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Canada : Coro Executes Amended San Jorge Agreement
Publish Date : 13-Oct-2012
Coro Mining Corp. (\"Coro\" or the \"Company\") is pleased to announce that further to its news release of February 29th 2012, Franco-Nevada Corporation (\"Franco Nevada\") and the Company have executed an amended Purchase Agreement by which Coro may acquire its 100% interest in Minera San Jorge (\"MSJ\"). Franco Nevada acquired Lumina Royalty Corp, the previous owner of MSJ in December 2011.
The amended terms for Coro to acquire 100% of MSJ are as follows;
Option payments by Coro of US$1.25 million per year, for 10 years, payable quarterly, commencing March 31, 2012
Coro may at any time, prepay the outstanding amount with a one-time payment equal to the net present value of the future payments, using a 5% discount rate
A 7.5% Net Smelter Return (\"NSR\") payable by Coro on all gold produced from the property
The option payments are not payable when exceeded by the gold NSR payment for the period
No other consideration, obligations, payments, or royalties are due to Franco Nevada, and Coro may withdraw from the Agreement at any time by not making the options payments due.
Alan Stephens, President and CEO of Coro commented, \"We are very pleased to have executed the amended Purchase Agreement with Franco Nevada and have paid the quarterly payments due on April 1st, July 1st and October 1st, 2012. The Company will provide its shareholders with an update of the status of San Jorge shortly.\"
