MasterT
10 years ago
Coro Signs Definitive Agreement For San Jorge
October 24 , Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol: COP) is pleased to announce that, further to its news release of December 9 2013, it has signed a Definitive Agreement ("DA") with a group comprised of Aterra Investments Ltd. ("Aterra") and Solway Industries Ltd. ("Solway"), (collectively, the "Group") for them to acquire an interest in the Company's San Jorge project (the "Project"), located in the province of Mendoza, Argentina. The Group may acquire a 70% interest in the Project, with the provision for an early buy-out of Coro's interest subject to Coro's retention of a 2.5% Net Smelter Return ("NSR") on the production of all payable metals from the Project, except gold.
Alan Stephens, President and CEO of Coro commented, "We are pleased to have concluded this Definitive Agreement with our partners, Solway and Aterra, who have been operating Minera San Jorge and funding the Project since we signed a Heads of Agreement with them last December. We look forward to them successfully obtaining the outstanding environmental permissions for San Jorge and developing it, which would allow our shareholders to benefit, either through our 30% ownership interest or from the proceeds of a valuable NSR."
"Coro's strategy is to own significant interests in a number of copper development projects that can be brought into production quickly and cheaply. These currently include our anticipated 50% interest in the Berta project, which we expect to be in production in 2015; our option to acquire a 65% interest in the Planta Prat project; and our option to acquire a 75% interest in the Marimaca project, all located in Chile. Our objective is to be a self-funding copper growth company, and retention of a significant interest in San Jorge fits well within this strategy. "
"We are pleased to continue our cooperation with Coro Mining Corp. on the San Jorge Project in Mendoza. I believe that Solway Investment Group's expertise in managing projects of this scale in developed agricultural regions, together with Coro's knowledge of the Project and Aterra's well-balanced investment strategy will produce a very successful outcome. Our objective is to create an up to date, modernized, ecologically safe and well-maintained business that will secure a high level of employment and significant tax return to the region", said Dan Bronstein, CEO of Solway Investment Group.
Principal Terms of the DA
The Group may acquire a 70% interest in the Project by; paying Coro US$200,000 (paid), US$33,000 on signing the DA, US$300,000 within 6 months from signing the DA, US$500,000 within 12 months from signing the DA, and US$500,000 within 24 months from signing the DA; funding all of the costs required to advance the Project to the Exercise Date, including an independent, bankable Definitive Feasibility Study, completed to NI43-101 standards ("the BFS"); keeping the Project and Minera San Jorge in good standing; and, prior to the Exercise Date, paying all of the advance royalty payments pursuant to the underlying San Jorge Purchase and Royalty Agreements between Coro and its subsidiaries, and Franco-Nevada Corporation and Franco-Nevada LRC Holdings Corp (together "Franco-Nevada").
The Exercise Date is the date that the Group informs Coro of its decision to place the Project into commercial production or the completion of the BFS.
The Group will be Operator for the duration of the Option Period.
After the Exercise Date, the parties shall finance the further development of the Project pro-rata to their interest in the Project. In the event that Coro elects not to contribute its 30% share of the costs of further development of the Project, its interest will be subject to dilution. In the event that Coro's interest is diluted to 10%, its interest shall immediately be converted to a 2% NSR on the production of all metals from the Project, except gold.
The Group has the option to acquire 100% of the Project by paying Coro US$3,000,000 in cash at any time within 6 months from signing the DA or US$5,000,000 in cash at any time within 18 months from signing the DA. The outstanding cash payments referred to above would also become due and payable upon exercise of either of these options to acquire 100% of the Project. In the event that the Group elects to exercise its option to acquire a 100% interest in the Project, Coro will retain a 2.5% NSR on the production of all metals from the Project, except gold.
Prior to the Exercise Date and upon the Group's completion of an expenditure of US$10,000,000 on Project development and other costs, the Group will earn a 50% interest in the Project. If the Group elects not to proceed to the Exercise Date at its sole cost, Coro and the Group shall form a 50/50 Joint Venture and may elect to fund the outstanding Project costs on a pro-rata basis, with both Parties being subject to dilution. In the event that either Party's interest is diluted to 10%, its interest shall immediately be converted to a 2% NSR on the production of all metals from the Project, except gold.
Franco-Nevada has granted consent, as required under the underlying San Jorge Purchase and Royalty Agreements, to the execution of the DA and the acquisition of any party's interest in the Project remains subject to the underlying San Jorge Purchase and Royalty agreements with Franco-Nevada.
About Aterra Investments Ltd
Aterra Investments Ltd is a privately-held, investment management firm, which invests in metals and mining projects from late stage exploration to pre-production. Aterra's investment portfolio is geographically diversified with projects in both developed countries and frontier regions and includes more than 10 exploration, development and producing companies. Commodity focus includes copper, silver, phosphates, zinc, lead, diamonds and mineral sands.
About Solway Industries Ltd.
Solway Industries Ltd. is a subsidiary of the Solway Investment Group that comprises a number of core investments and operations focused primarily on the metals and mining sector, on nickel mining and production particularly. The Group also manages its own direct investment fund with the main interests in commercial real estate and information technologies. The Group conducts operations in Central and Eastern Europe, Ukraine, Central America and South East Asia.
About Coro Mining Corp.
Coro's strategy is to grow a mining business through the discovery, development and operation of "Coro type" deposits. These are defined as projects at whatever stage of development, that are well located with respect to infrastructure and water, which have low permitting risk, and which have the potential to achieve a short and cost effective timeline to production. Our preference is for open pit heap leach copper projects, where we will seek to minimise capital investment rather than maximise NPV, where we will prioritise profitability over production rate, and finally, where the likely capital cost is financeable relative to our market capitalization. Partners will be sought for any attractive projects identified that we do not have the financial capacity to develop alone. Coro's properties include the Berta pre-production project, the Planta Prat copper development project, the Celeste Sur iron ore project and the Marimaca & Llancahue copper exploration prospects, all located in Chile, and the advanced San Jorge copper-gold project located in Argentina/
CORO MINING CORP.
"Alan Stephens"
Alan Stephens
President and CEO
For further information please visit the Company's website at www.coromining.com or contact Michael Philpot, Executive Vice-President at (604) 682 5546 or investor.info@coromining.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.
MasterT
10 years ago
October 23, 2014
Coro Announces Approval Of Berta Project Environmental Impact Declaration
October 23 2014, Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol: COP) is pleased to announce that the Evaluation Commission of the Atacama Region of Chile, part of the Chilean Environmental Evaluation Service (in Spanish, "SEA"), has approved the Environmental Impact Declaration ("EID") of the Berta copper project ("the Project") and has emitted the corresponding Resolution of Environmental Qualification (in Spanish, "RCA"). The Project is located in the III Region of Chile and is owned by SCM Berta ("SCMB") a Chilean company whose shareholders are Coro and ProPipe SA ("ProPipe"), an engineering firm based in Santiago, Chile.
