A Pipeline of Porphyry Copper Projects in Chile and Argentina

A Pipeline of Porphyry Copper Projects
in Chile and Argentina
September 2012
SEPT 01, 2010
Forward Looking Statements
This presentation includes certain forward-looking statements about future events and/or financial results which are forward-looking in
nature and subject to risks and uncertainties.
Forward-looking statements include without limitation, statements regarding the company’s plans, goal or objectives and future completion
of mine feasibility studies, mine development programs, capital and operating costs, production, potential mineralization, resources and
reserves, exploration results and future plans and objectives of Coro Mining Corp. Forward-looking statements can generally be identified by
the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, or “ continue” or the
negative thereof or variations thereon or similar terminology. There can be no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause results
to differ materially from expectations include risks associated with mining generally and pre-development stage projects in particular.
The company is an early stage mineral resource exploration company. Many references to resources and other geological and technical
information contained herein have not been verified by an independent expert and are either not in accordance with the requirements under
National Instrument 43-101 or have not been prepared in accordance with a preliminary or final feasibility study. The contents of this
presentation is for informational purposes only and does not constitute an offer to sell or a solicitation to purchase any securities referred to
herein. Potential investors should conduct their own investigations as to the suitability of investing in securities of Coro Mining Corp.
Unless otherwise indicated, Coro has prepared the technical information in this presentation (“Technical Information”) based on information
contained in the technical reports and news releases (collectively the “Disclosure Documents”) available under Coro Mining Corp.’s company
profile on SEDAR at www.sedar.com. Each Disclosure Document was prepared by or under the supervision of a qualified person (a “Qualified
Person”) as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators
(“NI 43-101”). For readers to fully understand the information in this presentation, they should read the Technical Reports (available on
www.sedar.com) in their entirety, including all qualifications, assumptions and exclusions that relate to the information set out in this
presentation which qualifies the Technical Information. Readers are advised that mineral resources that are not mineral reserves do not have
demonstrated economic viability. The Disclosure Documents are each intended to be read as a whole, and sections should not be read or
relied upon out of context. The Technical Information is subject to the assumptions and qualifications contained in the Disclosure
Documents.
Alan Stephens, FIMMM, President and CEO of Coro Mining Corp, a geologist with more than 36 years of experience is the Qualified Person
for the purposes of NI 43-101 and has approved this written disclosure.
www.coromining.com
2
Coro’s Porphyry Copper Project Pipeline
Value Added
San Jorge
(Cu)
PFS completed
In permitting
phase
Berta
(Cu)
Chacay
(Cu)
Llancahue
(Cu/Mo)
2nd stage drill
program
planned for
Q1/13
Grassroots
Exploration
El
Desesperado
(Cu)
El Inca
(Cu/Au)
Initial drilling
planned for
Q3/12
Ready for
resource
definition drill
program
Resource
estimate and
metallurgical
work in
progress
Initial drilling
planned for
Q4/12
Early Drilling
Phase
Late Drilling
Phase
Resource
Definition
De-Risking of Project
PEA/PFS/DFS
Stage
Permitting &
Development
Coro Management’s Track Record
From Grass Roots Discovery (GR) to Opportunity Recognition (OR)
Alan Stephens, President & CEO
Status
Found by
Company
Kansanshi
CuAu
Zambia
Producing
OR
First Quantum Minerals
Frontier
Cu
DRC
Producing
GR
First Quantum Minerals
Guelb Moghrein
CuAu
Mauretania
Producing
OR
First Quantum Minerals
Milpillas
Cu
Mexico
Producing
GR
Cyprus Amax Minerals
San Jorge
Cu
Argentina
Advanced
OR
Coro Mining Corporation
Co Quema
Au
Panama
Development
GR
Tenneco Minerals
Sergio Rivera, VP Exploration
Status
Found by
Company
Toki Cluster
Cu
Chile
Development
GR
Codelco
Inca de Oro
Cu-Au
Chile
Development
GR
Codelco
La Americana & Co
Negro (Andina Minesite)
Cu
Chile
Advanced
GR
Codelco
Casualidad
Cu
Chile
Advanced
GR
Codelco
www.coromining.com
4
Corporate Strategy
Develop Pipeline of Copper Projects in Chile
•
•
•
•
•
Strong focus on exploration and development of porphyry copper deposits in Chile
Leverage management’s exceptional track record of making discoveries in Chile and
elsewhere to enhance Coro’s exploration success
Focus on projects with good infrastructure, or which are strategically located
Enhance shareholder value by efficiently defining resources and advancing projects
through to the PEA or PFS stage
Develop or acquire a low-cost, 5,000-10,000tpy open-pit, heap-leach copper cathode
project that could provide near-term cash flow
Advance San Jorge Copper-Gold Project in Argentina
•
Maximize shareholder value by successfully de-risking the project through completion
of permitting process
www.coromining.com
5
Pipeline of Porphyry Copper Projects in Chile
 Berta Copper Oxide Project
-
Porphyry copper-moly deposit in III Region
-
NI 43-101 compliant resource estimate & metallurgical test work in
progress
 El Inca Copper-Gold Project
El Desesperado
Berta El Inca
Chacay
-
Porphyry copper – gold project, 2km NE of the PanAust/Codelco Inca
de Oro DFS stage copper-gold deposit
-
Drilling nearing completion
San Jorge
 El Desesperado Copper Project
-
Porphyry copper project, 1-2km W of Codelco’s Toki Cluster preproduction stage copper project
Llancahue
Drilling program planned to commence in October 2012
 Chacay Copper Project
-
Porphyry copper project, 12km SE of Teck’s Relincho DFS stage coppermoly project.
