VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2013) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce that it has agreed to sell its Chacay property, located in the III Region of Chile, to Compania Minera Relincho SA, a subsidiary of Teck Resources Limited ("Teck") for US$2.5 million cash plus a 1.5% net smelter return royalty. The sale is subject only to title due diligence and is expected to close by March 25, 2013.
Alan Stephens, President and CEO, commented, "We are pleased to be able to monetize our Chacay property by selling it to Teck, owners of the nearby feasibility stage Relincho project. We will use the proceeds to further advance our exciting Berta, El Desesperado and Payen projects. As with the sale of our Cordero property in Mexico to Valley High Ventures in 2008, and the subsequent disposition of our shares in the market, the sale of Chacay for cash continues to demonstrate Coro's ability to achieve non-dilutive financing through the sale of non-core assets."
Chacay is an early stage porphyry copper prospect located 50km east of the city of Vallenar, and 12km southeast of Teck's Relincho copper project, in the III Region of Chile. Coro completed 3 campaigns of drilling in 2010 and 2011, which resulted in the discovery of a chalcocite enrichment blanket under a leached cap. No resource estimate was completed for the property.
The Company also advises that it has elected not to proceed with the El Inca project, located in the III Region of Chile. In addition, the Company advises that it has made the second payment on the El Desesperado project, located in the II Region of Chile.
Alan Stephens FIMMM, President and CEO of Coro, a geologist with more than 35 years of industry experience is the Qualified Person for Coro who has reviewed and approved the contents of this News Release.
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, El Desesperado, Payen, Chacay, Llancahue, and Celeste copper 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.