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Coro Reports Initial Results from Second Phase Drilling Program at Berta Copper Project and Makes Second Year Option Payment

Date : 06/13/2012 @ 2:33PM
Source : Marketwired
Stock : Coro Mining Corp. (COP)
Quote : 0.055  0.01 (22.22%) @ 3:59PM
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Coro Reports Initial Results from Second Phase Drilling Program at Berta Copper Project and Makes Second Year Option Payment

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Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce that it has made the second year US$800,000 option payment at its Berta property, located approximately 20km west of the PanAust/Codelco owned Inca de Oro feasibility stage project and 30km southeast of Anglo American's Manto Verde copper heap leach mine, in the III Region of Chile. Initial assay results from 20 of the recently completed 32 hole (10,222m) reverse circulation drilling program are shown on Table 1 below, with the remaining results to be released in due course. Coro announced the terms for the 100% acquisition of Berta in its news release of June 13, 2011, and results from its initial phase of drilling in its news release of September 27, 2011.

Alan Stephens, President and CEO of Coro, commented, "We continue to be encouraged by the results obtained from the Berta project, and accordingly have elected to proceed to the second year of our option. As currently envisaged, we see good potential for low cost, open pit, heap leach, copper cathode production from Berta and we have also intersected significant underlying primary sulphide copper molybdenum mineralization which may form the basis for a later flotation project. We now intend to complete infill drilling aimed primarily at defining an NI43-101 compliant oxide resource, and a column test work program to define metallurgical parameters."


Table 1: Significant intersections

----------------------------------------------------------------------------
Hole         TD   from    to     m   %CuT     %Mo   %CuEq   Type       Area
----------------------------------------------------------------------------
BR-25       400    222   296    74   0.37   0.034    0.50   Sulphide   Sur
----------------------------------------------------------------------------
BR-26       400      4   140   136   0.30   0.031    0.42   Both       Norte
----------------------------------------------------------------------------
incl                 4    82    78   0.21   0.008    0.24   Oxide        
----------------------------------------------------------------------------
and                 88   140    52   0.46   0.069    0.74   Sulphide        
----------------------------------------------------------------------------
BR-27       300     82   134    52   0.24   0.002    0.25   Sulphide   Norte
----------------------------------------------------------------------------
BR-28       300     32   200   168   0.19   0.043    0.36   Both       Norte
----------------------------------------------------------------------------
incl                32    84    52   0.17   0.006    0.19   Oxide        
----------------------------------------------------------------------------
and                 86   200   114   0.20   0.060    0.44   Sulphide        
----------------------------------------------------------------------------
BR-29       250     52    64    12   0.21   0.004    0.23   Oxide      Norte
----------------------------------------------------------------------------
BR-30       400    372   400    28   0.17   0.008    0.20   Sulphide   Norte
----------------------------------------------------------------------------
BR-31       290                No Significant Results                  Norte
----------------------------------------------------------------------------
BR-32       400    160   294   134   0.36   0.128    0.87   Sulphide   Norte
----------------------------------------------------------------------------
BR-33       400     70   138    68   0.30   0.006    0.32   Sulphide   Norte
----------------------------------------------------------------------------
BR-34       374                No Significant Results                  Norte
----------------------------------------------------------------------------
BR-35       368                No Significant Results                  Norte
----------------------------------------------------------------------------
BR-36       400                No Significant Results                  Norte
----------------------------------------------------------------------------
BR-37       400    304   340    36   0.61   0.097    1.00   Sulphide   Norte
----------------------------------------------------------------------------
BR-38       400                No Significant Results                  Norte
----------------------------------------------------------------------------
BR-39       288                No Significant Results                  Norte
----------------------------------------------------------------------------
BR-40       336                   Results Awaited                      Norte
----------------------------------------------------------------------------
BR-41       252      0    40    40   0.35   0.003    0.36   Oxide      Norte
----------------------------------------------------------------------------
and                228   252    24   0.30   0.032    0.43   Sulphide   Norte
----------------------------------------------------------------------------
BR-42       400     22   158   136   0.34   0.008    0.37   Both       Sur
----------------------------------------------------------------------------
incl                22    66    44   0.34   0.002    0.35   Oxide        
----------------------------------------------------------------------------
and                 70   158    88   0.35   0.011    0.39   Sulphide        
----------------------------------------------------------------------------
BR-43       300      0   166   166   0.39   0.024    0.48   Both       Sur
----------------------------------------------------------------------------
incl                 0    68    68   0.61   0.003    0.62   Oxide        
----------------------------------------------------------------------------
and                 68    78    10   0.44   0.005    0.46   Mixed        
----------------------------------------------------------------------------
and                 92   104    12   0.19   0.015    0.25   Sulphide        
----------------------------------------------------------------------------
and                124   166    42   0.28   0.084    0.62   Sulphide        
----------------------------------------------------------------------------
BR-44       300      0    44    44   0.63   0.059    0.86   Oxide      Sur
----------------------------------------------------------------------------
and                 70   112    42    0.3   0.025     0.4   Oxide        
----------------------------------------------------------------------------
BR-45       300      0    16    16   0.33   0.002    0.34   Oxide      Sur
----------------------------------------------------------------------------
and                 38    86    48   0.42   0.182    1.15   Oxide        
----------------------------------------------------------------------------
and                 98   142    44   0.25   0.016    0.31   Sulphide        
----------------------------------------------------------------------------
BR-46       200                   Results Awaited                      Sur
----------------------------------------------------------------------------
BR-47       150                   Results Awaited                      Sur
----------------------------------------------------------------------------
BR-48       300                   Results Awaited                      Sur
----------------------------------------------------------------------------
BR-49       300                   Results Awaited                      Sur
----------------------------------------------------------------------------
BR-50       250                   Results Awaited                      Sur
----------------------------------------------------------------------------
BR-51       250                   Results Awaited                      Sur
----------------------------------------------------------------------------
BR-52       400                   Results Awaited                      Sur
----------------------------------------------------------------------------
BR-53       216                   Results Awaited                      Sur
----------------------------------------------------------------------------
BR-54       300                   Results Awaited                      Sur
----------------------------------------------------------------------------
BR-55       300                   Results Awaited                      Sur
----------------------------------------------------------------------------
BR-56       298                   Results Awaited                      Sur
----------------------------------------------------------------------------

