Taking significant steps toward commercial copper production towards year-end 2017
Vancouver, British Columbia--(Newsfile Corp. - August 22, 2017) - Coro Mining Corp, (TSX: COP) ("Coro or the Company") is pleased to provide an update on the start-up and ramp-up of operations of its 65%-owned SCM Berta operations, located in the III Region of Chile.
Coro is pleased to announce that commissioning of the crusher, agglomerator and the majority of the heap leach pads has been completed and the operation has commenced ramping up to nominal production of 400 tonnes (880,000 lbs) per month of copper cathode* , which is expected to be reached during Q4 2017. Hauling of Pregnant Leach Solution ("PLS") produced from the first leach pads at Berta started on June 19th and the solutions are currently being processed in the Nora plant, the capacity of which has been recently increased to 4,800 tonnes (10,582,190 lbs) of copper cathode per year. The metallurgical behaviour of the ore has been excellent, with recoveries meeting the projected leach kinetics for the operation.
Coro is also pleased to announce that it has been granted the Berta plant technical permit while the receipt of the Berta Sur open pit and waste dump permits are expected to be issued in the fourth quarter of 2017.
Production levels in the crushing and agglomeration plant during the ramp up period have reached peaks of 3000 tonnes of ore per day, a level which the Company believes is sustainable. Four of the five pads are currently under leach with a 75 day leach cycle. PLS transportation to the Nora plant is also being ramped up to accommodate the solution volumes generated from the pads. Efficiency at the Nora plant has improved and, as a result, Grade A cathodes are now being produced consistently.
"We are pleased to have completed the commissioning of the Berta plant and look forward to commencing full scale mining at the Berta open pit mine shortly after receiving the final mining permit from the authorities," commented President & CEO Luis Tondo. "Achieving commercial production at SCM Berta will be a major milestone in the evolution of Coro as a junior copper producer, and we look forward to using this experience to fast track the development of our Marimaca project."
*Copper cathode is the copper plate resulting from the Solvent Extraction & Electrowinning (SXEW) process
About Coro Mining Corp.:
Coro's strategy is to grow a mining business through the discovery, development and operation of "Coro type" deposits. These are defined as projects at any stage of development, which are well located with respect to infrastructure and water, have low permitting risk, and have the potential to achieve a short and cost effective timeline to production with capital costs which are financeable relative to the Company`s market capitalization and operation of mining projects in the safest and most cost effective manner possible. The Company's assets include the Marimaca development project and the nearby Ivan SXEW copper processing plant and its surrounding mining properties; its 65% interest in the SCM Berta company, which includes the Berta and nearby Nora operations and the Llancahue exploration prospect.
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This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, includebutarenot limited toproduction estimates. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Coro's ability to predict or control and may cause Coro's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, thefutureoperation of theIvan Plant,operation of the Nora plant,copper price volatility, and changes in debt and equity markets. Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, 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.
Accordingly, readers should not place undue reliance on forward-looking statements. Coro undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.
Source: Newsfile Corp.