Mr. Alan Stephens reports

CORO ANNOUNCES CONVERSION OF CONVERTIBLE DEBENTURES AND REVISED SHAREHOLDERS' MEETING DATE

Further to its announcement on May 24, 2016, Coro Mining Corp. has issued 106.73 million common shares to Greenstone Resources LP in full and final satisfaction of the previously outstanding $8,125,000 (U.S.) convertible debentures.

As also announced on May 24, 2016, the company is proceeding with a private placement of 100 million common shares at price of 10 cents to raise gross proceeds of $10-million. The proceeds of the private placement will be used to continue to finance the development of the company's exciting Marimaca project and for working capital purposes.

In connection with the private placement, the company has rescheduled the date of the special and annual general meeting of shareholders from June 15, 2016, to June 29, 2016. At the meeting, shareholders will now be asked to approve the private placement, as well as Greenstone's participation in the private placement, as further detailed as follows. The company intends to mail out a revised information circular and form of proxy (or voting information form) for the meeting, which will be dated on or about May 30, 2016. Accordingly, the company requests that shareholders disregard the meeting materials received to date (including, for greater certainty, the form of proxy or voting information form) as the new meeting materials will supersede such materials. The record date of May 6, 2016, for the meeting remains unchanged.

Following conversion of the convertible debentures, the company has 345,902,180 issued and outstanding common shares, of which Greenstone holds 186.53 million common shares, or 53.9 per cent of the total outstanding. The company anticipates closing the private placement in two tranches. The first tranche will be for a total of 34 million common shares and will be subscribed for by Greenstone. The company anticipates closing the first tranche on or about June 14, 2016. Following closing of the first tranche, Greenstone will hold 220.53 million common shares, or 58 per cent of the total outstanding. The second tranche will be for a total of 66 million common shares and will be subject to shareholder approval at the meeting.

In accordance with the terms of an agreement entered into between the company and Greenstone, Greenstone has agreed to acquire a minimum of 19,925,650 common shares issued pursuant to the second tranche. Assuming other third party subscribers participate in the second tranche of the private placement to acquire the remaining 46,074,350 common shares and a total of 66 million common shares are issued, Greenstone's percentage ownership will be reduced from 58 per cent to 53.9 per cent. In the event shareholder approval is not obtained at the meeting and the company does not complete the private placement, Greenstone's ownership percentage will remain at 58 per cent.

In the event the company is unable to locate any third party subscribers for the second tranche of the private placement and assuming shareholder approval is obtained at the meeting, Greenstone has agreed to subscribe for up to the remaining 46,074,350 common shares to be issued pursuant to the second tranche and, following completion of the second tranche, would hold 286.53 million common shares, or 64.3 per cent of the total common shares outstanding.

In conjunction with the private placement, Greenstone has received undertakings from certain directors and officers of the company to vote in favour of the proposed private placement at the meeting, which represent approximately 21 million common shares (or approximately 13 per cent of the shares entitled to vote on the proposed private placement).

The private placement, including the Greenstone participation, remains subject to approval of the Toronto Stock Exchange. Greenstone's participation remains subject to certain additional conditions precedent, including the absence of any material adverse change in respect of Coro.

We seek Safe Harbor.