Coro Announces Binding Letter of Intent to Acquire the Naguayan Claim Block near Coro’s Marimaca Property
Suite 1280 – 625 Howe St
Vancouver, B.C. V6C 2T6
News Release
TSX SYMBOL: COP
www.coromining.com
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Coro Announces Binding Letter of Intent to Acquire the Naguayan Claim Block near
Coro’s Marimaca Property
October 17, 2017, Vancouver, Canada - Coro Mining Corp, (“Coro or the Company”) (TSX:COP) is pleased to
announce that it has signed a binding letter of intent (“LOI”) to acquire 100% of the Naguayan property from
Compania Minera Naguayan SCM, a local Chilean company. The property comprises a large block of
exploitation claims totalling 1,075 hectares located northeast and east of the Company’s Marimaca project,
which in turn is located 22km east of the port of Mejillones in the II Region of Chile, (Figs. 1 & 2). Coro will
acquire this property through its wholly-owned local subsidiary.
The essential terms of the LOI are as follows:
Coro may acquire 100% of the Naguayan claims for a total of US$6,500,000 via a 48 month option with the
following payment schedule:
- US$200,000 at signature of option agreement
- US$300,000 on 12 month anniversary date
- US$700,000 on 24 month anniversary date
- US$1,750,000 on 36 month anniversary date
- US$3,550,000 on 48 month anniversary date
In addition, a 1.5% net smelter return (“NSR”) is payable on the claims. Alternatively, Coro may acquire 0.5%
out of this 1.5% royalty for US$2,000,000 at any time up to one year (12 months) following the start of
commercial production on the property. In that case, a 1% NSR would remain on this property.
“We are very pleased to have signed this binding Letter of Intent and look forward to executing the definitive
option agreement shortly,” commented Coro CEO Luis Tondo. “Based on our district scale exploration, we
consider the large Naguayan claim block to be very prospective for Marimaca type mineralization and the
acquisition of this property forms part of our ongoing consolidation of mineral properties in the area, as per
our longer term strategic plan.”
About Coro Mining Corp.:
Coro is a copper producer in Chile with a strategy to grow through the discovery, development and operation
projects at any stage of development, which are well located with respect to infrastructure and water, have
low permitting risk, and have the potential to achieve a short and cost effective timeline to production. The
Company’s preference is for open pit heap leach copper projects, where minimizing capital investment and
creating profitability are priorities and where the projected capital cost is fin anceable relative to the
Company’s market capitalization. The Company's primary assets include the Marimaca development project;
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its 65% interest in the SCM Berta company, which owns the Berta mine and Nora plant and the Llancahue
prospect.
For further information:
Contact Naomi Nemeth, VP Communications/IR at +1 (647) 556 1023, +1 (604) 682 5546, Toll free +1 877 702 2676 or
Visit our website site at www.coromining.com
Email us at [email protected]
Follow us on Twitter @coromining1
This news release includes certain "forward -looking statements" under applicable Canadian securities legislation. Such
forward-looking statements or information, include but are not limited to production esti mates. Forward -looking
statements involve known and unknown risks, uncertainties and other factors which are beyond Coro’s ability to pre dict or
control and may cause Coro’s actual results, performance or achievements to be materially different from any of its future
results, performance or achievements expressed or implied by forward- looking statements. These risks, uncertainties and
other factors include, but are not limited to, the operation of the Nora Plant, copper price volatility, and changes in debt
and equity markets. Such forward- looking statements are also based on a number of assumptions which may prove to be
incorrect, 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.
Accordingly, readers should not place undue reliance on forward- looking statements. Coro undertakes no obligation to
update publicly or otherwise revise any forward- looking stat ements contained herein whether as a result of new
information or future events or otherwise, except as may be required by law.
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Figure 1: Location of Marimaca Project, Ivan plant and Coro claim block
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Figure 2: Naguayan Claims together with Coro’s Marimaca, La Atomica & Rayrock Claim Blocks