All drill hole locations are shown on the attached map and table. Copper
equivalents were calculated at $3.00/lb Cu and $12/lb Mo, with no adjustment
for metallurgical recoveries as these are uncertain.

About Berta

Mineralization, as defined by drilling, mapping and grid geochemistry, occurs in three principal areas; Berta Sur, Central and Norte, and is associated with sub-vertical, elongate potassically altered porphyry intrusive bodies and related hydrothermal and intrusive breccias, emplaced into a tonalite stock. At Berta Sur, this mineralization is present within an area of approximately 500m by 300m, oriented ENE, with oxidation extending from surface to depths of 50m in the east to greater than 150m in the west. Berta Central comprises a smaller body, sub-parallel to and located immediately north of, Berta Sur and was the focus for previous artisanal mining. Berta Norte comprises several, discreet, NW oriented zones of mineralization, individually 25-85m in width and 100-250m in strike length, partially gravel covered, and mostly intersected at depth as sulphides in this phase of drilling. Copper and molybdenum mineralization broadly occur together at Berta although copper can occur without molybdenum and vice versa.

Berta has previously been explored by two major mining companies in the 1990's who completed wide spaced shallow percussion drilling (48 holes, 1,090m), reverse circulation ("RC") drilling (49 holes, 6,033m), and bulldozer trenching. More recently, Grandcru Resources Corp., completed diamond drilling (9 holes, 3,311.4m) in 2006-2007. All of the previous holes were assayed for total copper (%CuT), and the oxide sections of 42 of the RC holes were assayed for acid soluble copper. With the exception of 42 of these RC holes, all holes were assayed for molybdenum. Coro completed a 24 hole, 4360m RC program in 2011.