As announced in the Company's news release NR14-10 on September 3 2014, SCMB and Inmobiliaria y Constructora Fundart Ltda ("Fundart"), a local construction group, have executed a Memorandum of Understanding ("MOU") which provides US$15m of debt financing for the development of the Berta copper resource, located approximately 20km west of the village of Inca de Oro and for the acquisition of the Nora solvent extraction and electro winning ("SXEW") plant, located 4km north of the town of Diego de Almagro and 42km north of Berta. Successful completion of the debt financing and planned acquisition of the Nora plant will increase ProPipe's interest in SCMB to 50%. In our news release NR14-12 on September 15 2014, the Company announced the positive conclusions of a Preliminary Economic Assessment for the Project which is expected to produce 38kt of copper cathode over a mine life of 8 years, generating an after tax IRR of 46.9% and an NPV 8% of US$26.6m.
Alan Stephens, President and CEO of Coro commented, "We are delighted to have achieved this important milestone in the development of the Berta project, with the SCMB environmental team led by Marcelo Cortes, Coro's VP Development, having done an excellent job in delivering a fully approved EID in less than 12 months. We now look forward to closing the loan financing and taking possession of the Nora plant. In that regard, we have been advised that the time needed to transfer the required surface title and environmental permits from the previous owners of Nora to SCMB will extend beyond our original estimated closing date of October 22 2014."
About SCMB
SCMB is owned 87% by Coro and 13% by ProPipe. Upon filing of the NI43-101 Compliant Technical report for the PEA, ProPipe will increase their ownership to 18%. Upon the successful closing of the non-recourse $15m financing for the development of the Berta copper resources and Nora SXEW plant they will increase their interest in SCMB to 50%.
About Fundart
Fundart is a Chilean construction group formed in 1996 by the architect Patricio Rodriguez Bass. Since then, it has completed over 400 construction projects with a total of 700,000 square metres built in a variety of works throughout Chile. The principal areas of activities include the construction of apartment buildings, housing and retail complexes, and commercial buildings as well as development and construction projects in the copper mining industry. Fundart employs 40 professional staff and has a workforce of more than 700 who have been well trained to implement the latest generation of construction technology and processes.
About ProPipe
ProPipe is a Chilean supplier of consultancy, engineering and project management services to its customers in the mining process, infrastructure and environment markets. ProPipe has relevant experience in conceptual and basic design, preliminary feasibility and feasibilities studies, and detailed engineering for mining companies in Chile. Some of its principal clients are BHP Billiton (Minera Escondida), Antofagasta Minerals (Minera Los Pelambres, Minera El Tesoro, and Minera Esperanza), Minera Las Cenizas and Algorta Norte. ProPipe's recent projects include the Camarones 7,000tpy copper cathode plant, the Algorta Norte 78 km sea water pipeline, and Minera Escondida's Coloso filter plant expansion project.
About Coro
Coro's strategy is to grow a mining business through the discovery, development and operation of "Coro type" deposits. These are defined as projects at whatever stage of development, that are well located with respect to infrastructure and water, which have low permitting risk, and which have the potential to achieve a short and cost effective timeline to production. Our preference is for open pit heap leach copper projects, where we will seek to minimise capital investment rather than maximise NPV, where we will prioritise profitability over production rate, and finally, where the likely capital cost is financeable relative to our market capitalization. Partners will be sought for any attractive projects identified that we do not have the financial capacity to develop alone. Coro's properties include the Berta pre-production project, the Planta Prat copper development project, the Celeste Sur iron ore project and the Marimaca & Llancahue copper exploration prospects, all located in Chile. The advanced San Jorge copper-gold project located in Argentina has been optioned to Aterra Capital and Solway Industries.
CORO MINING CORP.
"Alan Stephens"
Alan Stephens
President and CEO
For further information please visit the Company's website at www.coromining.com or contact Michael Philpot, Executive Vice-President at (604) 682 5546 or investor.info@coromining.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 proposed financing, construction and operation of the Berta project including the acquisition and operation of the Nora plant, metal prices, metallurgical results and resource estimates, 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 and iron ore, the factual results of current and future 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.
MasterT
10 years ago
September 15, 2014
Coro Announces Positive Conclusions from Berta Project Preliminary Economic Assessment
News Release 14-12
September 15 2014, Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol: COP) is pleased to announce the conclusions from the Berta copper project ("the Project") National Instrument 43-101 Technical Report ("the Report") being finalized by independent consultants Geoinvestments SpA ("Geoinvestments") of Santiago, Chile. The Project is located in the III Region of Chile and is owned by SCM Berta ("SCMB") a Chilean company whose shareholders are Coro and ProPipe SA ("ProPipe"), an engineering firm based in Santiago, Chile.
As announced in the Company's news release NR14-10 on September 3 2014, SCMB and Inmobiliaria y Constructora Fundart Ltda ("Fundart"), a local construction group, have executed a Memorandum of Understanding ("MOU") which provides $15m of debt financing for the development of the Berta copper resource, located approximately 20km west of the village of Inca de Oro and for the acquisition of the Nora solvent extraction and electro winning ("SXEW") plant, located 4km north of the town of Diego de Almagro and 42km north of Berta.
The shareholder's agreement between ProPipe and Coro has been executed, and ProPipe's interest in SCMB will increase to 18% with the completion of the Preliminary Economic Assessment ("PEA"). Successful completion of the debt financing and planned acquisition of the Nora plant will further increase this to 50%.
The Report is based on the outcomes of an engineering study completed by Geoinvestments to PEA study standards. The Report includes the resources, open pit mine plan, operating and capital costs and financial analysis for the Project which contemplates the production of an average of 4.8ktpy of copper cathode for a period of 8 years. The Report was prepared in conjunction with the Berta NI 43-101 resource estimate completed by Geoinvestments, as announced in the Company's news release NR13-07 on August 7 2013, and which is available for review on SEDAR at www.sedar.com. All references to $ in this News Release are references to US$.
Conclusions
In pit Measured and Indicated Resources of 17.6mt at 0.37%CuT at a cutoff grade of 0.1%CuT, equivalent to 64kt of contained copper
Open Pit Mine Plan for total copper production of 38.3kt of copper cathode
Mine Life of 8 years
Average production rate of 900ktpy heap leach material plus 830ktpy dump leach material
Base Case copper price of $3.00/lb
Average life of mine cash operating costs of $2.03/lb Cu
Initial capital costs of $15m, including $6.25m fixed fee contract for the Nora plant purchase and expansion, $7m fixed fee contract for the Berta crushing circuit and leach pads construction, and $1.75m of project loan
Base Case pre-tax NPV (8%) of $34.3m with an IRR of 55.2%.
Base Case after tax NPV (8%) of $26.6m with an IRR of 46.9%.
Disclosure and Risks
SCMB was recently presented with the opportunity of acquiring the Nora plant from receivership at a favourable price, which would give SCMB the ability to achieve production earlier than otherwise possible, and with a significantly reduced execution risk and cost. In addition, SCMB was offered a100% debt financing from Fundart including fixed fee, Build-Operate-Transfer ("BOT") contracts for the acquisition of the Nora plant, and for the installation of a crushing circuit and leach pads at Berta. The debt facility would be for a repayable over a period of 5 years commencing with the production of first cathode, with a one year grace period, and would carry interest at 3% over the bank rate charged to Fundart. The Berta crushing circuit and the Nora plant would be owned and operated by Fundart until the debts have been fully paid, at which time ownership would be transferred to SCMB. Fundart would be reimbursed on a cost +10% basis for the provision of labour, spare parts and maintenance during this debt repayment period. The debt facility is anticipated to provide all of the funds required for the Berta/Nora project to produce up to 5ktpy Cu, is non-recourse to Coro and requires no equity contribution from Coro. SCMB elected to accept this financing proposal, has signed an MOU and the financing and plant purchase are expected to close on or before October 22 2014.
