VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 26, 2010) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce that its 100% owned Argentinean subsidiary, Minera San Jorge S.A. has received an official resolution from the Government of the Province of Mendoza, dated 20th July 2010, notifying that the Public Hearing for its San Jorge project, will take place on October 20th 2010.
The Public Hearing is the final step in the process prior to the Environmental Impact Study ("EIS") being submitted to the provincial Government for approval. The Public Hearing date is conditional on the Company completing within 45 days from the date of the resolution, certain reconfirmatory hydrological studies as determined by the provincial General Department of Irrigation. The Company is confident it will be able to complete these studies in the prescribed time.
Alan Stephens President and CEO of Coro commented, "We have been in discussions for the past several months with the provincial government concerning the slow progress of the EIS approval process. We are pleased that as a result of these discussions, a date for the Public Audience has finally been announced. We now look forward to being able to present San Jorge to the people of the province at the Public Hearing."
CORO MINING CORP.
Alan Stephens, President and CEO
About San Jorge:
The San Jorge copper-gold project is located in Mendoza, Argentina. The Company completed an independent Preliminary Economic Assessment ("PEA"), in April 2008 which contemplated production of 39,500 tonnes of copper per annum and 39,000 ounces of gold per annum over a 16 year mine life. The deposit remains open to the west and at depth and using a $2.00 per pound copper and $600 per ounce gold price returned an after tax NPV of $220 million, with a capital expenditure of $277 million.
Alan Stephens FIMMM, President and CEO of Coro, a geologist with more than 33 years of industry experience is the Qualified Person for Coro who has reviewed and approved the contents of this News Release. In respect of the PEA, it should be noted that mineral resources that are not mineral reserves do not have demonstrated economic viability.
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 properties include the advanced San Jorge copper-gold project, in Argentina, and the Chacay, Llancahue and Celeste copper exploration properties located in Chile. The Company also holds 9,140,353 shares (a 20.5% interest) in Valley High, which holds the Cordero property in Mexico (www.valleyhighventures.com).
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
The Public Hearing is the final step in the process prior to the Environmental Impact Study ("EIS") being submitted to the provincial Government for approval. The Public Hearing date is conditional on the Company completing within 45 days from the date of the resolution, certain reconfirmatory hydrological studies as determined by the provincial General Department of Irrigation. The Company is confident it will be able to complete these studies in the prescribed time.
Alan Stephens President and CEO of Coro commented, "We have been in discussions for the past several months with the provincial government concerning the slow progress of the EIS approval process. We are pleased that as a result of these discussions, a date for the Public Audience has finally been announced. We now look forward to being able to present San Jorge to the people of the province at the Public Hearing."
CORO MINING CORP.
Alan Stephens, President and CEO
About San Jorge:
The San Jorge copper-gold project is located in Mendoza, Argentina. The Company completed an independent Preliminary Economic Assessment ("PEA"), in April 2008 which contemplated production of 39,500 tonnes of copper per annum and 39,000 ounces of gold per annum over a 16 year mine life. The deposit remains open to the west and at depth and using a $2.00 per pound copper and $600 per ounce gold price returned an after tax NPV of $220 million, with a capital expenditure of $277 million.
Alan Stephens FIMMM, President and CEO of Coro, a geologist with more than 33 years of industry experience is the Qualified Person for Coro who has reviewed and approved the contents of this News Release. In respect of the PEA, it should be noted that mineral resources that are not mineral reserves do not have demonstrated economic viability.
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 properties include the advanced San Jorge copper-gold project, in Argentina, and the Chacay, Llancahue and Celeste copper exploration properties located in Chile. The Company also holds 9,140,353 shares (a 20.5% interest) in Valley High, which holds the Cordero property in Mexico (www.valleyhighventures.com).
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
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