Coro Announces Proceeds From VHV Disposition
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/01/11 -- Coro Mining Corp. ('Coro' or the 'Company') (TSX: COP) announces that it has disposed of 2,050,000 shares and 1,525,000 warrants in Valley High Ventures Ltd ('Valley High') for gross proceeds of $5.4 million. Subsequent to the disposition, Coro holds 1,240,353 shares (approximately 2% of the issued and outstanding shares of Valley High). Prior to the disposition, Coro held 3,290,353 shares and 1,525,000 warrants in Valley High which as of February 28, 2011 represented approximately 5.1% of the issued and outstanding shares of Valley High.
After completion of the sale of the shares and warrants, the Company will have approximately $18.5m in cash and cash equivalents and remains well funded to advance its San Jorge Project in Mendoza, Argentina and its exploration portfolio in Chile. This transaction will be subject to Canadian taxation.
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.
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