November 22, 2010, Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol:
COP) announces that it has disposed of 5,850,000 shares in Valley High
Ventures Ltd ("Valley High") for gross proceeds of $6.4 million 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 9,140,353 shares and 1,525,000 warrants in Valley
High which as of November 19, 2010 represented approximately 15.0% of the
issued and outstanding shares of Valley High.
Alan Stephens, President and CEO of Coro commented, "This disposition is by
no means a reflection on the potential we see in Valley High, which over the
last twelve months has augmented its management team and continues to
advance and enhance its exploration portfolio. As a shareholder, we will
continue to follow its progress with interest. By selling part of our
shareholding in Valley High, we have ensured that Coro's exploration and
development projects are fully funded in the near term on a non-dilutive
basis to our shareholders. We also plan to significantly increase our
exploration efforts in Chile, focusing on the search for high quality copper
and gold prospects."
The sale of the Valley High shares, combined with the potential proceeds
(approx. $5.6m) from the outstanding in-the-money $0.20 warrants in Coro,
which expire in January & February 2011, would provide a total of $12.0
million in financing for Coro. This will ensure that the Company is
adequately funded to complete a pre-feasibility study and conduct additional
drilling at its advanced San Jorge copper and gold project, located in the
province of Mendoza, Argentina. It also gives Coro sufficient funds to
continue to advance its exploration portfolio in Chile starting with the
recently announced drill campaign at the Chacay copper porphyry project.
This news release is being issued pursuant to Part 3 of National Instrument
62-103 The Early Warning System and Related Take-Over Bid and Insider
Reporting Issues of the Canadian Securities Administrators. A copy of the
report filed by Coro in connection with the disposition of the common shares
is available on Valley High's SEDAR profile, and it can also be obtained
directly from Coro by contacting Michael Philpot, Executive Vice-President,
at 604-682-5546.
CORO MINING CORP.
"Alan Stephens"
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 Chacay, Llancahue and Celeste copper exploration properties located
in Chile. The Company also holds 3,290,353 shares (a 5.4% interest) in
Valley High (www.valleyhighventures.com).
For further information please visit the Company's website at
www.coromining.com or contact Michael Philpot, Executive Vice-President at
(604) 682 5546 or investor.info@coromining.com
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.
AI
