| Coro Announces Agreement to Purchase Claims Adjacent to its Marimaca Copper Project, Chile | |
| | |
|
Vancouver, British Columbia--(Newsfile Corp. - January 22, 2018) - Coro Mining Corp. (TSX: COP) ("Coro" or the "Company") is very pleased to announce that it has entered into a promise to purchase and sell agreement with a local Chilean company to acquire a 379 hectare package of mining claims (the "SM Claims") immediately adjoining its Marimaca property to the north and south. The Marimaca project is located 22km east of the port of Mejillones in the II Region of Chile (Figure 1). Coro will acquire the claims for a total cash consideration of US$6,000,000, comprising a payment on signature of US$100,000 (paid) and the balance of US$5,900,000 payable on completion of due diligence and certain other transfers of title. In addition, the claims will be subject to a 2% Net Smelter Return ("NSR"). "We are very pleased to have executed this agreement which represents a major step in our development of the Marimaca district," commented Coro President and CEO, Luis Tondo. "The claims being acquired (Figure 2), immediately adjoin the northern boundary of Marimaca and consolidate the property position in this highly prospective area. They also cover a large area of ground to the south of Marimaca where Coro has identified attractive drill targets. We plan to start drilling the SM claims as soon as the transaction is complete. In addition, Coro has staked a new mining claim adjoining Marimaca to the south west and connecting with the large 100% owned Ivan claim block which we acquired in 2017. Finally, we have staked a large block of exploration concessions covering much of the Marimaca district. We look forward to completing the acquisition of the SM Claims in due course so that we can pursue an aggressive drilling campaign on our consolidated property which we are confident will demonstrate the full potential of Marimaca." Fig 1: Marimaca Location |
|
Read the rest of the article at
https:
|
Coro Mining Corporation
|
|
EXPLORATION STAGE |
CODE : COP.TO |
ISIN : CA2196361075 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Coro is a gold and copper development stage company based in Canada. Its main exploration properties are CERRO CHACAY, LLANCAHUE and CELESTE in Chile and SAN JORGE in Argentina. Coro is listed in Canada. Its market capitalisation is CA$ 29.0 millions as of today (US$ 21.0 millions, € 19.2 millions). Its stock quote reached its highest recent level on June 27, 2008 at CA$ 2.09, and its lowest recent point on February 12, 2016 at CA$ 0.02. Coro has 483 420 000 shares outstanding. |