Sign up USA
Proactive Investors - Run By Investors For Investors

Coro Mining set to consolidate Marimaca district as it inks definitive deal on Naguayan property

The site covers exploitation claims of 1,075 hectares northeast and east of the firm's Marimaca project.
Coro Mining set to consolidate Marimaca district as it inks definitive deal on Naguayan property
Coro Mining Corp is a copper focused resource group

Copper focused Coro Mining Corp (TSE:COP) has made an important step in consolidating its Marimaca district in Chile - finalising the deal to acquire the Naguayan property.

As reported in October last year when a letter of intent was signed, the property consists of a large block of exploitation claims totalling 1,075 hectares northeast and east of Coro's Marimaca project.

It lies 22km east of the port of Mejillones in the II region of Chile.

"The acquisition of the large Naguayan claim block is an important step in the consolidation of the Marimaca district and we look forward to integrating these properties into our plans for aggressively exploring the district during 2018," said Coro president and chief executive Luis Tondo.

As reported last year, the deal sees Coro pay US$6.5mln for the claims via a 48-month option with a timetable of payments.

It will pay US$200,000 on the signature of the option, US$300,000 on the 12-month anniversary, US$700,000 on the 24 month anniversary, US$1.75mln at the 36 month anniversary.

The final US$3.55mln will be due on the 48 month anniversary date.

In addition, a 1.5% net smelter return (NSR) is payable on the claims.

Alternatively, Coro can buy 0.5% of this 1.5% royalty for US$2mln at any time up to one year following the start of commercial production.

View full COP profile View Profile

Coro Mining Timeline

Related Articles

1507227551_boardroom-610.jpg
October 09 2017
In the summer, Mathew Wilson was named chief executive, replacing Basil Botha, who remained as chairman.
farming tractor at work in a crop
April 10 2018
The front end engineering design (FEED) confirmed a post-tax NPV of US$902 million.
maps of Australia with company projects marked
April 17 2018
Samples from the Mt Read Cobalt Project graded up to 7,800 ppm cobalt.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use