Coro Announces Updates for Berta Operation
Coro Announces Updates for Berta Operation
Vancouver, British Columbia--(Newsfile Corp. - May 9, 2018) -
Coro Mining Corp.
(TSXV: COP) ("Coro" or the "Company")
wishes to announce that SERNAGEOMIN has approved the Berta Sur Mine Pit Phase 1 Technical Project, the equivalent to the
official mining permit.
In addition, the Coro subsidiary Minera Coro Chile ("MCC") has acquired the remaining 35% of SCM
Berta and currently owns 100% of the operation.
Berta
Sur Pit Mining Permit
SCM Berta is a multi-pit operation and the Berta Sur pit is currently the primary mine pit.
The Chilean National Authority of
Geology and Mines (SERNAGEOMIN) approval of the Berta Sur Mine Pit Phase 1 Technical Project is the effective official
mining permit.
With this permit in place, the permitting process is now underway for the remaining surrounding pits that will be
mined in the future, in addition to also completing the necessary permits for the rest of the Berta operation.
Acquisition of 35% of Berta from ProPipe
On April 19, 2018, Coro announced the results of a strategic review, which included the acquisition of the remaining 35%
shareholding in SCM Berta.
Coro has made the initial upfront payment of US$0.75 million and now owns 100% of SCM Berta,
with US$1.5 due in future instalments.
It should be noted, however, that as detailed in the strategic review announcement, following a debt and corporate restructuring,
Coro's interest in SCM Berta may reduce to the 25% to 50% range, enabling Coro to focus on its flagship Marimaca project, for
which it intends to release a definitive feasibility study in the coming weeks.
Commenting on the announcement, Luis Tondo, President & CEO of Coro said:
"
T
he process
granting
the Berta Mine
Technical Permit took longer than
anticipated
and required working diligently to satisfy all the
requirements of the
Chilean
authorities. I am
pleased
that this
process is
now
behind us and look forward to concentrat
ing
more
on the Marimaca
p
roject
development, while the
operations at
SCM Berta
o
perations
stabilise
.
For further information please visit
www.coromining.com
or contact:
Nicholas Bias, VP Corporate Development & Investor Relations
+1 604 682 5546, extension 202
/
+44 (0)7771 450 679
|
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-
looking statements involve known and unknown risks, uncertainties and other factors which are beyond Coro's ability to
predict 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
completion of assays and drill rig availability, occurrence of unexpected
financial obligations, fluctuations in the price of commodities; fluctuations in the currency markets; changes in national and
local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards
associated with the business of mineral exploration, development and mining (including environmental hazards, industrial
accidents, unusual or unexpected formations, pressures, cave-ins and flooding); the presence of laws and regulations that
may impose restrictions on mining and employee relations. 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 statements contained herein whether as a
result of new information or future events or otherwise, except as may be required by law.