Coro
recovers 100% ownership of llancahue property
July 09, 2009, Coro Mining
Corp. (Coro or the Company) (TSX Symbol: COP)
announces that Freeport-McMoRan Exploration Corp
(Freeport) has elected not to continue with its exploration of Coro’s
Llancahue prospect, located 38km south west of the
city of Talca in central Chile. Freeport recently completed a 7 hole reverse
circulation drilling program at Llancahue and one of
these holes, LLA-07, intersected 100m at 1.375% CuT +
0.015% Mo+ 3.8g/t Ag from 10m to 110m. The hole was drilled at an inclination
of -65 degrees, terminated at a depth of 220m and intersected thin zones of
oxide and mixed oxide/chalcocite mineralization
before entering primary mineralization at 24m depth. Full details of Freeport’s
drilling are contained in the Company’s press release dated May 28th
2009. Freeport has also withdrawn from Coro’s
other exploration concessions in the Talca Belt.
Alan Stephens, President and
CEO commented, We thank Freeport
for the work they carried out on our Talca Belt properties. Notwithstanding Freeport’s
withdrawal, Coro
firmly believes that additional drilling at Llancahue
is justified to determine the ultimate potential of the property. To that end,
the Company will complete additional surface exploration, including extending
the existing soil and ground magnetic anomalies, and potentially completing an
IP survey, to further define drill targets, prior to initiating a follow up drill
program, commencing in early October 2009. The existing surface rights access
agreement negotiated by Freeport
prohibits drilling during the winter season.
CORO
MINING CORP.
Alan
Stephens
Alan Stephens
President and CEO
About Coro Mining Corp.:
The Company was founded with
the goal of building a mining company focused on medium-sized base and precious
metals deposits in Latin America. The Company
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's core property is the advanced San Jorge
copper-gold project, in Argentina,
and the Company holds other earlier stage exploration properties located in Chile.
For further information please
visit the Company’s website at www.coromining.com or contact Michael Philpot,
Executive Vice-President at (604) 682-5546 or investor.info@coromining.com
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 the Company
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 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.
Thank you for your
interest in Coro Mining Corp.
For further
information please visit our website
Michael Philpot,
Executive VP - (604) 682 5546