Subject to successful completion of this financing, SCMB will have substantially reduced the risks associated with the construction of the Project.
The opportunity to acquire the plant and accept the financing occurred while SCMB was finalizing a PEA for the Project and this has been modified to incorporate the proposed plant acquisition and revised capital and operating costs. There has been insufficient time to complete more detailed engineering studies and so the normal progression from PEA to Preliminary Feasibility Study to Feasibility Study has not been followed. Therefore, investors are cautioned that no mineral reserves have been declared and the level of confidence in the resources, metallurgy, engineering and cost estimation is not at a level normally associated with a project reaching a production decision. This may result in the production rates, copper recoveries and operating costs stated in this PEA not being realized.
Geoinvestment's assessments are preliminary in nature, mineral resources are not mineral reserves and do not have demonstrated economic viability, and there is no assurance the preliminary assessments will be realized. The outcome of this PEA may be materially affected by the closing of the financing, copper pricing, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that enable them to be categorized as mineral reserves.
Mineral Resources
The resource estimate includes the Berta Sur deposit, and the Berta Central deposits which comprise 5 individual but adjacent deposits which have been subject to prior small scale open pit mining. The resource estimate was completed by Geoinvestments at a variety of total copper ("%CuT") grades, as shown on Table 1, below.
Table 1: Resource Estimate
Berta Project Resource Estimate
Zone Cutoff Measured Indicated Measured & Indicated Inferred
kt % CuT % CuS kt % CuT % CuS kt % CuT % CuS kt % CuT % CuS
Berta Sur & Central 0.10 16,498 0.34 0.23 8,653 0.23 0.14 25,150 0.30 0.20 4,845 0.24 0.15
0.15 13,275 0.39 0.27 5,780 0.27 0.18 19,055 0.36 0.24 3,249 0.30 0.20
0.20 10,487 0.45 0.31 3,336 0.35 0.23 13,822 0.43 0.29 2,039 0.38 0.25
0.25 8,355 0.51 0.36 1,961 0.44 0.30 10,316 0.50 0.35 1,402 0.45 0.31
0.30 6,791 0.56 0.40 1,289 0.52 0.36 8,080 0.56 0.39 932 0.53 0.37
Berta Sur 0.10 10,972 0.32 0.21 4,423 0.18 0.11 15,394 0.28 0.18 2,105 0.18 0.11
0.15 8,853 0.37 0.25 2,800 0.21 0.13 11,653 0.33 0.22 1,296 0.22 0.13
0.20 6,892 0.42 0.29 1,332 0.26 0.16 8,225 0.39 0.27 720 0.26 0.16
0.25 5,385 0.47 0.33 561 0.31 0.20 5,946 0.46 0.32 343 0.29 0.18
0.30 4,288 0.53 0.37 261 0.36 0.24 4,549 0.52 0.36 127 0.33 0.21
Berta Central 0.10 5,526 0.38 0.26 4,230 0.27 0.17 9,756 0.33 0.22 2,740 0.29 0.19
0.15 4,422 0.45 0.31 2,980 0.33 0.22 7,402 0.40 0.27 1,953 0.35 0.24
0.20 3,594 0.51 0.36 2,003 0.41 0.27 5,598 0.47 0.33 1,318 0.44 0.30
0.25 2,969 0.57 0.40 1,401 0.49 0.34 4,370 0.55 0.38 1,059 0.50 0.34
0.30 2,503 0.63 0.45 1,028 0.56 0.39 3,531 0.61 0.43 805 0.57 0.40
In order to demonstrate the potential economic viability of the Berta Sur and Central resources, a series of pit optimizations using the Lersch & Grossmann algorithm was completed utilizing appropriate operating costs, results obtained from metallurgical test work, and a variety of copper prices. For a $3.00/lb copper price, the optimum pits were determined to contain 17.6mt at an average grade of 0.37%CuT and an overall stripping ratio of 0.49:1, as detailed in Table 2, below.
Table 2: In-Pit Resource Estimate based on $3/lb Cu, 0.1%CuT cutoff
Berta Project In Pit Resource
Zone Pit Measured Indicated Measured & Indicated Waste Strip
kt % CuT % CuS kt % CuT % CuS kt % CuT % CuS kt Ratio
Berta Sur Berta Sur 8,929 0.35 0.23 1,427 0.19 0.11 10,356 0.33 0.21 2,609 0.25
Berta Central Trinchera-Salvadora 2,242 0.48 0.30 527 0.47 0.29 2,769 0.48 0.30 2,499 0.90
Carmen-Gemela 982 0.51 0.36 562 0.38 0.26 1,544 0.47 0.32 1,852 1.20
Nueva 219 0.43 0.29 295 0.34 0.22 514 0.38 0.25 375 0.73
Berta II 853 0.37 0.24 150 0.36 0.23 1,003 0.37 0.24 572 0.57
Chico 900 0.30 0.18 518 0.25 0.14 1,418 0.29 0.17 762 0.54
Berta Sur & Central Total 14,125 0.38 0.25 3,479 0.29 0.18 17,604 0.37 0.23 8,669 0.49
Mining, Processing and Production Plan
The Project contemplates an open pit mine to extract oxide material from the Berta Sur and Central deposits using mining contractors, followed by crushing, agglomeration and heap leaching of higher grade (>0.3%CuT) material and dump leaching of lower grade (0.1-0.3%CuT) material. The resulting pregnant leach solution ("PLS") would then be transported by tanker 60km on existing roads to the Nora SXEW plant for recovery of copper cathode. Water and raffinate would be returned by tanker from Nora to Berta. Overall material contained in the mine plan developed by Geoinvestments has 7.22mt of heap leach material, with an average grade of 0.57% CuT and 6.63mt of dump leach material with an average grade of 0.20%CuT.
A total of twelve 2m column tests have been completed on material from Berta Sur at Geomet SA and three 2m columns from Berta Central material at the Hydrometallurgy Laboratory of the University of Santiago de Chile, and this testwork was used to estimate recoveries of 78% of total copper for the heap leach and 45% of total copper for the dump leach material.
