VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 9, 2013) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce that it has signed a binding Heads of Agreement ("HOA") with a group comprised of Aterra Investments Ltd. ("Aterra") and Solway Industries Ltd. ("Solway"), (collectively, the "Group") for them to have rights to acquire an interest in the Company's San Jorge project (the "Project"), located in the province of Mendoza, Argentina. The Group has the right to 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. Coro and the Group will work diligently to structure and execute a Definitive Agreement ("DA") expeditiously.
Alan Stephens, President and CEO of Coro commented, "Coro has been seeking a partner for San Jorge for some time and we are very pleased to have now reached agreement with Aterra and Solway for them to acquire a 70% interest in the Project. We firmly believe that the introduction of these two well-funded and experienced companies to the Project will be well received by the provincial and national governments in Argentina and result in its accelerated development. This agreement will allow our shareholders to participate in the future development and operation of San Jorge, either through our 30% interest or by ownership of a valuable NSR.
We are now fully focused on advancing our Chilean assets, particularly the development of our Berta project, where we recently announced a preliminary agreement with a third party to treat pregnant leach solution at their plant. We also plan to further drill test our exciting El Desesperado project, located in the Chuquicamata district, and we are looking forward to the results of our partner's work at Payen over the coming months. This year of very difficult market conditions has been one of transition for Coro, and we end it having successfully brought in partners for San Jorge, Berta and Payen, which is a testament to the quality of our projects."
Principal Terms of the HOA
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 Group, which comprises a number of diversified companies with core activities in mining, non-ferrous metals, chemicals, the cement industry and real estate. Solway operates a ferronickel plant in Ukraine, is developing nickel laterite projects in Indonesia and Guatemala, and operates an open pit copper mine in Macedonia.
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 Berta copper leach project and the Payen, El Desesperado, Llancahue, and Celeste copper exploration properties, all located in Chile, and the advanced San Jorge copper-gold project, located in Argentina.
For further information please visit the Company's website at www.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 execution of agreements and future payments 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.
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