VANCOUVER, BRITISH COLUMBIA, Nov 22, 2010 (Marketwire via COMTEX News Network) --
Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) announces that it has disposed of 5,850,000 sharesin Valley High Ventures Ltd ("Valley High") for gross proceeds of $6.4million on the Pure Trading marketplace operated by CNSX Markets Inc.Subsequent to the disposition, Coro holds 3,290,353 shares(approximately 5.4% of the issued and outstanding shares of Valley High)and 1,525,000 warrants. Prior to the disposition, Coro held 9,140,353shares and 1,525,000 warrants in Valley High which as of November 19,2010 represented approximately 15.0% of the issued and outstandingshares of Valley High.
Alan Stephens, President and CEO of Corocommented, "This disposition is by no means a reflection on thepotential we see in Valley High, which over the last twelve months hasaugmented its management team and continues to advance and enhance itsexploration portfolio. As a shareholder,we will continue to follow its progress with interest. By selling partof our shareholding in Valley High, we have ensured that Coro'sexploration and development projects are fully funded in the near termon a non-dilutive basis to our shareholders. We also plan tosignificantly increase our exploration efforts in Chile, focusing on thesearch for high quality copper and gold prospects."
The sale ofthe Valley High shares, combined with the potential proceeds (approx.$5.6m) from the outstanding in-the-money
.20 warrants in Coro, whichexpire in January & February 2011, would provide a total of $12.0million in financing for Coro. This will ensure that the Company isadequately funded to complete a pre-feasibility study and conductadditional drilling at its advanced San Jorge copper and gold project,located in the province of Mendoza, Argentina. It also gives Corosufficient funds to continue to advance its exploration portfolio inChile starting with the recently announced drill campaign at the Chacaycopper porphyry project.
This news release is being issuedpursuant to Part 3 of National Instrument 62-103 The Early WarningSystem and Related Take-Over Bid and Insider Reporting Issues of theCanadian Securities Administrators. A copy of the report filed by Coroin connection with the disposition of the common sharesis available on Valley High's SEDAR profile, and it can also beobtained directly from Coro by contacting Michael Philpot, ExecutiveVice-President, at 604-682-5546.
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 depositsin Latin America. The Company intends to achieve this through theexploration for, and acquisition of, projects that can be developed andplaced into production. Coro's properties include the advanced San Jorgecopper-gold project, in Argentina, and the Chacay, Llancahue andCeleste copper exploration properties located in Chile. The Company alsoholds 3,290,353 shares (a 5.4% interest) in Valley High(www.valleyhighventures.com).
This news release includes certain"forward-looking statements" under applicable Canadian securitieslegislation. Such forward-looking statements or information, includingbut not limited to those with respect to the prices of copper, estimatedfuture production, estimated costs of future production, permittingtime lines, involve known and unknown risks, uncertainties, and otherfactors which may cause the actual results, performance or achievementsof the Company to be materially different from any future results,performance or achievements expressed or implied by such forward-lookingstatements or information. Such factors include, among others, theactual prices of copper, the factual results of current exploration,development and mining activities, changes in project parameters asplans continue to be evaluated, as well as those factors disclosed inthe Company's documents filed from time to time with the securitiesregulators in the Provinces of British Columbia, Alberta, Saskatchewan,Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island andNewfoundland and Labrador.
SOURCE: Coro Mining Corp.
Coro Mining Corp. Michael Philpot Executive Vice-President (604) 682 5546 investor.info@coromining.com www.coromining.com
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