Coro Mining Announces Binding Letter of Intent to Acquire Claims Adjacent to Its Marimaca Property, Chile

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[{"type":"text","content":"Coro Mining Announces Binding Letter of Intent to Acquire Claims Adjacent to Its Marimaca Property, ChileVancouver, British Columbia--(Newsfile Corp. - August 21, 2017) - Coro Mining Corp, (TSX: COP) (\"Coro or the Company\") is pleased to announce that that it has signed a binding letter of intent (\"LOI\") to acquire 100% of the La Atomica property from a local Chilean company. The property directly adjoins the Company's Marimaca project to the northwest and both properties are located 22km E of the port of Mejillones in the II Region of Chile, (Figs. 1 & 2). Coro will acquire this property through a wholly-owned local subsidiary. The essential terms of the LOI are as follows:Coro may acquire 100% of the La Atomica claims for a total of US$6,000,000 via a 36 month option with the following payment schedule;US$20,000 at signature of LOI (paid)US$80,000 at signature of option agreementUS$500,000 on 12-month anniversary dateUS$1,000,000 on 24-month anniversary dateUS$4,400,000 on 36-month anniversary dateIn addition, a 1.5% royalty is payable on the claims and Coro may acquire 0.5% out of this 1.5% royalty at any time for US$2,000,000.\"We are very pleased to have signed a binding LOI on this adjoining property which is strategically-located with respect to Marimaca's current pit design, and look forward to executing the definitive option agreement shortly,\" commented Luis Tondo, President and CEO. Similar mineralization encountered to that encountered in previous drilling campaigns at Marimaca is believed to occur on this property as well. As announced in a Coro press release dated January 12th 2017, the open pit resource is currently constrained by the Marimaca property limits such that all blocks occurring outside the property were assigned a 0%CuT (total copper) grade. Acquisition of La Atomica allows the blocks occurring on this property to be assigned their correct grades and also have the additional positive impact of permitting deeper mineralized blocks on the Marimaca property to be included in the next pit constrained resource estimate. The combination of these positive impacts on the existing block model, together with good potential for further mineralization on the La Atomica property, as seen at surface and in underground workings, may add substantially to the Marimaca resource base.About Coro Mining Corp.:Coro...

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