The Berta mine plan & cathode production schedule is shown on Table 3, below;
Table 3: Berta Mine Plan
Berta Mine Plan Year Total
1 2 3 4 5 6 7 8
Heap Leach Mined, kt 992 978 942 958 921 626 985 821 7,223
CuT% 0.50 0.50 0.56 0.57 0.57 0.92 0.59 0.50 0.57
CuS% 0.35 0.36 0.39 0.41 0.40 0.65 0.42 0.36 0.41
Recovery, % 78 78 78 78 78 78 78 78 78
Cathode, kt 3.9 3.9 4.1 4.3 4.1 4.5 4.5 3.2 32.4
Dump Leach Mined, kt 1,187 1,219 935 688 873 520 428 782 6,632
CuT% 0.20 0.20 0.20 0.21 0.19 0.19 0.21 0.20 0.20
CuS% 0.12 0.12 0.12 0.13 0.11 0.11 0.13 0.12 0.12
Recovery, % 45 45 45 45 45 45 45 45 45
Cathode, kt 1.1 1.1 0.9 0.7 0.7 0.4 0.4 0.7 6.0
Waste Strip Ratio 0.43 0.16 0.10 0.06 1.16 1.62 0.72 0.41 0.52
Waste, kt 933 360 187 103 2,081 1,857 1,012 653 7,186
Total Mined, kt 3,112 2,557 2,064 1,749 3,875 3,003 2,425 2,256 21,041
Cathode, kt 4.9 5.0 4.9 5.0 4.8 4.9 4.9 3.9 38.3
Operating Costs
Operating cost estimates reflect the current market environment in northern Chile for contract mining, crushing, sulphuric acid, power supply, cathode production by SXEW, and transportation of PLS and water, and are shown on Table 4, below.
Major operating cost components are sulphuric acid at $105/t, water at $0.25/m3 and power at $280/MW for Berta (generators) and $150/MW for Nora (connected to grid).
Table 4: Life of Mine Operating Costs
Life of Mine Operating Cost LOM $m LOM $/lb
Mining $51.4 $0.61
Processing $92.9 $1.10
PLS Transport $19.9 $0.24
G&A $7.4 $0.09
Cash Cost C1 $171.7 $2.03
Capital Costs
SCMB is in the process of closing the acquisition of the Nora plant and obtaining $15m of debt financing, on or before October 22 2014 to complete the following capital expenditures;
Nora Plant Purchase and Expansion; $6.25m fixed fee BOT contract to cover the purchase price and the expansion from 3,000tpy to 5,000tpy copper cathode of the SXEW circuit
Berta Crushing Circuit and Pads construction; $7m fixed fee BOT contract to cover the installation of a 1mtpy crusher and agglomerator, heap and dump leach pads, and associated piping, ponds, electrics and infrastructure
A project loan; $1.75m, including $0.25m which has been advanced as an option payment to the Berta claim owner
Pre- Financing Financial Analysis
The Project has been evaluated on both a pre-tax basis and after all Chilean taxes and a 1.5% royalty due to the Berta claim owner at a base case copper price of $3.00/lb and for sensitivity, at prices of $3.30/lb and $2.70/lb as shown on Table 5.
Table 5: Berta Economic Evaluation Summary
Cu Price $3.30/lb $3.00/lb $2.70/lb
NPV Pre tax After tax Pre tax After tax Pre tax After tax
5% $60.8 $48.0 $41.5 $32.6 $22.2 $17.1
8% $51.0 $40.0 $34.3 $26.6 $17.6 $13.2
10% $45.5 $35.5 $30.2 $23.3 $14.9 $11.0
IRR 75.8% 64.0% 55.2% 46.9% 33.7% 28.8%
Project Upsides
The spent ore stockpile from the previous period of plant operation at Nora contains potentially recoverable copper and SCMB has also identified some potentially available dump material within trucking distance of the plant, both of which will be evaluated as feed for the plant in early 2015 while Berta is being developed. However, this economic evaluation assumes that there will be no copper production at the Nora plant until the Berta facilities have been installed.
SCMB will also evaluate alternatives to trucking water, raffinate and PLS between Nora and Berta, including installing a pipeline between them.
Berta NI43-101 Technical Report
Geoinvestments managed the preparation of the Report which will be completed and filed on SEDAR and Coro's web site within 45 days of this release. All principal technical personnel and Qualified Persons ("QP") participating in the development and review of this Report have extensive relevant experience.
The QP responsible for the independent resource estimate at Berta was Sergio Alvarado, a consultant geologist with more than 27 years of experience and general manager and partner of Geoinvestments SpA. He is a member of CIM, the Chilean Mining Commission, and the Instituto de Ingenieros de Minas de Chile. The information that relates to geology, mineralization, drilling, and mineral resource estimates on the Berta deposit, is based on information prepared under the supervision of, or has been reviewed by Sergio Rivera, Vice President of Exploration, Coro Mining Corp, a geologist with more than 30 years of experience and a member of the Colegio de Geologos de Chile and of the Instituto de Ingenieros de Minas de Chile and a QP. Jaime Simpson, a metallurgical engineer with more than 25 years of experience and employed by ProPipe as Development and Research Manager, was responsible for supervising the metallurgical test work and estimated the copper recoveries. Victor Araya, a civil mechanical engineer with over 15 years of experience in project development and management, and a board member of ProPipe and partner companies, was responsible for the engineering design and capital cost estimates. Oscar Rosas, a metallurgical engineer with more than 27 years of experience and General Manager of SCM Berta was responsible for the operating cost estimates and the financial analysis reported herein. Sergio Alvarado was responsible for the overall compilation of the PEA Study, is the QP for purposes of National Instrument 43-101, and has approved the Information contained in this News Release. Alan Stephens FIMMM, President and CEO of Coro, a geologist with more than 39 years of industry experience is the QP for Coro who has reviewed and approved the contents of this News Release.
The technical information has been included herein with the consent and prior review of the above noted QPs, who have verified the data disclosed, including sampling, analytical and test data underlying the information or opinions contained herein.
All mineral resources have been estimated in accordance with the definition standards on mineral resources and mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") referred to in National Instrument 43-101, commonly referred to as NI 43-101. U.S. reporting requirements for disclosure of mineral properties are governed by the United States Securities and Exchange Commission ("SEC") Industry Guide 7. Canadian and Guide 7 standards are substantially different. This News Release uses the terms "measured," "indicated" and "inferred" resources. We advise investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
About Fundart
Fundart is a Chilean construction group formed in 1996 by the architect Patricio Rodriguez Bass. Since then, it has completed over 400 construction projects with a total of 700,000 square metres built in a variety of works throughout Chile. The principal areas of activities include the construction of apartment buildings, housing and retail complexes, and commercial buildings as well as development and construction projects in the copper mining industry. Fundart employs 40 professional staff and has a workforce of more than 700 who have been well trained to implement the latest generation of construction technology and processes.
About ProPipe
ProPipe is a Chilean supplier of consultancy, engineering and project management services to its customers in the mining process, infrastructure and environment markets. ProPipe have relevant experience in conceptual and basic design, preliminary feasibility and feasibilities studies, and detailed engineering for mining companies in Chile. Some of its principal clients are BHP Billiton (Minera Escondida), Antofagasta Minerals (Minera Los Pelambres, Minera El Tesoro, and Minera Esperanza), Minera Las Cenizas and Algorta Norte. ProPipe's recent projects include the Camarones 7,000tpy copper cathode plant, the Algorta Norte 78 km sea water pipeline, and Minera Escondida's Coloso filter plant expansion project.
