December 30, 2010, Coro Mining Corp. ("Coro" or the "Company") (TSX Symbol: COP) is pleased to announce that the Interdisciplinary Commission for the Environmental Evaluation of Mining Projects ("CEIAM" in Spanish) of the Province of Mendoza has completed its compilation, collation and evaluation of the previously completed sectoral reviews; the outcome of the public hearing and public consultation process; and the results of additional hydrological studies completed earlier this year, and has recommended that the EIS be approved by the provincial government. The CEIAM is comprised of the various entities which completed individual sectoral reviews of the project in 2009 and 2010, together with representatives of the pertinent Provincial Government ministries...
So conditional green light from the Environmental Commission. This is a big step forward, but there is still a of lot work ahead.
The projected ecomomics of the project:
COP's market value is only C$125 million, yet with today's copper and gold prices San Jorge has an estimated after-tax NPV of 900 million dollars. The tighter requirements will reduce NPV, but even with a 30% reduction the project economics are atractive.
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