-
Ready for resource definition drilling
 Llancahue Copper-Moly Project
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6
Berta and El Inca
El Inca Project
(Coro)
Inca de Oro Project
(PanAust/Codelco)
Area of Berta oxide
resource
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Berta Copper Oxide Project, Chile
 Completed initial resource definition drill
program in August 2012
Resource estimate scheduled for Q4/2012
Preliminary metallurgical column test work
program in progress
Celeste
(Coro)
Initiating environmental baseline study
Evaluating potential for low-cost, open-pit,
heap leach copper cathode production which
could finance exploration & development of
other projects
El Inca (Coro)
Berta
(Coro)
 100% Purchase Option - $6m ($1m paid) over
3 years, subject to 1.5% NSR on sulphides
 29,000m of current & historic RC & DD drilling
www.coromining.com
8
El Inca Copper-Gold Project, Chile
 7-hole, RC & DDH drilling
program nearing completion
 Area play: porphyries often
occur in clusters
 Potential synergies: according
to PanAust, additional sulphide
mineral resources are required
to enhance the economics of
the Inca de Oro project
El Inca
 100% purchase option C$10m over 5 years
(C$0.2m paid)
 Coro will also assess smaller
tonnage oxides as potential
feed to Berta
www.coromining.com
9
El Desesperado Copper Project, Chile
 Drilling program commencing in
October 2012
Chuquicamata Pit
(Operating )
 Area play: adjacent to Codelco’s Toki
Cluster of copper deposits
Minera Sur Pit
(Operating)
 Good potential for discovery of
additional members of Toki Cluster
deposits, each of which contains several
hundred million tonnes of mineralization
at 0.4-0.5% Cu. (Genoveva & Quetena
oxide deposits in permitting stage)
El Desesperado Claim
Block (Coro)
Genoveva
Quetena
Miranda
 100% purchase option - $13m over 4
years ($0.2m paid), subject to 1.9%
sales royalty
 Coro drill targets are ~1km W of
Genoveva and ~2km NW of Opache
MMH Pit
est. production
Q4 2013
Toki
City of
Calama
Opache
Coro Cu Drill Target
www.coromining.com
5 Toki Cluster Cu
Deposits
(Codelco)
Open Pit Cu Mines
(Codelco)
10
Chacay Copper Project, Chile
 Zoned porphyry alteration suite developed
over a distance of 3,500m, oriented WNW
Teck Resources
Relincho Project
ASTER Image:
highlights
alteration zones
 Significant 900 x 700m chalcocite blanket
identified at Nacho Zone.
 7,681m of RC and DD holes drilled by Coro
 Potential synergies with Relincho oxides.
Nacho Zone
Lucho
Zone
South East
Target
 100% Coro owned property
 Drilling to define a resource is the next stage
www.coromining.com
Coro Mining
Corp Chacay
Project Claims
11
Chacay; Nacho Zone Drilling
154m @ 0.60% Cu
Nacho Zone
Chalcocite Blanket
64m @ 0.55% Cu
52m @ 0.77%Cu
74m @ 0.60% Cu
78m @ 0.38% Cu
www.coromining.com
12
Llancahue Copper-Moly Project

Small mineralized porphyry, and its brecciated contact
zone discovered by drilling in 2009. Intense phyllic
and potassic alteration accompanying high grade CuMo-Ag mineralization, with extensive calci-sodic halo

Larger body of mineralized diorite or breccia complex
may be present.