About Coro
Coro's strategy is to grow a mining business through the discovery, development and operation of "Coro type" deposits. These are defined as projects at whatever stage of development, that are well located with respect to infrastructure and water, which have low permitting risk, and which have the potential to achieve a short and cost effective timeline to production. Our preference is for open pit heap leach copper projects, where we will seek to minimise capital investment rather than maximise NPV, where we will prioritise profitability over production rate, and finally, where the likely capital cost is financeable relative to our market capitalization. Partners will be sought for any attractive projects identified that we do not have the financial capacity to develop alone. Coro's properties include the Berta pre-production project, the Planta Prat copper development project, the Celeste Sur iron ore project and the Marimaca & Llancahue copper exploration prospects, all located in Chile. The advanced San Jorge copper-gold project located in Argentina has been optioned to Aterra Capital and Solway Industries.
CORO MINING CORP.
"Alan Stephens"
Alan Stephens
President and CEO
For further information please visit the Company's website at www.coromining.com or contact Michael Philpot, Executive Vice-President at (604) 682 5546 or investor.info@coromining.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 proposed financing, construction and operation of the Berta project including the acquisition and operation of the Nora plant, metal prices, metallurgical results and resource estimates, 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 price of copper, the factual results of current and future 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.
MasterT
10 years ago
September 08, 2014
Coro Announces Results From Its Celeste Sur Iron Ore Project
September 8 2014, Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol: COP) is pleased to announce it has received encouraging results from initial mapping, surface sampling, and test work of its 100% owned Celeste Sur iron ore project, located 55km NE of the port of Chañaral, in the III Region of Chile. The location of Celeste Sur is shown on Figure 1.
Alan Stephens, President and CEO of Coro commented, "We are very encouraged by the results of this initial surface sampling and mapping program, from which we have developed a potential target of 5-10mt at 40-50% Fe. This could be capable of sustaining an operation to produce Fe concentrate, using a simple, low cost, dry crushing and magnetic separation process route, enhanced by its proximity to a port with existing concentrate handling facilities. We plan to advance Celeste Sur over the coming 12 months by completing a drilling campaign, resource estimate, further test work, environmental baseline studies and a Preliminary Economic Assessment."
Mapping, Sampling and Test Work
Outcropping iron mineralization occurs as massive, breccia hosted and stockwork magnetite located within structural splays off the Atacama Fault Zone and has previously been mined to depths of 10m or less. The principal target is the Central Body which outcrops over a length of 500m and is approximately 40m wide, while similar style mineralization occurs in the NW Veins and Stockworks zones, as shown on Figure 2. The average of 32 rock samples taken from the old workings was 52% Fe, while the average of 118 samples of the waste dumps derived from these old workings, was 40% Fe.
Preliminary Davis Tube magnetic separation test work was carried out on assay pulps from 7 rock samples and 3 dump samples; range 23% to 64.9% Fe, average 43.6% Fe. Good concentrate assays were obtained for all samples; range 67.6% to 71.1% Fe, average 69.7% Fe, and contaminant elements in the concentrate were all below penalty limits, except for 1 sample with slightly elevated phosphorus content.
The potential tonnage and grade noted previously is conceptual in nature as there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the Celeste Sur target being delineated as a mineral resource.
Chacay Payment
Coro has received US$323k as part payment of the outstanding US$500k from the previously announced sale of the Chacay property in 2013, and anticipates receiving the balance in the next few weeks.
About Coro
Coro's strategy is to grow a mining business through the discovery, development and operation of "Coro type" deposits. These are defined as projects at whatever stage of development, that are well located with respect to infrastructure and water, which have low permitting risk, and which have the potential to achieve a short and cost effective timeline to production. Our preference is for open pit heap leach copper projects, where we will seek to minimise capital investment rather than maximise NPV, where we will prioritise profitability over production rate, and finally, where the likely capital cost is financeable relative to our market capitalization. Partners will be sought for any attractive projects identified that we do not have the financial capacity to develop alone. Coro's properties include the Berta pre-production project, the Planta Prat copper development project, the Celeste Sur iron ore project and the Marimaca & Llancahue copper exploration prospects, all located in Chile. The advanced San Jorge copper-gold project located in Argentina has been optioned to Aterra Capital and Solway Industries.
Celeste Sur Sample Collection, Preparation, Assaying and Test Work
Celeste Sur rock samples were collected by Coro personnel as continuous chips perpendicular to the strike of the mineralization, and were located to representatively sample the various types of mineralization and their attendant grade ranges. Each sample weighed approximately 14kg. Dump samples were taken from all of the significant dumps on the property and were taken to be as representative as possible, again with each sample weighing approximately 14kg. All samples were transported by Coro personnel to the Andes Analytical Assaying ("AAA") laboratory for preparation which comprised drying, crushing, quartering and pulverizing to 500g. All sample pulps were assayed for Fe, Al, S, and P by multi acid digestion followed by ICP. A total of 10 of these sample pulps were selected as a representative Fe grade range and underwent Davis Tube test work at AAA to separate the magnetic fraction and the resulting concentrate assayed for Fe, P, S, Al2O3, Mn, SiO2, TiO2, V, K2O, Mg, Na2O, As, Ca, Cr, Cu, Pb, and Zn by multi acid digestion and ICP.
Sergio Rivera, Vice President of Exploration, Coro Mining Corp, a geologist with more than 31 years of experience and a member of the Colegio de Geologos de Chile and of the Instituto de Ingenieros de Minas de Chile, was responsible for the design and execution of the exploration program and is the Qualified Person for the purposes of NI 43-101. Alan Stephens, FIMMM, President and CEO, of Coro Mining Corp, a geologist with more than 38 years of experience, and a Qualified Person for the purposes of NI 43-101, is responsible for the contents of this news release.
CORO MINING CORP.
"Alan Stephens"
Alan Stephens
President and CEO
For further information please visit the Company's website at www.coromining.com or contact Michael Philpot, Executive Vice-President at (604) 682 5546 or investor.info@coromining.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 metal prices, metallurgical results and resource estimates, 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 price of iron, 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.
Figure 1; Location of Celeste Sur
Figure 2; Mineralization at Celeste Sur
MasterT
10 years ago
September 03, 2014
Coro Announces Debt Financing And Acquisition Of Processing Plant For Development Of The Berta Project
September 3 2014, Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol: COP) is pleased to announce that its subsidiary, SCM Berta S.A. ("SCMB") and Inmobiliaria y Constructora Fundart Ltda ("Fundart"), a local construction group, have executed a Memorandum of Understanding ("MOU") which provides US$15m of debt financing for the development of the Berta copper leach project, located approximately 20km west of the village of Inca de Oro, in the III Region of Chile. SCMB has also agreed to acquire the Nora SXEW processing plant, located 4km north of the town of Diego de Almagro and 42km north of Berta, from a local company in administration for 2.5 billion Chilean pesos (approximately US$4.5m). The locations of Berta and Nora are shown on Figure 1.
Alan Stephens, President and CEO of Coro commented, "We are delighted that SCMB has obtained this debt facility and is acquiring the Nora plant on favourable terms. Successful completion of the development of Berta and expansion of Nora will result in Coro achieving its founding corporate objective of becoming a producing mining company. We look forward to completing the acquisition of the Nora plant and the finalization of the loan documentation in October and to initiating the ramp up of copper cathode production in early 2015. "
Background
SCM Berta has been in discussions with the owners of a third party SXEW plant with a view to selling pregnant leach solution ("PLS") to them. The opportunity recently arose to purchase the existing Nora SXEW plant at a good price from a company in administration and so enable SCM Berta to produce copper cathode directly without being tied to a third party for PLS treatment or water supply. SCMB intends to expand the SXEW circuit of the Nora plant from 3ktpy to 5ktpy copper cathode and install a crushing circuit and leach pads at Berta. Longer term, the establishment of leach pads at Berta and Nora will provide the scalability for SCMB to identify additional leachable resources within trucking distance of both and thereby extend the life of the operation or expand it. No modification will be required to the existing Environmental Impact Declaration for Berta which is anticipated to be granted shortly, and the Nora plant is fully permitted.
