VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2009) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce that its major shareholder, Benton Resources Corp. ("Benton"), has exercised 5,600,000 warrants at an exercise price of $0.18.
The proceeds from the exercise of warrants will be used for working capital purposes including advancing the San Jorge project in Mendoza, Argentina where the Company previously announced the positive conclusions from the Independent Review of the San Jorge project by National Technological University ("UTN") of Mendoza. The Environmental Impact Study ("EIS") is currently subject to a review by various governmental organizations in Mendoza. This review is nearing completion and will be followed by a formal public hearing. The EIS will then be considered for approval by the Mendoza provincial government and if approved, submitted for ratification by the provincial legislature. The Company anticipates that this process will be completed in the first quarter of 2010.
As announced in its April 22, 2008 press release, the Company has completed an independent Preliminary Economic Assessment ("PEA") of the San Jorge Project which contemplates the production of an average of 39,500 metric tonnes per year of copper and 39,000 ounces per year of gold contained in concentrate for a period of 16 years. The PEA concluded that the project would require an initial investment of $277 million, and at prices of $2.00/ lb copper and $600 per ounce of gold, would have an after tax NPV (10%) of $220 million and an IRR of 28.6%. Upon the approval of the EIS the Company will look to fast track the project through the completion of a definitive feasibility study.
For a full update on the Company's San Jorge project and its other exploration properties, the Company encourages interested parties to review its new corporate presentation available on its website at www.coromining.com.
Alan Stephens, President and CEO, commented, "The Company appreciates the continuing support of its largest shareholder, Benton Resources Inc., and the early exercise of these warrants is testament to the confidence that Coro and its major shareholder have in the permitting process in Mendoza."
CORO MINING CORP.
Alan Stephens President and CEO
About Coro Mining Corp.:
The Company was founded with the goal of building a mining company focused on medium-sized base and precious metals deposits in Latin America. The Company intends to achieve this through the exploration for, and acquisition of, projects that can be developed and placed into production. Coro's core property is the advanced San Jorge copper-gold project, in Argentina, and the Company holds other earlier stage exploration properties located in Chile.
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 the Company 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 the Company's documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador.
For more information, please contact
Coro Mining Corp.
Michael Philpot
Executive Vice-President
(604) 682 5546
investor.info@coromining.com
www.coromining.com
For more information on Mining in Argentina, active companies, projects and operating mines, statistics and much more, please visit our website: http://www.argentinamining.com/
The proceeds from the exercise of warrants will be used for working capital purposes including advancing the San Jorge project in Mendoza, Argentina where the Company previously announced the positive conclusions from the Independent Review of the San Jorge project by National Technological University ("UTN") of Mendoza. The Environmental Impact Study ("EIS") is currently subject to a review by various governmental organizations in Mendoza. This review is nearing completion and will be followed by a formal public hearing. The EIS will then be considered for approval by the Mendoza provincial government and if approved, submitted for ratification by the provincial legislature. The Company anticipates that this process will be completed in the first quarter of 2010.
As announced in its April 22, 2008 press release, the Company has completed an independent Preliminary Economic Assessment ("PEA") of the San Jorge Project which contemplates the production of an average of 39,500 metric tonnes per year of copper and 39,000 ounces per year of gold contained in concentrate for a period of 16 years. The PEA concluded that the project would require an initial investment of $277 million, and at prices of $2.00/ lb copper and $600 per ounce of gold, would have an after tax NPV (10%) of $220 million and an IRR of 28.6%. Upon the approval of the EIS the Company will look to fast track the project through the completion of a definitive feasibility study.
For a full update on the Company's San Jorge project and its other exploration properties, the Company encourages interested parties to review its new corporate presentation available on its website at www.coromining.com.
Alan Stephens, President and CEO, commented, "The Company appreciates the continuing support of its largest shareholder, Benton Resources Inc., and the early exercise of these warrants is testament to the confidence that Coro and its major shareholder have in the permitting process in Mendoza."
CORO MINING CORP.
Alan Stephens President and CEO
About Coro Mining Corp.:
The Company was founded with the goal of building a mining company focused on medium-sized base and precious metals deposits in Latin America. The Company intends to achieve this through the exploration for, and acquisition of, projects that can be developed and placed into production. Coro's core property is the advanced San Jorge copper-gold project, in Argentina, and the Company holds other earlier stage exploration properties located in Chile.
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 the Company 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 the Company's documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador.
For more information, please contact
Coro Mining Corp.
Michael Philpot
Executive Vice-President
(604) 682 5546
investor.info@coromining.com
www.coromining.com
For more information on Mining in Argentina, active companies, projects and operating mines, statistics and much more, please visit our website: http://www.argentinamining.com/ 
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