Coro Mining Elects Not to Acquire the Cerro Negro Mine in Chile

Coro Mining Corp. ("Coro" or the "Company") (TSX: COP) announces that it will not be exercising its option to acquire the Cerro Negro mine in Chile and therefore, has mutually agreed with Dundee Global Resources Limited Partnership not to complete the previously announced amended financing.

Coro has elected not to proceed with its acquisition of the Cerro Negro mine in Chile, at this time. This decision was based on the following points. The shareholder approval necessary to complete the financing of the Cerro Negro transaction was in place, however:

- Since the original acquisition terms were negotiated in February 2008 market conditions have changed dramatically

- Current conditions in the credit markets make refinancing of the Partnership "bridge" debt facility uncertain both on a twelve month and twenty-four month horizon

- Near term weakness in the copper price due to slowing economies worldwide will negatively impact economics at Cerro Negro

- The Company has continuously evaluated Cerro Negro during the course of the option period, but the combination of these external factors has increased the risk of the Cerro Negro transaction to an unacceptable level

Alan Stephens, President and CEO, commented, "Although disappointing, the Company believes that it is prudent not to exercise our option over Cerro Negro in the current environment and possibly jeopardize our other projects as a result. The Company remains excited by its prospects particularly at San Jorge, in Argentina, and looks forward to advancing our projects in due course."

Ned Goodman, Executive Chairman of Dundee Global Resources Limited Partnership and CEO of Dundee Corporation commented, "Dundee remains committed to Coro, its management team and projects, particularly San Jorge and looks forward to continuing its relationship with Coro as a significant shareholder."

CORO MINING CORP.

Alan Stephens, President and CEO

About Coro Mining Corp.:

The Company was founded with the goal of building a mining company focused on medium-sized base metals deposits in Latin America. The Company intends to achieve this through the exploration for, and acquisition of, projects that can be developed and placed into production and it has established an experienced development and exploration team to accomplish this. Coro has two main properties; Barreal Seco, in Chile and San Jorge, in Argentina, as well as other exploration properties located in Chile.

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of copper, estimated future production, estimated costs of future production, permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador.

Contacts: Coro Mining Corp. Michael Philpot Executive Vice-President (604) 682-5546 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.coromining.com

SOURCE: Coro Mining Corp.

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