Coro Announces Approval of San Jorge Project Environmental Impact Study
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/11 -- Coro Mining Corp. ('Coro' or the 'Company') (TSX: 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, 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).
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