Debt Financing and Plant Purchase
The Nora plant purchase was secured by a bank guarantee of 5% of the purchase price paid on August 29 2014, with the balance payable on or before October 22 2014.
The debt financing, which totals US$15m, will be structured as follows;
Nora Plant Purchase and Expansion; US$6.25m fixed fee Build-Operate-Transfer ("BOT") contract to cover the purchase price and the expansion from 3ktpy to 5ktpy copper cathode of the SXEW circuit
Berta Crushing Circuit and Pads construction; US$7m fixed fee BOT contract to cover the installation of a 1mtpy crusher and agglomerator, heap and dump leach pads, and associated piping, ponds, electrics and infrastructure
A project loan; US$1.75m
The US$15m debt facility will be repayable over a period of 5 years commencing with the production of first cathode, with a one year grace period, and will carry interest at 3% over the bank rate charged to Fundart
The Berta Crushing Circuit and the Nora Plant will be owned and operated by Fundart until the debts have been fully paid, at which time ownership will be transferred to SCMB. Fundart will be reimbursed on a cost +10% basis for the provision of labour, spare parts and maintenance during this debt repayment period.
This debt facility is anticipated to provide all of the funds required for the Berta/Nora project to produce 5ktpy Cu and is non-recourse to Coro
Preliminary Economic Assessment
A Preliminary Economic Assessment ("PEA") for the combined Berta/Nora project is being finalized by ProPipe SA ("ProPipe"), which currently owns 13% of SCMB, and will be released shortly. Completion of this PEA will increase ProPipe's interest to 18% in SCMB and successful completion of the debt financing and plant purchase will further increase this to 50%. ProPipe will be Operators of SCMB. The PEA is based on the trucking of water from Nora to Berta and PLS to Nora; consideration will be given to permitting and installing a PLS pipeline in the future.
About Nora
The Nora plant was built in 2009 and comprises a 750ktpy crushing circuit and a 3ktpy SXEW plant with associated heap leach pads, spent ore stockpiles, piping, PLS ponds etc., together with certain mining properties and surface rights. SCMB is acquiring all of these physical assets, which have been maintained in good condition since 2013 when the plant closed, free of debts, liabilities and liens. The plant is fully permitted and these permits will be transferred to Fundart prior to closing on or before October 22 2014. SCMB will enter into new water supply contracts with the previous suppliers to the plant. The spent ore stockpile from the previous period of operation contains potentially recoverable copper and SCMB has also identified some dump material within trucking distance of the plant, both of which will be evaluated as potential feed for the plant in early 2015 while Berta is being developed. Nora is located in an emerging district of major IOCG copper projects, approximately 11km from Capstone's Santo Domingo Cu-Fe-Au flotation project and 10km from Copec's Diego de Almagro Cu leach + Cu-Au flotation project, both of which are in the permitting stage.
About Berta
Berta is a near surface, copper oxide deposit, with mineralization, as defined by drilling, mapping and geochemistry, occurring in three principal areas; Berta Sur, Berta Central and Berta Norte. It is associated with sub-vertical, elongate, porphyry intrusive bodies and related hydrothermal and intrusive breccias, emplaced into a tonalite stock. Oxidation extends from surface to depths of 50m to 100m. Berta Sur comprises a single, coherent body of mineralization that has not been previously mined, while Berta Central comprises several smaller breccia bodies, located immediately north of Berta Sur, which were the focus for previous small scale artisanal copper oxide production. A resource estimate has been completed for Berta Sur and Central. Berta Norte comprises several, discreet, NW oriented zones of mineralization, largely gravel-covered, and potential for additional copper oxide resources is present elsewhere on the property and in the surrounding district.
Coro announced an initial NI43-101 compliant resource estimate for Berta Sur, in its news release dated December 6th 2012 and the results of preliminary metallurgical test work in its news release dated November 5 2012. On May 8 2013, the Company announced that it had signed a Letter of Intent ("LOI") with ProPipe an engineering firm based in Santiago, Chile giving ProPipe the right to earn up to a 50% interest in the Berta property by funding the further development of the project. On August 7 2013, Coro announced an increased resource estimate for Berta together with the results of additional metallurgical test work. The shareholder's agreement for SCM Berta, owned by subsidiaries of Coro and ProPipe, is being finalized.
About Fundart
Fundart is a Chilean construction group formed in 1996 by the architect Patricio Rodriguez Bass. Since then, it has completed over 400 construction projects with a total of 700,000 square metres built in a variety of works throughout Chile. The principal areas of activities include the construction of apartment buildings, housing and retail complexes, and commercial buildings as well as development and construction projects in the copper mining industry. Fundart employs 40 professional staff and has a workforce of more than 700 who have been well trained to implement the latest generation of construction technology and processes.
About ProPipe
ProPipe is a Chilean supplier of consultancy, engineering and project management services to its customers in the mining process, infrastructure and environment markets. ProPipe have relevant experience in conceptual and basic design, preliminary feasibility and feasibilities studies, and detailed engineering for mining companies in Chile. Some of its principal clients are BHP Billiton (Minera Escondida), Antofagasta Minerals (Minera Los Pelambres, Minera El Tesoro, and Minera Esperanza), Minera Las Cenizas and Algorta Norte. ProPipe's recent projects include the Camarones 7ktpy copper cathode plant, the Algorta Norte 78 km sea water pipeline, and Minera Escondida's Coloso filter plant expansion project.
About Coro
Coro's strategy is to grow a mining business through the discovery, development and operation of "Coro type" deposits. These are defined as projects at whatever stage of development, that are well located with respect to infrastructure and water, which have low permitting risk, and which have the potential to achieve a short and cost effective timeline to production. Our preference is for open pit heap leach copper projects, where we will seek to minimise capital investment rather than maximise NPV, where we will prioritise profitability over production rate, and finally, where the likely capital cost is financeable relative to our market capitalization. Partners will be sought for any attractive projects identified that we do not have the financial capacity to develop alone. Coro's properties include the Berta copper development project, the Planta Prat copper development project, the Celeste Sur iron ore project and the Marimaca & Llancahue copper exploration prospects, all located in Chile. The advanced San Jorge copper-gold project located in Argentina has been optioned to Aterra Capital and Solway Industries.
Alan Stephens, FIMMM, President and CEO, of Coro Mining Corp, a geologist with more than 39 years of experience, and a Qualified Person for the purposes of NI 43-101, is responsible for the contents of this news release.
CORO MINING CORP.
"Alan Stephens"
Alan Stephens
President and CEO
For further information please visit the Company's website at www.coromining.com or contact Michael Philpot, Executive Vice-President at (604) 682 5546 or investor.info@coromining.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 metal prices, metallurgical results and resource estimates, 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, closing of the acquisition of the Nora plant and the accompanying debt facility as described in this news release, 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.