Located 38km SW of the city of Talca in central Chile

100% Coro owned property

Drill testing planned for Q1/13
Selected Highlights from Drill Programs
Date
Hole
From
To
m
%Cu
%Mo
Ag g/t
MAY 09
LLA07
10
110
100
1.375
0.015
3.8
OCT 09
LR01
124
136
12
1.56
0.024
5.9
OCT 09
LR01
222
232
10
1.03
0.079
3.8
OCT 09
LR04
68
104
36
2.43
0.102
5.8
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13
San Jorge Copper - Gold Project, Argentina
 Located in NW Mendoza Province, Argentina
El Desesperado
 Easily accessible location and good infrastructure
 20km from border with “mining-friendly” San Juan
Province
 Political issues during an election year in Mendoza
caused the provincial legislature to deny the
ratification of the government approved
Environmental Impact Study (EIS) for a Float Project
in 2011
Berta
El Inca
Chacay
San Jorge
Llancahue
 A PFS for an alternative San Jorge Bi-Provincial Leach
Project, involving transport of ore from quarry site in
Mendoza to proposed SXEW plant site in San Juan
province has been completed
 An update to the approved EIS is being evaluated by
the Mendoza government
www.coromining.com
14
San Jorge Copper-Gold Project
 Classic porphyry copper deposit with oxide,
enriched and primary ore types
Argentina
 Located within belt of other porphyry
copper projects in development
 Three engineering studies completed:
– 2008: PFS Leach Project in Mendoza
(24,000 tpy Cu)
Province of
San Juan
Chile
– 2008: PEA Float Project in Mendoza
(51,000 tpy Cu)
– 2012: PFS Leach Project in
Mendoza/San Juan (24,000 tpy Cu)
Province of
Mendoza
Principal Option Terms (LOI) – Feb 2012
 Payments of US$1.25 million per year, for 10 years, payable quarterly.
 7.5% NSR payable to Franco Nevada on all gold produced from property.
 No other consideration, obligations, payments, or royalties due to Franco Nevada
www.coromining.com
15
San Jorge; Mineral Types
33m 0.97%CuT +
0.39g/t Au
118m
0.57%CuT
66m 0.75%CuT +
0.49g/t Au
121m 0.69%CuT
128m 0.66%CuT
+ 0.37g/t Au
DOMAIN
76m 1.00%CuT +
0.50g/t Au
22m 0.97%CuT
+ 0.17g/t Au
@ 0.3% CuT cutoff
Meas. & Indic.
TONNES
CuT
Au g/t
Cu (lb)
Au (ozs)
OXIDE
32,276,000
0.53%
ENRICHED
25,963,000
0.65%
0.21
373,839,000
177,000
PRIMARY
136,205,000
0.43%
0.19
1,279,114,000
852,000
380,026,000
Source: Propipe 43-101 Technical Report – Dated March 1, 2012
www.coromining.com
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San Jorge; Economic Evaluation Summary
San Jorge Technical Reports
Cost Basis
Base Case (NPV10%)
San Juan – Leach
Mendoza - Float
Late 2011
Mendoza - Leach
Late 2007 - Early 2008
Pre-tax NPV
$260m
$291m
$159m
Pre-tax IRR
41%
31%
28%
After-tax NPV
$133m
$82m
$77m
After-tax IRR
29%
18%
20%
Price Deck
$2.80/lb Cu
$1.65/lb Cu and $600/oz gold
Average Cash Costs
(Years 1 to 5)
Before Credits
$1.26
$0.91
$0.90
After Credits
$1.26
$0.69
$0.55
Average Production
(Years 1 to 5)
Copper (tonnes)
24,000
51,000
24,000
n/a
42,000
n/a
10
16
10
$184m
$277m
$162m
Prepared By
PROPIPE
GRD MINPROC
AUSENCO
Report Type
PFS
PEA*
PFS Standard
Mar 2012
April 2008
April 2008
Mine Life
Initial CAPEX
Date
Gold (ounces)
* The Preliminary Economic Assessment (“PEA”) is partially based on Inferred Resources that are considered too speculative geologically to have the economic
consideration applied to them that would enable them to be categorized as mineral reserves , and there is no certainty that the preliminary economic assessment
will be realized. For a full understanding of the PEA , reference should be made to the technical report filed on SEDAR in May 2009.
