Coro Mining (COP-T) amends sale price of Chacay to $2-million
April 2, 2013 - News Release
Coro Mining Corp. has provided an update on the sale of its Chacay project to Compania Minera Relincho SA, a subsidiary of Teck Resources Ltd., for a total price of $2.5-million (U.S.), plus a 1.5-per-cent net smelter return (NSR), as previously announced on Feb. 19, 2013. Teck and Coro have now agreed to amend the purchase price to $2-million, plus a 1.5-per-cent NSR, payable on closing of the sale and transfer of the core mining claims covering the known mineralization, plus an additional $500,000, plus a 1.5-per-cent NSR payable, on conversion of the surrounding exploration claims to mining claims. This conversion process is expected to be completed before the end of 2013.
Alan Stephens, president and chief executive officer of Coro, commented, "We anticipate closing of the initial transaction within seven to 10 days and will be completing the conversion of the exploration claims to mining claims expeditiously."
Mr. Stephens, FIMMM, a geologist with more than 37 years of experience, is the qualified person for Coro who has reviewed and approved the contents of this news release.
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