All Coro RC holes were sampled on a 2m continuous basis, with samples riffle split on site and one quarter sent to the Andes Analytical Assaying laboratory in Copiapo for preparation and then to their assay laboratory in Santiago. A second quarter was stored on site for reference. Samples were transported to the laboratory by Andes Analytical Assaying under the supervision of Minera Coro Chile Ltda's contractor, Geominco, who also logged the drill cuttings. Samples were prepared using the following standard protocol: drying, crushing to better than 80% passing -10#, homogenizing, splitting and pulverizing a 400 g subsample to 95% passing -150#. All holes were assayed for CuT and Mo, with intersections containing greater than 0.1%CuT also assayed for CuS and Au. A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results.

Sergio Rivera, Vice President of Exploration, Coro Mining Corp., a geologist with more than 30 years of experience and a member of the Colegio de Geologos de Chile and of the Instituto de Ingenieros de Minas de Chile, was responsible for the design and execution of the drilling program and is the Qualified Person for the purposes of NI 43-101.

To view Figure 1 accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/cop613i.pdf


Table 2: UTM Collar coordinates for Coro RC holes.

----------------------------------------------------------------------------
Hole             East      North  Elevation    Azimuth        Dip         TD
----------------------------------------------------------------------------
BR-25          394931    7044481       1725        160        -60        400
----------------------------------------------------------------------------
BR-26          394902    7045679       1677        230        -60        400
----------------------------------------------------------------------------
BR-27          394722    7045538       1688        230        -60        300
----------------------------------------------------------------------------
BR-28          394800    7045344       1660        230        -60        300
----------------------------------------------------------------------------
BR-29          394973    7045481       1667        230        -60        250
----------------------------------------------------------------------------
BR-30          395129    7045604       1659        230        -60        400
----------------------------------------------------------------------------
BR-31          394863    7045199       1687        230        -60        290
----------------------------------------------------------------------------
BR-32          395126    7045347       1682        230        -60        400
----------------------------------------------------------------------------
BR-33          395254    7045478       1678        230        -60        400
----------------------------------------------------------------------------
BR-34          395366    7045281       1707        230        -60        374
----------------------------------------------------------------------------
BR-35          394961    7044991       1696        230        -60        368
----------------------------------------------------------------------------
BR-36          394974    7045030       1695         50        -60        400
----------------------------------------------------------------------------
BR-37          395160    7044915       1728         50        -60        400
----------------------------------------------------------------------------
BR-38          395260    7045200       1704        230        -60        400
----------------------------------------------------------------------------
BR-39          394658    7044913       1711        160        -60        288
----------------------------------------------------------------------------
BR-40          394734    7044666       1706        160        -60        336
----------------------------------------------------------------------------
BR-41          395181    7044816       1716        160        -60        252
----------------------------------------------------------------------------
BR-42          395041    7044336       1741        160        -60        400
----------------------------------------------------------------------------
BR-43          395067    7044265       1755        160        -60        300
----------------------------------------------------------------------------
BR-44          394896    7044430       1733        160        -60        300
----------------------------------------------------------------------------
BR-45          394965    7044243       1755        160        -60        300
----------------------------------------------------------------------------
BR-46          394965    7044243       1755        340        -60        200
----------------------------------------------------------------------------
BR-47          394884    7044164       1757        160        -60        150
----------------------------------------------------------------------------
BR-48          394819    7044214       1751        160        -60        300
----------------------------------------------------------------------------
BR-49          394864    7044230       1753        160        -60        300
----------------------------------------------------------------------------
BR-50          394745    7044128       1756        160        -60        250
----------------------------------------------------------------------------
BR-51          394650    7044090       1745        160        -60        250
----------------------------------------------------------------------------
BR-52          394600    7044500       1737        270        -60        400
----------------------------------------------------------------------------
BR-53          394420    7044020       1714        160        -60        216
----------------------------------------------------------------------------
BR-54          395098    7044324       1744        160        -60        300
----------------------------------------------------------------------------
BR-55          394688    7043998       1747        160        -60        300
----------------------------------------------------------------------------
BR-56          394780    7044032       1755        160        -60        298
----------------------------------------------------------------------------

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 Berta, El Desesperado, Chacay, Llancahue, and Celeste copper exploration properties located in Chile.

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 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 604-682-5546investor.info@coromining.com www.coromining.com



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