VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 12, 2011) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce the assay results from the remaining two holes of its recent four hole diamond drilling program, completed at the Nacho Zone of its 100% owned Chacay porphyry copper project. The property is located 12km southeast of Teck Resources Relincho copper project, and 50km east of the city of Vallenar in the III Region of Chile, as shown on the attached map (Figure 1).
Assay results from the first two holes of the program were announced in the Company's news release dated August 3rd 2011. Intersections from the second two holes are shown on Table 1, the location of the Chacay mineralized zones is shown on Figure 2, Nacho Zone drill hole locations are shown on Figure 3, and all intersections from Coro drilling in the Nacho Zone are shown on Table 2. Copper equivalents were calculated at $2.75/lb Cu, $12/lb Mo and $1,000/oz Au, with recoveries assuming 100%.
| Table 1: Latest Drill Results | ||||||||
| Hole | From | To | m | %CuT | g/t Au | % Mo | % Cu Eq. | Mineralization Type |
| CH-DDH-03 | 102 | 256 | 144 | 0.67 | 0.04 | 0.003 | 0.70 | Chalcocite |
| and | 266 | 316 | 50 | 0.15 | 0.05 | 0.004 | 0.23 | Primary |
| and | 336 | 410 | 74 | 0.15 | 0.04 | 0.005 | 0.20 | Primary |
| CH-DDH-04 | 116 | 190 | 74 | 0.60 | 0.05 | 0.009 | 0.67 | Chalcocite |
| and | 190 | 220eoh | 30 | 0.17 | 0.06 | 0.007 | 0.23 | Primary |
Alan Stephens, President and CEO of Coro commented, "This round of drilling has provided further encouraging results and definition of the Nacho Zone chalcocite blanket. CH-DDH-03 is a diamond twin of reverse circulation (RC) hole CH- RC-17, which intersected 154m at 0.67% CuT, showing that there are no significant differences in copper grade between the two drilling methods. CH-DDH-04 was drilled 185m to the south of CH-DDH-03 and intersected good chalcocite mineralization. We will now proceed to obtain necessary permits to complete a program of grid drilling aimed at providing an initial resource for the Nacho Zone chalcocite blanket. We will also conduct additional RC drilling to further evaluate the Lucho Zone and to test the SE target."
About Chacay
The Chacay property hosts a porphyry copper prospect of probable Eocene age that has previously been drill tested by several companies. The drill hole locations and summary geological information are available for some of the previous drilling but it has not been possible to obtain the corresponding assay information. A zoned porphyry alteration suite of external propylitic alteration surrounding a phyllically altered core is developed over a distance of 3,500m, oriented west northwest. Two zones of chalcocite mineralization have been outlined by the drilling to date.
The larger of these, known as the Nacho Zone, occupies an area of approximately 900 x 700m centered on Cerro Colorado. This hill has an elevation difference of 300m over the surrounding valleys and hosts a leached cap, which drilling has shown to vary from 50 to 200m in thickness. Underlying the leached cap, a weakly oxidized, flat lying, chalcocite enrichment blanket has been intersected in drilling, that is currently interpreted to be between 20m thick on its margins and greater than 100m thick towards its centre. The chalcocite blanket is thickest, and has the highest copper grades, when developed within an intrusive porphyry complex exhibiting sericite-chlorite-quartz alteration, and which contained original primary copper sulphides.
The less well defined Lucho Zone, is located on Cerro Chacay, and has been drill tested by two holes for which assay information is unavailable, one of which had primary copper sulphides reported and both of which have visible chalcocite in the drill cuttings left on site.
In addition, an untested area of leached capping with phyllic alteration and peripheral copper oxides, outcrops approximately 2,000m to the SE of the Nacho Zone. This area, known as the SE target, is surrounded by gravels, so its ultimate size is unknown.
Coro owns 100% of the Chacay property, subject to a 2% Net Profits Interest with a US$2 million cap, payable to First Quantum Minerals.
Sampling and Assay Protocol
All diamond drill holes were sampled on a 2m continuous basis, with core samples split on site and one half delivered to the Andes Analytical Assaying ("AAA") prep lab in Copiapo by Coro personnel. Pulp samples were transported to the AAA assay laboratory in Santiago by AAA personnel. The remaining core was stored at a Coro facility for reference.
All RC holes were sampled on a 2 m continuous basis, with samples riffle split on site and one quarter sent to the AAA laboratory in Santiago. A second quarter was stored at a Coro facility for reference. Samples were transported to the laboratory by AAA under the supervision of Coro.
