Coro Announces Results from Marimaca Project Due Diligence - Seite 2

Metallurgical column test work carried out in 2007 on 4 samples ranging from 0.66-3.05%CuT and 0.51-2.99%CuS collected by a third party, indicated that recoveries of 74-89% of total copper were achievable in 48 days with net acid consumption ranging from 25-43kg/t. Coro believes that this test work was carried out in a professional manner but has not validated the location or representativity of the samples used nor verified the test work results obtained. They are provided for information purposes only and should not be relied upon.

Option Terms

The agreed purchase terms for Coro to own a 75% interest, are as follows;

• $10,000 payment on signature of LOI (paid)
• $40,000 payment due on 6th February 2015
• $125,000 payment due on formation of a Newco (51% Coro/49% Constanza) on completion of an NI43-101 compliant resource estimate and engineering study that demonstrates the technical and economic feasibility of producing a minimum of 1,500tpy Cu as cathode by August 6th 2018 at Coro's sole cost
• Additional 24% interest in Newco earned by Coro upon obtaining financing for the project construction
• The owner's interest will comprise a 15% interest free carried to commencement of commercial production and a 10% participating interest subject to dilution. The owners at their election may request Coro to loan them the equity portion corresponding to their 10% interest, if any. This loan plus applicable interest would be recoverable by Coro from 100% of the project's free cash flow after debt repayments
• Coro to have first right of refusal over Constanza's interest

Sample and Assay Protocol

The samples were taken as 5m continuous chip channel samples in surface outcrops, road cuts and existing open pits by Coro personnel. The samples were transported to the Andes Analytical Assays ("AAA") laboratory in Antofagasta by Coro personnel. Samples were prepared using the following standard protocol: drying, crushing to better than 80% passing -10#, homogenizing, splitting and pulverizing a 400 g subsample to 95% passing -150#. All samples were assayed for CuT and CuS by AAS. No standards, blanks or duplicates were employed.