| Coro Announces Optioning of Llancahue Property to Minera Penoles de Chile Limitada | |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 6, 2014) - Coro Mining Corp. ("Coro" or the "Company") (COP.TO) is pleased to announce that it has signed an option agreement with Minera Peñoles de Chile Ltda ("Peñoles"), a subsidiary of Mexican mining company, Industrias Peñoles SAB de CV, for the latter to acquire a 70% interest in Coro's Llancahue project, located 300km south of Santiago in the VII Region of Chile. Alan Stephens, President and CEO of Coro commented, "We are very pleased that Peñoles has entered into an option to acquire an interest in our Llancahue project. The previous drilling carried out in 2009 intersected attractive copper-molybdenum-silver mineralization in a possible porphyry environment, and we look forward to our new partner having success in encountering more of the same." Option Terms The following payments, totalling US$6 million, are required for Peñoles to acquire its 70% interest in the project; - US$150,000 on signing the option agreement (paid)
- US$200,000 on or before 12 months of signing
- US$250,000 on or before 24 months "
- US$300,000 on or before 36 months "
- US$400,000 on or before 48 months "
- US$4.7 million on or before 60 months "
Additional Terms; - Upon exercise of the option, the parties will form a Newco (70% Peñoles /30% Coro)
- On or before 60 months, Peñoles must complete a resource estimate prepared in accordance with NI43-101 at its sole cost
- If Coro's interest in Newco falls to 10%, it immediately converts to a 2.5% NSR
- Peñoles has a one-time right, exercisable within 90 days of exercising its option to 70%, to acquire Coro's 30% interest for US$6 million plus a 1.5% NSR
- Peñoles may withdraw from the agreement at any time after having made the first payment of US$150,000.
About Llancahue |
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Coro Mining Corporation
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EXPLORATION STAGE |
CODE : COP.TO |
ISIN : CA2196361075 |
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Coro is a gold and copper development stage company based in Canada. Its main exploration properties are CERRO CHACAY, LLANCAHUE and CELESTE in Chile and SAN JORGE in Argentina. Coro is listed in Canada. Its market capitalisation is CA$ 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. |