valley high ventures LTD. to acquire mexican
properties from coro mining CORP.
March 19, 2008,
Valley High Ventures Ltd. (“Valley High”) (TSXV Symbol VHV.V) and
Coro Mining Corp. (“Coro”)
(TSX Symbol: COP) are pleased to announce that they have signed a letter of intent pursuant to which
Valley High will, subject to a number of conditions, acquire all of the issued
and outstanding securities of Coro’s subsidiary, Coro Minera de Mexico SA
de CV (“Coro Mexico”) in consideration for a purchase price equal
to the aggregate value of Coro’s investment in Coro Mexico as of the date
of completion of the acquisition, which is expected to be approximately
$1,800,000, to be settled through the issuance to Coro of common shares of
Valley High at a deemed price of $0.25 per share. The transaction is at
arm’s length.
Concurrently with
the completion of the acquisition by Valley High of the shares of Coro Mexico:
Valley High has agreed to settle $700,000 of existing debt by the issuance of
common shares of Valley High; and Coro has agreed to purchase for cash, on a
private placement basis, common shares of Valley High for gross proceeds to
Valley High of $200,000.
Completion of the
acquisition is subject to a number of conditions, including approval by the
board of directors of Valley High and Coro,
negotiation of a definitive purchase agreement, applicable regulatory approvals
and, if required, shareholder approvals.
Coro Mexico has options to acquire two properties in Mexico.
The Cordero-Sanson property is located approximately 220 km south of the city
of Chihuahua, and approximately 40 km northeast of the town of Hidalgo de
Parral. Cordero comprises a 332 ha claim block that has been optioned by Coro
Mexico, and which contains the Cordero polymetallic prospect, from which historic
artisinal underground mining has taken place; and a surrounding, wholly Coro
Mexico owned claim block, which contains the Sanson porphyry molybdenum
prospect. The optioned property comprises the Herrera claims and the Jandrina
claims covering the Cordero property. Coro
Mexico has
staked the 100% owned Sanson mining claim, covering 9210 ha, surrounding the
Herrera and Jandrina claim groups. Coro
has engaged a qualified person to prepare a technical report in compliance with
National Instrument 43-101, and is currently waiting for the report to be
completed.
Coro Mexico has an option to
acquire a 100% interest in the Herrera claims by paying a total of US$990,781.
To date, Coro Mexico has made payments totaling
US$150,781, and the remaining payments are payable as follows: US$150,000 on or
before February 21, 2009, US$220,000 on or before February 21, 2010 and
US$470,000 on or before February 21, 2011. A 1.0% NSR is payable on production
from the property. Coro
Mexico also has
an option to acquire a 100% interest in the Jandrina claims by paying a total
of US$2,000,000. To date Coro Mexico has made payment totaling
US$150,000, and the remaining payments are payable as follows: US$150,000 on or
before February 21, 2009, US$250,000 on or before February 21, 2010 and
US$1,450,000 on or before February 21, 2011. A 2.0% NSR is payable on
production from the property, out of which 1% may be acquired for US$1,000,000.
Coro Mexico also
has rights under a data use agreement with Phelps Dodge Exploration Corp.
(“Phelps Dodge”) pursuant to which Coro Mexico has access to its
database of proprietary geophysical, geologic, geochemistry, maps, data reports
and other files on various properties in Mexico and Central America for a
period expiring May 20, 2008 (subject to extension by the mutual consent of
Phelps Dodge and Coro). Pursuant to the agreement, Phelps Dodge has a back-in
right, which will expire on May 20, 2009, to acquire an undivided 70% of Coro
Mexico’s interest in any property which it may acquire within the areas
of Mexico and Central America covered by the agreement which has a minimum of 2
million tonnes of contained copper, of which a minimum of 1 million tonnes must
be in the measured mineral resource or indicated mineral resource categories.
The Cordero-Sanson property is subject to Phelps Dodge’s back-in right.
New
Directors and Officers
Valley High is also
pleased to announce that it has appointed two new directors and three new
officers. James Mustard, PEng. and Alan Stephens have been appointed as directors
of Valley High, and Patrice Nazareno has resigned as a Director of Valley High.
James Mustard is currently President and a Director of Mantle Resources Inc.
Mr. Mustard is a geologist and Professional Engineer (B.C.) and has in excess
of 33 years of diverse industry experience covering a broad range of
exploration activity, and engineering functions at both open pit and
underground development projects and mines. From 1996 to 2007 he was Vice
President and Senior Mining Analyst with Haywood Securities Inc. Alan Stephens
is currently President, Chief Executive Officer and a director of Coro, and is
a graduate of the Royal School of Mines (Imperial College of London) and is
currently a fellow of both the Society of Economic Geologists (US) and of the Institute of Materials, Minerals and Mining (UK). Mr.
Stephens has over 31 years of international mining experience. Prior to
co-founding Coro, Mr. Stephens was the
Vice-President of Exploration for First Quantum Minerals Ltd. from April 2000
to December 2004, and was international exploration manager for Cyprus Amax
Minerals Company from March 1994 to January 2000 where he managed exploration
teams in Latin America, Africa, Europe and Asia.
Kathrine MacDonald, a director and the current President of Valley High, and
Ray Strafehl, a director of Valley High, will continue in those capacities
following completion of the acquisition.
In addition, Valley
High has appointed the following officers: Damian Towns
as Chief Financial Officer; Geoff Chater as Vice President Business
Development; and Michael Philpot as Corporate Secretary. Damian
Towns is currently Chief Financial
Officer of Coro.
Geoff Chater formerly acted in an investor relations capacity for First Quantum
Minerals Ltd. Michael Philpot is currently Executive Vice President, Corporate
Secretary, and a director of Coro.
CORO MINING
CORP.
VALLEY
HIGH VENTURES LTD.
“Alan
Stephens
“Kathrine MacDonald”
Alan
Stephens
Kathrine MacDonald
President and CEO
President
About Coro Mining Corp.:
Coro Mining Corp. was
founded with the goal of building a mining company focused on medium-sized base
metals deposits in Latin America. Coro intends to achieve
this through the exploration for, and acquisition of, projects that can be
developed and placed into production and it has established an experienced
development and exploration team to accomplish this. Coro has two main
properties; Barreal Seco, in Chile and San Jorge, in Argentina, an option to
acquire the Cerro Negro copper mine in Chile, as well as other exploration
properties located in Chile and Mexico.
For further information please visit Coro’s website at www.coromining.com or contact Michael
Philpot, Executive Vice-President, at (604) 682 5546 or email investor.info@coromining.com.
About Valley High Ventures Ltd.:
Valley High
Ventures Ltd. is a Canadian based precious and base metal exploration company
with several properties, totalling approximately 10,000 hectares, located in
south-central British Columbia,
along the Quesnel trough and adjacent to the producing Imperial Metals Mt.
Polley copper-gold-silver mine. Valley High has confirmed copper-gold
mineralization, through previous drilling, and plans further exploration and
development of its mineral properties in the area.
For further information please visit Valley High’s
website at www.valleyhighventures.com
or contact Kathrine MacDonald, President, at (604) 689 9661.
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 Coro or Valley High 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
documents filed from time to time with the securities regulators in the
applicable Provinces of British Columbia, Alberta, Saskatchewan, Manitoba,
Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and
Labrador.
The
TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release
Thank you for your interest in Coro Mining Corp.
For further information please visit our website www.coromining.com
Michael Philpot, Executive VP - (604) 682 5546 investor.info@coromining.com