Coro Announces Approval of Berta Project Environmental Impact Declaration

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 23, 2014) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP) is pleased to announce that the Evaluation Commission of the Atacama Region of Chile, part of the Chilean Environmental Evaluation Service (in Spanish, "SEA"), has approved the Environmental Impact Declaration ("EID") of the Berta copper project ("the Project") and has emitted the corresponding Resolution of Environmental Qualification (in Spanish, "RCA"). The Project is located in the III Region of Chile and is owned by SCM Berta ("SCMB") a Chilean company whose shareholders are Coro and ProPipe SA ("ProPipe"), an engineering firm based in Santiago, Chile.

As announced in the Company's news release NR14-10 on September 3 2014, SCMB and Inmobiliaria y Constructora Fundart Ltda ("Fundart"), a local construction group, have executed a Memorandum of Understanding ("MOU") which provides US$15m of debt financing for the development of the Berta copper resource, located approximately 20km west of the village of Inca de Oro and for the acquisition of the Nora solvent extraction and electro winning ("SXEW") plant, located 4km north of the town of Diego de Almagro and 42km north of Berta. Successful completion of the debt financing and planned acquisition of the Nora plant will increase ProPipe's interest in SCMB to 50%. In our news release NR14-12 on September 15 2014, the Company announced the positive conclusions of a Preliminary Economic Assessment for the Project which is expected to produce 38kt of copper cathode over a mine life of 8 years, generating an after tax IRR of 46.9% and an NPV_8% of US$26.6m.

Alan Stephens, President and CEO of Coro commented, "We are delighted to have achieved this important milestone in the development of the Berta project, with the SCMB environmental team led by Marcelo Cortes, Coro's VP Development, having done an excellent job in delivering a fully approved EID in less than 12 months. We now look forward to closing the loan financing and taking possession of the Nora plant. In that regard, we have been advised that the time needed to transfer the required surface title and environmental permits from the previous owners of Nora to SCMB will extend beyond our original estimated closing date of October 22 2014."