VANCOUVER, BRITISH COLUMBIA–(Marketwired – Dec 9, 2013) – Coro Mining Corp. (“Coro” or the “Company”) (COP.TO) is pleased to announce that it has signed a binding Heads of Agreement (“HOA”) with a group comprised of Aterra Investments Ltd. (“Aterra”) and Solway Industries Ltd. (“Solway”), (collectively, the “Group”) for them to have rights to acquire an interest in the Company’s San Jorge project (the “Project”), located in the province of Mendoza, Argentina. The Group has the right to acquire a 70% interest in the Project, with the provision for an early buy-out of Coro’s interest subject to Coro’s retention of a 2.5% Net Smelter Return (“NSR”) on the production of all payable metals from the Project, except gold. Coro and the Group will work diligently to structure and execute a Definitive Agreement (“DA”) expeditiously. continues here
Coro Mining (COP.to) and Thomas Becket
“Who will rid me of this turbulent priest?”
Coro Mining has finally got rid of its welter burden of “asset” (term used loosely, it’s really a liability) in Mendoza Argentina, plus (and probably more importantly) the large options payments it’s due to pay to Franco Nevada for the “privilege” (ditto) of owning so much luverlee copper in that province. Here’s the NR, with details of the
suckers highly experienced and astute business investment bodies who have taken San Jorge off COP’s hands. Here’s a snippet:
This allows COP to concentrate efforts on its Chilean projects. Might be worth looking at this one again now in fact, there are a lot worse rockbang teams out there.
Full disclosure: no position COP.to