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Coro Mining cheers new resource estimate at Marimaca; appoints new finance chief

Last updated: 15:55 12 Apr 2018 EDT, First published: 04:40 12 Apr 2018 EDT

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The team at Coro's Marimaca project in Chile

Coro Mining Corp (CVE:COP) hailed a new resource estimate for the Marimaca project in Chile, which has more than doubled the higher confidence measured and indicated category to more than 300,000 tonnes of copper.

Contained copper tonnes (CuT) in measured and indicated increased 103% to 303,698 tonnes, against 145,500 tonnes in the January 2017 estimate.

READ THE BIG PIC - Coro Mining moving relentlessly towards copper production next year and further growth thereafter

Coro said the updated resource estimate would be used for the feasibility study, which the firm is completing as part of its earn in requirement to buy a 75% interest in the project.

"I'm delighted to report that the updated measured and indicated resource estimate for the Marimaca claim has more than doubled to over 300,000 tonnes of copper," said Luis Tondo, chief executive at Coro.

"The work completed so far will enable us to move ahead with the feasibility study, which we anticipate completing in the coming weeks.

"Even at this early stage, the results at the Marimaca claim have been encouraging and exceeded our expectations.

"Consequently, we look forward to restarting our drilling program once we have finalised the consolidation of the Marimaca district announced earlier this year, confident that there is more upside potential to be proven still."

Coro noted that the "excellent" conversion of the resources to the higher confidence categories were due to infill drilling.

Notably, the update does not include potential upside from drilling completed earlier this year on the neighbouring La Atomica claim, or from holes drilled elsewhere on the Marimaca claim.

WATCH - Coro Mining encouraged by latest drilling at Marimaca

The NI 43-101 resource was based on 27,606 meters of drilling in 129 holes, including 113 holes, 23,548 meters of reverse circulation (RC) drilling and 16 holes, 4,058 meters of diamond drill drilling.

Yesterday, Coro said it had appointed Armando Veliz, based in Chile,  as its new chief financial officer with effect from April 16 and Nicholas Bias as vice-president of corporate development.

Damian Towns, who is based in Vancouver and has served as finance chief since the company's inception, will assist in transitioning the role to Veliz over coming months.

Bias started his career as an equity analyst at Citibank in London, after which he moved into industry, where he managed investor relations for high-growth mining companies, including LionOre Mining, and later, led investor relations for the IPO (initial public offering) of Glencore (LON:GELN), the largest IPO in the metal and mining sector at the time.

Shares were unchanged at C$0.090.

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