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Terminates Option to Purchase 75% of Barreal Seco Copper Project, Chile
Feb 09, 2009 02:24PM
February 9, 2009
Coro Terminates Option to Purchase 75% of Barreal Seco Copper Project, Chile
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2009) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) announces that it has elected to terminate its option over the Barreal Seco property, located in the III Region of northern Chile. The Company has also terminated its option over the Salvadora prospect, located 19km southwest of Barreal Seco.
Alan Stephens, President & CEO of Coro, said; "Our internal scoping evaluation of the Barreal Seco leach resources concluded that they were uneconomic as a stand alone operation at current copper and sulphuric acid prices, and attempts to renegotiate the terms of the underlying option agreement, which included significant cash payments to the owners, were unsuccessful."
Coro intends to focus its attention on the development of its advanced San Jorge copper gold project in Argentina and on further exploration of its copper gold exploration properties in the Talca Belt of central Chile.
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 and it has established an experienced development and exploration team to accomplish this. Coro's core project property is the advanced San Jorge copper-gold project, in Argentina, as well as and the Company holds other earlier stage exploration properties located in Chile.