation as we continue to invest through the copper price cycle."

Coro board changes

As a consequence of the equity financing, the composition of the company's board of directors has changed.

Robert Watts, chairman and independent director, and Alvin Jackson, independent director, have both elected to retire from the board with immediate effect. Coro's management would like to express its great appreciation for the excellent leadership and guidance provided by these two directors since the company's foundation in 2005, and the company wishes them well in their future endeavours. Existing independent director, Gordon Fretwell, has been appointed as chairman of Coro.

Greenstone has nominated two directors to the Coro board, namely Michael Haworth and Colin Kinley. Mr. Haworth is a senior partner of Greenstone Resources, a private equity fund specializing in the mining and metals sector.

Mr. Kinley is chief executive officer of Kinley Exploration, a resource industry integrated project management company operating internationally. Prior to this, he spent 26 years with Layne Christensen Co. as a senior executive responsible for energy operations, specialized drilling, mining technologies and remote site operations.

The company welcomes these two new directors to its board and look forward to benefiting from their experience as it builds Coro into a successful copper mining business.

We seek Safe Harbor.