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VANCOUVER, BRITISH COLUMBIA, Jul 30, 2012 (MARKETWIRE via COMTEX –
Coro Mining Corp. («Coro» or the «Company»
is pleased
to announce that it has submitted an update to its approved
Environmental Impact Study («EIS» to the government of Mendoza,
Argentina, in relation to the San Jorge Bi-provincial Leach Project
(«the SJBP Leach Project». The results of the Company’s Preliminary
Feasibility Study for this Project were announced in our news release
dated March 5th 2012.
The SJBP Leach Project comprises 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 in cathode. The update describes the impacts and operation of
the proposed railway line to transport ore from the San Jorge quarry
to a planned solvent extraction/electro-winning plant located in San
Juan. The aspects of the approved EIS related to the original San
Jorge flotation project are unchanged and will be held in abeyance
until such time as that project is able to proceed. The Company is
confident that the SJBP Leach 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, the
project 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, «The SJBP Leach
Project can be operated in full compliance with all existing laws and
regulations in both provinces, and applicable royalties will be paid
to the province of Mendoza. Additionally, as no mineral processing
will take place in Mendoza, no substances banned by the 7722 law will
be employed there. We look forward to the expeditious approval of
this simple update by the Mendoza authorities, so that we can then
prepare and submit a further EIS for the proposed plant facilities in
San Juan province. For clarification, San Jorge is located at an
elevation of approximately 2,600m and is not in the high Andes;
therefore it will not be affected by the recent Argentinean
legislation designed to protect the country’s glaciers. »
San Jorge Legal Update
As stated in our news release of April 17th 2012, the Company
requested that Oikos, a local environmental NGO opposed to the
project, issue a public retraction of certain defamatory remarks made
by it during the EIS approval process in 2011 and make a donation to
a charity of our choosing. Unfortunately, no such retraction was
forthcoming and so Minera San Jorge has initiated legal proceedings
against Oikos and its representative, Eduardo Sosa, for defamation
and libel, and is seeking consequential damages. Coro maintains its
rights to seek legal redress and compensation from the Mendoza
government and certain other individuals, resulting from the unlawful
denial of the ratification of the Company’s valid and approved EIS in
August 2011.
The 7722 law, which required the ratification of the Company’s
approved EIS, is currently subject to legal challenges of its
constitutionality by Coro and several other parties. These lawsuits
are now approaching the final stages of court proceedings and the
Company continues to anticipate a judgment in the second half of
2012. In the event that the courts find that the law is indeed
unconstitutional, the denial of legislative ratification of the
Company’s EIS for the San Jorge flotation project may be deemed to be
null and void.
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, legal
challenges and proceedings, 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.
Contacts: Coro Mining Corp. Michael Philpot Executive Vice-President (604 682 5546 investor.info@coromining.com www.coromining.com
SOURCE: Coro Mining Corp.
mailto:investor.info@coromining.com http://www.coromining.com
Copyright 2012 Marketwire, Inc., All rights reserved.
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