Coro Announces Favourable Conclusions of Environmental Commission for Development of San Jorge
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/30/10 -- Coro Mining Corp. ('Coro' or the 'Company') (TSX: 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, 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 5.2% interest) in Valley High (www.valleyhighventures.com) and an additional 1.5 million warrants in Valley High.
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.
Contacts:
Coro Mining Corp.
Michael Philpot
Executive Vice-President
(604) 682 5546
investor.info@coromining.com
www.coromining.com