VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 17, 2012) - Coro Mining Corp. ("Coro" or the "Company") (News - Market indicators) is pleased to provide an update on its San Jorge project, located in Mendoza province, Argentina.
The results of the Company's Preliminary Feasibility Study for the San Jorge Copper Leach Project, announced in our news release dated March 5th 2012, have now been presented to all of the members of the recently formed Federal Organisation of Mining Provinces ("OFEMI"), including the governments of Mendoza and San Juan. The proposed Copper Leach Project would comprise a rock quarrying operation in Mendoza province together with a processing plant located in San Juan province, for the production of up to 25,000 tonnes per year of copper cathode. The Company is confident that the Project can be executed in an environmentally responsible manner to the lasting economic and social benefit of the Provinces of Mendoza and San Juan. In addition, San Jorge has the potential to more than satisfy Argentina's current consumption of copper, and thus could be developed in accordance with the country's policy of reducing imports.
Alan Stephens, President and CEO of Coro commented, "We intend to expeditiously advance discussions with the governments of both provinces and with Argentina national government authorities, with the objective of obtaining the approval of the government of Mendoza before year end. An Environmental Impact Study ("EIS") would then need to be prepared and submitted for the proposed plant facilities in San Juan province."
San Jorge Legal Update
As stated in our news release of December 30th 2010, Oikos, a local environmental NGO opposed to the project, filed legal claims against our subsidiary, Minera San Jorge ("MSJ") and its directors, requesting that the San Jorge Flotation Project EIS approval process be suspended, based on alleged non-compliance with certain resolutions and deliberate misinterpretation of documents. Although the EIS was approved in February 2011, the resulting Environmental Impact Declaration ("EID") was denied legislative ratification last August, in part due to the negative media coverage and other protest actions provoked and fomented by Oikos, and its representative, Eduardo Sosa.
The Company is pleased to report that the Mendoza court has dismissed these legal claims as being without foundation or justification, and as a consequence, MSJ has demanded that Oikos issue a public retraction of its defamatory remarks and make a donation to a charity of our choosing. Failure to do so may result in MSJ launching criminal and/or civil proceedings against Oikos and its representative for defamation and libel; and seeking consequential damages.
The 7722 law, which required the ratification of the approved EID is currently subject to legal challenges of its constitutionality by Coro and several other parties. We continue to anticipate that this lawsuit may be resolved in the second half of 2012 and in the event that the courts find that the law is indeed unconstitutional, the denial of legislative ratification of the Company's EID, may be deemed to be null and void. Finally, Coro maintains its rights to seek legal redress and compensation from the Mendoza government and certain individuals, resulting from the unlawful denial of the ratification of the Company's valid and approved EID in August 2011.
CORO MINING CORP.
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. Coro's properties include the advanced San Jorge copper-gold project, in Argentina, and the Berta, El Desesperado, Chacay, Llancahue, and Celeste copper exploration properties located in Chile.
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.