www.coromining.com
17
San Jorge; Production Plan & Economics
Leach Only
2015
2016
2017
2018
2019
2020
2021
2022
1
2
3
4
5
6
7
8
6,000
5,000
5,002
2,891
2,048
2,758
2,182
537
COG 0.3 CuT
26,418
Enriched kt
1,593
1,586
2,073
2,014
2,104
3,858
6,342
2,401
COG 0.2 CuT
21,971
Total Ore kt
7,593
6,586
7,075
4,905
4,152
6,616
8,524
2,938
48,389
Waste kt
6,772
4,927
4,511
6,420
6,848
4,384
2,475
738
37,075
Strip Ratio
0.89
0.75
0.64
1.31
1.65
0.66
0.29
0.25
0.77
5,868
5,132
4,466
2,891
2,584
2,758
2,182
537
0
0
0.50
0.55
0.66
0.76
0.46
0.44
0.54
0.98
0.00
0.00
0
0
0
2,068
3,716
3,542
3,050
1,834
0.00
0.00
0.00
0.44
0.47
0.52
0.70
1.60
Total Ore kt
5,868
5,132
4,466
4,958
6,300
6,300
5,232
2,371
5,680 2,082
Avg Recovery %
85.00
85.00
85.00
79.48
73.84
73.70
73.00
69.15
66.30 66.30
21.1
22.7
31.4
26.2
17.9
18.5
22.4
40.6
Year
Mine Extraction Oxide kt
Plant Feed
Oxide kt
CuT %
Enriched kt
CuT %
Production
Acid Cons Kg/t
Copper Cathodes t2 4,999 24,129 24,997 24,661 21,532 22,547 24,215 23,916
Cash
) 125.1
Cash Cost
Cost (US$c
(US$c/Lb
Cash Flows
Values in US$m
Revenues
121.6
2008 2013 2014
146.8
138.3
121.0
90.7
2023 2024
9
10
5,680 2,082
0.63
17.6
Total
26,418
21,972
0.63
48,390
17.6
22.5
23,684 8,683
223,363
143.8 179.3
126.5
126.5
113.3
122.3
2015
2016
2017
2018
2019
2020
2021
2022
2023
-1
0
1
2
3
4
5
6
7
8
9
10
0
0
154
149
154
152
133
139
149
148
146
54
Cathodes
0
0
154
149
154
152
133
139
149
148
146
54
Operating Cost
0
0
69
65
62
66
70
69
65
48
75
34
Operating Cash Flows
0
0
85
84
92
86
63
70
85
100
71
19
Cash Flow After Tax
0 -184
65
76
67
49
36
41
52
59
40
23
www.coromining.com
18
San Jorge; Bi-Provincial Advantages
 Argentina
- Project can supply all of Argentina’s copper requirement as cathode
- 50% of the estimated profits flow directly to federal & provincial governments
- Benefits to local suppliers in both provinces
- Potential to develop primary mineralization (sulphide) via later flotation project
 Mendoza
- Receives investment in mine fleet, crusher and railway
- Receives same percentage royalty as for flotation project
- Receives fiscal, employment and economic benefits from mine extraction
- No water contamination issues from a quarry operation; one of the principal
issues for Mendoza
- Serves as demonstration of modern mining practices
 San Juan
- Receives investment in SXEW plant
- Receives fiscal, employment and economic benefits from processing operations
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19
San Jorge; Next Steps
 The San Jorge Bi-Provincial Leach Project
- Entails treatment of leachable ores in San Juan by methods currently
prohibited in Mendoza and does not contravene Law 7722
- A quarrying operation similar to other quarrying operations currently
operating in Mendoza, with processing in San Juan
- Update to existing EIS submitted to Mendoza government, awaiting approval
- If approved, an EIS for the proposed San Juan plant will be prepared and
submitted
- Coro will continue to defend its rights to San Jorge and will use judicial means
to advance this viable alternative project, if necessary
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20
Corporate Share Structure
Financial Structure
2yr Stock Performance
Symbol-TSX
COP
Share Price (September 24,
2012)
C$0.31
Share Issued
138.2m
Shares Fully Diluted
150.0m
Working Capital
(June 30, 2012)
$7.3m
Market Cap. C$28m
Market Cap $43million
4 Major Shareholders are 68% of O/S
Benton Capital 41%; Dundee 13%; Pinetree 8%; Management 6%
www.coromining.com
21
Management & Board
 Executive Management
-
Alan Stephens, President & CEO (Mining Executive, Geologist)
Michael Philpot, Executive VP. & Corporate Secretary (Mining Executive,
Geologist)
Damian Towns, Chief Financial Officer (Accounting and Finance)
Marcelo Cortes, VP Project Development (Mining Engineer)
Sergio Rivera, VP Exploration (Geologist)
 Board of Directors
-
Robert Watts, Independent Chairman (Finance)
Alvin Jackson, Independent Director (Geologist)
Rod Webster, Independent Director (Mining Engineer)
Gordon Fretwell, Non-Executive Director (Securities Lawyer)
Alan Stephens, Executive Director
Michael Philpot, Executive Director
www.coromining.com
22
Why invest in Coro?
 Management’s successful record in Chile
 Focused Business Plan
 $7.3m Working Capital as of June 30, 2012
 Financed to Explore Pipeline of Porphyry Copper Projects in Chile
 Aggressive Exploration Program – news flow throughout 2012
 Substantial Optionality on San Jorge Copper-Gold Project, Argentina
www.coromining.com
23