Figure 1; Location of Berta and Nora
MasterT
14 years ago
CORO ANNOUNCES APPROVAL OF SAN JORGE PROJECT ENVIRONMENTAL IMPACT STUDY
February 7, 2011, Coro Mining Corp. (“Coro” or the “Company”) (TSX Symbol: COP) is pleased to announce that the San Jorge project Environmental Impact Study (“EIS”) has been approved by the Provincial Government of Mendoza, and that the resulting Environmental Impact Declaration (“EID”) will be submitted to the Provincial Legislature for ratification.
The EID is conditional, inter alia, upon the Company’s Argentinean subsidiary, Minera San Jorge (“MSJ”), complying with the highest standards of environmental protection, control and monitoring prior to, and during the construction and operation of the project, including the requirement for the paste tailings deposit to be made impermeable with a liner. In addition, MSJ will be required to contribute 0.5% of metal sales on an annual basis to an environmental remediation fund, to be recovered upon satisfactory closure of the mine. Finally, MSJ will be required to negotiate the terms of an agreement with the Provincial Government and the Department of Las Heras, where the project is located, whereby MSJ will contribute to a social development fund to benefit the local community. A translated version of the EID will be posted on the Company’s website in due course.
Alan Stephens, President and CEO of Coro commented, “We are delighted that, after an exhaustive and thorough process, the Provincial Government has approved our EIS. We are also pleased that we will have the opportunity to directly fund the social development of the local community of Uspallata and the rest of Las Heras. This satisfactory outcome is the result of more than 2 years of hard work by the Company’s South American team, led by Fabian Gregorio, President of MSJ and Marcelo Cortes, Coro’s VP of Project Development, and we now look forward to the Provincial Legislature ratifying the Government’s decision. Upon ratification, the Company will recommence engineering studies aimed at demonstrating the full potential of San Jorge at industry standard metal prices. ”
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 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.
Coro is fully committed to developing San Jorge in such a way that no water resources would be affected by contamination, as required by local and national laws and regulations, and by international best practices. The Company, through its subsidiary, Minera San Jorge, continues to follow a policy of complete transparency and frankness, and has stressed the economic and employment benefits of the project to Argentina, as well as a commitment to exacting industry standards in environmental management, and has invited citizen participation in the environmental monitoring of the operation. The Company has demonstrated its commitment to water conservation through the proposed use of paste tailings, which minimises water usage through recycling. It has committed to train as many local residents as possible for employment in the future operations at San Jorge.
CORO MINING CORP.
“Alan Stephens”
Alan Stephens
President and CEO
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. 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 is well funded, with approximately $13 million in cash and cash equivalents as at February 7th . It also holds 3,290,353 shares (a 5.2% interest) of Valley High Ventures Ltd, together with 1,525,000 warrants exercisable at $0.65, with a total market value as at February 4th of approximately $6.8 million. (www.valleyhighventures.com).
For further information please visit the Company’s website at www.coromining.com or contact Michael Philpot, Executive Vice-President at (604) 682 5546 or investor.info@coromining.com
MasterT
14 years ago
CORO ANNOUNCES FAVOURABLE CONCLUSIONS OF ENVIRONMENTAL
COMMISSION FOR DEVELOPMENT OF SAN JORGE
December 30, 2010, Coro Mining Corp. (“Coro” or the “Company”) (TSX Symbol: COP) is pleased to announce that the
Interdisciplinary Commission for the Environmental Evaluation of Mining Projects (“CEIAM” in Spanish) of the Province
of Mendoza has completed its compilation, collation and evaluation of the previously completed sectoral reviews; the
outcome of the public hearing and public consultation process; and the results of additional hydrological studies completed
earlier this year, and has recommended that the EIS be approved by the provincial government. The CEIAM is comprised
of the various entities which completed individual sectoral reviews of the project in 2009 and 2010, together with
representatives of the pertinent Provincial Government ministries.
The recommendation of approval is conditional upon the Company’s Argentinean subsidiary, Minera San Jorge (“MSJ”),
complying with the highest standards of environmental protection, control and monitoring prior to, and during the
construction and operation of the project, including the requirement for the paste tailings deposit to be made impermeable
with a liner. The CEIAM’s report will now be submitted to the Provincial Government for approval, and if approved,
presented to the Provincial House of Deputies and Senate for ratification.
Fabian Gregorio, President of MSJ commented, “We are very pleased that the CEIAM, after several weeks of deliberation,
has pronounced in favour of the project’s development and we now look forward to the Government’s prompt decision. The
strict compliance with stringent environmental control and monitoring recommended by the CEIAM is in full accordance
with MSJ’s stated intention to develop San Jorge with exacting industry standards of environmental management. In
particular, MSJ accepts that the CEIAM’s recommendation that the tailings pond be lined, will provide greater certainty for
the protection of the hydrological resources of the area.”
A local environmental NGO, Oikos, and an individual opposed to the project have filed legal claims requesting that the EIS
approval process be suspended, based on alleged non compliance with certain resolutions and deliberate misinterpretation
of documents. MSJ strongly refutes these allegations, which it considers frivolous, and is evaluating its legal remedies
against both parties. It was anticipated that opponents to the project would resort to last ditch legal efforts to derail the EIS
approval process, but the Company does not believe that they will be successful.
Coro is fully committed to developing San Jorge in such a way that no water resources would be affected by contamination,
as required by local and national laws and regulations, and by international best practices. The Company, through its
subsidiary, Minera San Jorge, continues to follow a policy of complete transparency and frankness, and has stressed the
economic and employment benefits of the project to Argentina, as well as a commitment to exacting industry standards in
environmental management, and has invited citizen participation in the environmental monitoring of the operation. The
Company has demonstrated its commitment to water conservation through the proposed use of paste tailings, which
minimises water usage through recycling. It has committed to train as many local residents as possible for employment in
the future operations at San Jorge.
CORO MINING CORP.
“Alan Stephens”
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
News Release 18-10
Argentina, and the Chacay, Llancahue and Celeste copper exploration properties located in Chile. The Company also holds
3,290,353 shares (a 5.2% interest) in Valley High (www.valleyhighventures.com) and an additional 1.5 million warrants in
Valley High.
For further information please visit the Company’s website at insert-text-here or contact Michael Philpot,
Executive Vice-President at (604) 682 5546 or investor.info@coromining.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.
MasterT
14 years ago
November 22, 2010, Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol:
COP) announces that it has disposed of 5,850,000 shares in Valley High
Ventures Ltd ("Valley High") for gross proceeds of $6.4 million on the Pure
Trading marketplace operated by CNSX Markets Inc.. Subsequent to the
disposition, Coro holds 3,290,353 shares (approximately 5.4% of the issued
and outstanding shares of Valley High) and 1,525,000 warrants. Prior to the
disposition, Coro held 9,140,353 shares and 1,525,000 warrants in Valley
High which as of November 19, 2010 represented approximately 15.0% of the
issued and outstanding shares of Valley High.
