VANCOUVER, British Columbia, Aug. 27, 2018 (GLOBE NEWSWIRE) -- Coro Mining Corp. (“Coro” or the “Company”) (TSX: COP) is pleased to announce that it has now completed the Chilean legal registrations and has title over 51% of the corporate entity holding the Marimaca 1-23 Claims, following the completion of the initial Definitive Feasibility Study, released in June 2018. This marks the first step in ownership over Marimaca. To increase ownership to 75%, the Company intends to exercise its option to acquire an additional 24% by incorporating the Ivan Plant into the new Marimaca joint venture company, targeting completion in the fourth quarter 2018.
The Company is completing the necessary legal processes to complete its consolidation over the Marimaca district, with the addition of the various surrounding Sierra Miranda, La Atómica and Naguayan claims and will advise shareholders of further progress in due course.
An image accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/3cea2abd-8e0f-4566-a9c0-06a0faf6e3cd
A comprehensive exploration program for the Marimaca district will also be announced once the ongoing rights offering has been completed. In the meantime, the Company has completed detailed surface geological mapping and sampling of underground workings at La Atómica. In January 2018, Coro announced encouraging results from drilling at La Atómica, and following this, has now initiated a 10,000 metre reverse circulation drill program which is expected to be completed in the fourth quarter.
Commenting on the announcement, Luis Tondo, President and CEO of Coro said: “The granting of 51% ownership in our flagship project Marimaca is an important first step for Coro as we progress the consolidation of the greater Marimaca district. I am also delighted that, following the recent financing, we have been able to recommence the drilling program at La Atómica with the deployment of two drill rigs. I look forward to sharing the drilling results with the market in the coming months.”
On behalf of the Board of Directors,
LUIS TONDO, PRESIDENT & CEO
Contact Information
For further information please visit www.coromining.com or contact:
Nicholas Bias, VP Corporate Development & Investor Relations
+1 (604) 682 5546 x202 or +44 (0)7771 450 679 | nbias@coromining.com
Forward Looking Statements
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements in this press release relate to, among other things satisfaction of the conditions precedent to the conversion of the US$12 million into an equity interest in Rising Star and the use of the proceeds of US$3 million drawdown. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Coro, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the ability of Coro to satisfy the conditions precedent to conversion of the loan and management’s discretion to reallocate the use of proceeds 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. Accordingly, readers should not place undue reliance on forward-looking statements. Coro undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.