VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 2, 2013) - Coro Mining Corp. ("Coro" or the "Company") (COP.TO) is pleased to provide an update on the sale of its Chacay project to Compania Minera Relincho SA, a subsidiary of Teck Resources Limited ("Teck") for a total price of US$2.5 million plus a 1.5% net smelter return ("NSR"), as previously announced on February 19th 2013.
Teck and Coro have now agreed to amend the purchase price to $2 million plus a 1.5% NSR payable on closing of the sale and transfer of the core mining claims covering the known mineralization, plus an additional $0.5 million plus a 1.5% NSR payable on conversion of the surrounding exploration claims to mining claims. This conversion process is expected to be completed before the end of 2013.
Alan Stephens, President and CEO of Coro commented, "We anticipate closing of the initial transaction within 7 to 10 days and will be completing the conversion of the exploration claims to mining claims expeditiously."
Alan Stephens, FIMMM, President and CEO of Coro, a geologist with more than 37 years of 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 copper development project and the El Desesperado, Payen, Llancahue exploration properties all 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 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.