Samples were prepared using the following standard protocol: drying, crushing to better than 80% passing -10#, homogenizing, splitting and pulverizing a 400 g subsample to 95% passing -150#. All samples were analyzed for CuT, Au and Mo, and as appropriate, by sequential assaying for CuSol and CuCN. A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results.
Angelo Peri, ex-VP Exploration, Coro Mining Corp, a geologist with more than 26 years was responsible for the design and conduct of the exploration at Chacay, and Alan Stephens, FIMMM, President and CEO, of Coro Mining Corp, a geologist with more than 36 years of experience is the Qualified Person for the purposes of NI 43-101.
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 properties include the advanced San Jorge copper-gold project, in Argentina, and the Berta, Chacay, Llancahue, El Tapao and Celeste copper 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.
To view accompanying Figures 1, 2 and 3, visit the following link: http://media3.marketwire.com/docs/CoroFigures123.pdf
| Table 2: Nacho Zone Drill Intersections | |||||||
| Hole | TD | Inc | From | To | m | %CuT | Type |
| CHC-RC-01 | 146 | -60 | 72 | 82 | 10 | 0.29 | Chalcocite |
| CHC-RC-02 | 154 | -60 | 14 | 42 | 28 | 0.51 | Oxidized Prim. |
| CHC-RC-03 | 200 | -60 | No Significant Results | ||||
| CHC-RC-04 | 228 | -60 | No Significant Results | ||||
| CHC-RC-05 | 198 | -60 | 190 | 198 | 8 | 0.56 | Chalcocite |
| CHC-RC-06 | 220 | -60 | 82 | 160 | 78 | 0.44 | Chalcocite |
| CHC-RC-07 | 160 | -60 | No Significant Results | ||||
| CHC-RC-08 | 250 | -60 | 160 | 208 | 48 | 0.20 | Chalcocite |
| CHC-RC-09 | 330 | -60 | 234 | 330 | 96 | 0.44 | Chalcocite |
| CHC-RC-10 | 224 | -60 | 138 | 194 | 56 | 0.15 | Chalcocite |
| CHC-RC-11 | 220 | -60 | No Significant Results | ||||
| CHC-RC-12 | 204 | -90 | No Significant Results | ||||
| CHC-RC-13 | 234 | -90 | 112 | 206 | 94 | 0.84 | Chalcocite |
| 206 | 218 | 12 | 0.47 | Primary | |||
| 218 | 234 | 16 | 0.52 | Chalcocite | |||
| CHC-RC-14 | 174 | -90 | 68 | 100 | 32 | 0.49 | Chalcocite |
| CHC-RC-15 | 204 | -70 | 120 | 184 | 64 | 0.55 | Chalcocite |
| CHC-RC-16 | 186 | -90 | 168 | 186 | 18 | 0.16 | Chalcocite |
| CHC-RC-17 | 282 | -90 | 110 | 264 | 154 | 0.67 | Chalcocite |
| 264 | 282 | 18 | 0.24 | Primary | |||
| CHC-RC-19 | 444 | -90 | 186 | 264 | 78 | 0.38 | Chalcocite |
| 316 | 350 | 34 | 0.26 | Chalcocite | |||
| CHC-RC-20 | 334 | -90 | 140 | 216 | 76 | 0.15 | Chalcocite |
| CHC-RC-21 | 224 | -90 | 130 | 170 | 40 | 0.16 | Chalcocite |
| CHC-RC-22 | 402 | -90 | 238 | 270 | 32 | 0.36 | Chalcocite |
| CHC-RC-23 | 368 | -90 | 210 | 262 | 52 | 0.77 | Chalcocite |
| 262 | 368 | 106 | 0.21 | Primary | |||
| CH-DDH-01 | 232 | -90 | 198 | 232 | 34 | 0.26 | Chalcocite |
| CH-DDH-02 | 762 | -90 | 192 | 230 | 38 | 0.18 | Chalcocite |
| 280 | 762 | 482 | 0.20 | Primary | |||
| CH-DDH-03 | 540 | -90 | 102 | 256 | 144 | 0.67 | Chalcocite |
| 266 | 316 | 50 | 0.15 | Primary | |||
| 336 | 410 | 74 | 0.15 | Primary | |||
| CH-DDH-04 | 220 | -90 | 116 | 190 | 74 | 0.60 | Chalcocite |
| 190 | 220 | 30 | 0.17 | Primary | |||
Contact Information:
Michael Philpot
Executive Vice-President
(604) 682 5546
investor.info@coromining.com
www.coromining.com