Alan Stephens, President and CEO of Coro commented, "This disposition is by
no means a reflection on the potential we see in Valley High, which over the
last twelve months has augmented its management team and continues to
advance and enhance its exploration portfolio. As a shareholder, we will
continue to follow its progress with interest. By selling part of our
shareholding in Valley High, we have ensured that Coro's exploration and
development projects are fully funded in the near term on a non-dilutive
basis to our shareholders. We also plan to significantly increase our
exploration efforts in Chile, focusing on the search for high quality copper
and gold prospects."
The sale of the Valley High shares, combined with the potential proceeds
(approx. $5.6m) from the outstanding in-the-money $0.20 warrants in Coro,
which expire in January & February 2011, would provide a total of $12.0
million in financing for Coro. This will ensure that the Company is
adequately funded to complete a pre-feasibility study and conduct additional
drilling at its advanced San Jorge copper and gold project, located in the
province of Mendoza, Argentina. It also gives Coro sufficient funds to
continue to advance its exploration portfolio in Chile starting with the
recently announced drill campaign at the Chacay copper porphyry project.
This news release is being issued pursuant to Part 3 of National Instrument
62-103 The Early Warning System and Related Take-Over Bid and Insider
Reporting Issues of the Canadian Securities Administrators. A copy of the
report filed by Coro in connection with the disposition of the common shares
is available on Valley High's SEDAR profile, and it can also be obtained
directly from Coro by contacting Michael Philpot, Executive Vice-President,
at 604-682-5546.
CORO MINING CORP.
"Alan Stephens"
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 Chacay, Llancahue and Celeste copper exploration properties located
in Chile. The Company also holds 3,290,353 shares (a 5.4% interest) in
Valley High (www.valleyhighventures.com).
For further information please visit the Company's website at
www.coromining.com or contact Michael Philpot, Executive Vice-President at
(604) 682 5546 or investor.info@coromining.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.
MasterT
14 years ago
October 28, 2010, Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol:
COP) is pleased to announce that the Public Hearing to consider the
Company's San Jorge project Environmental Impact Study ("EIS") was held on
October 26th 2010 in Uspallata, the nearest town to the project. The Public
Hearing was the final step in the consultation process prior to the EIS
being submitted to the Provincial Government for approval, and if approved,
presented to the Provincial House of Deputies and Senate for ratification.
Alan Stephens, President and CEO of Coro commented, "We are very pleased
that the Public Hearing has been completed on schedule. It was attended by
more than 2000 individuals and gave the people of Mendoza, and particularly
the residents of Uspallata, the opportunity to express their views about the
development of San Jorge. It was held in an atmosphere of complete calm,
civility and with mutual respect given to opposing opinions.
We would like to express our sincere appreciation to the Provincial
Government for the exemplary manner in which the Hearing was organized and
conducted. Having now completed all of the steps required of it under the
EIS approval process, the Company looks forward to the Government's
decision."
Coro is fully committed to developing San Jorge in such a way that no water
resources would be affected by contamination, as required by local and
national laws and regulations, and by international best practices. The
Company, through its subsidiary, Minera San Jorge, continues to follow a
policy of complete transparency and frankness, and has stressed the economic
and employment benefits of the project to Argentina, as well as a commitment
to exacting industry standards in environmental management, and has invited
citizen participation in the environmental monitoring of the operation. The
Company has demonstrated its commitment to water conservation through the
proposed use of paste tailings, which minimises water usage through
recycling. It has committed to train as many local residents as possible for
employment in the future operations at San Jorge.
CORO MINING CORP.
"Alan Stephens"
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 capital expenditures 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 15.3% interest) in
Valley High, which holds the Cordero property in Mexico. (
<http://www.valleyhighventures.com/> www.valleyhighventures.com).
For further information please visit the Company's website at
<http://www.coromining.com> www.coromining.com or contact Michael Philpot,
Executive Vice-President at (604) 682 5546 or investor.info@coromining.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.
MasterT
15 years ago
December 24, 2009
Valley High Completes Non-Brokered Private Placement For Proceeds of $1.575 Million
December 24, 2009, Valley High Ventures Ltd. ("Valley High" or the "Company") (TSX-V Symbol VHV.V) and Coro Mining Corp. ("Coro") (TSX Symbol: COP) are pleased to announce that Valley High has closed its previously announced non-brokered private placement for gross proceeds to the Company of $1,575,000 through the issuance of 3,500,000 units ("Units") Each Unit was priced at $0.45 and comprised one common share and one-half of one transferable common share purchase warrant. Each full warrant entitles the holder to purchase one additional common share of Valley High at a price of $0.65 for a period of 18 months from closing of the private placement.
Further to Coro's new release dated December 22, 2009, Coro subscribed for 3,050,000 Units of Valley High pursuant to the non-brokered private placement.
All securities issued pursuant to the private placement will be subject to a four month hold period under applicable securities laws expiring April 25, 2010. The aggregate net proceeds raised from the issuance of the units under the Company's previously announced brokered offering and this non-brokered offering will be used to fund a proposed exploration program at Cordero and for general working capital purposes.
About Valley High:
Valley High is a Canadian based precious and base metal exploration company with projects located in Mexico, British Columbia and Yukon. The Company's Cordero property in Mexico is being evaluated for large bulk mineable silver, gold, zinc and lead deposits geologically similar to the large Peñasquito deposit currently being developed by Goldcorp Inc. Recent drill results from Cordero include the discovery of a new zone at Pozo de Plata wherein drill hole C09-5 returned 152 metres grading 80.64 g/T Ag, 0.61 g/T Au, 1.41 % Zinc and 1.22% lead. Levon Resources Ltd. has an option to earn a 51% interest in the project by funding exploration work totaling Cdn. $1,250,000 plus their proportion of the underlying option and property maintenance costs.
The Company's Mount Polley project is located in British Columbia adjacent to Imperial Metals Corp.'s ("Imperial") Mt. Polley copper-gold mine. Valley High has recently optioned its interest in one portion of this property, the 37 hectare Boundary Zone, to Imperial in return for a production royalty. Valley High also has an option to acquire a 100% interest in the Flume gold property in the Yukon which is located within the newly recognized White Gold District some 30 kilometres from the new Golden Saddle discovery of Underworld Resources Inc.
About Coro Mining Corp.:
Coro was founded with the goal of building a mining company focused on medium-sized base and precious metals deposits in Latin America. Coro 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 Coro holds other earlier stage exploration properties located in Chile.
VALLEY HIGH VENTURES LTD. CORO MINING CORP.
"Robert Cameron" "Alan Stephens"
Robert Cameron Alan Stephens
President and CEO President and CEO
For further information please visit Valley High's website at www.valleyhighventures.com or contact Robert Cameron, at (604) 682 5546.
For further information please visit the Company's website at www.coromining.com or contact Michael Philpot, Executive Vice-President at (604) 682 5546 or investor.info@coromining.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 Valley High 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 documents filed from time to time with the securities regulators in the applicable Provinces of British Columbia and Alberta.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
You can view the Next News Releases item: Tue Jan 5, 2010, Coro Announces 88 Metres at 0.47% Copper From Drilling Program at Chacay Property
You can view the Previous News Releases item: Tue Dec 22, 2009, Coro Announces Participation in Valley High Non-Brokered Private Placement
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