VANCOUVER, Aug. 5 /CNW/ - Copper Mountain Mining Corporation ("CMMC" or the "Company) announces that a two phased 10,000 meter drill program that will commence immediately at the Copper Mountain Project near Princeton, BC. Phase I is designed to provide more drill information for detailed mine design and to upgrade the mine optimization in the Oriole Area and Pit 2 area. Phase II, which is independent of Phase I, will commence simultaneously and is focused on the deep drilling of geophysical targets below the Pits to better understand the total resource potential and to assist in long term mine planning.
The 2010 exploration drilling is designed to build upon the very successful 2008 exploration program. The 2008 program was successful in extending known mineralized zones, and in defining new areas of mineralization. A number of the drilling successes also demonstrated significant correlation of copper mineralization with the Titan 24 geophysical results. Historical drill results below the planned superpit are in the one percent copper range and the deep holes drilled in 2008 encountered similar grades. A highlight hole from the 2008 program was drill hole DH-P3-08 that intersected 958 ft @ 0.61 Cu Equiv. (including 323 ft @ 1.5% Cu Eq.) as shown in the diagram below:
The 2010 exploration program will consist of approximately 10,000 meters of drilling between the two phases. Drills are being mobilized and drilling will commence next week with initial results expected in the early fall.
The company employs a system of quality control for drill results which includes the use of blanks, certified reference material (standards) and check assaying. Core from the 2010 exploration program will be logged on site and split with a diamond saw. Samples will be shipped to Pioneer Laboratories for geochemical analysis of copper with all values of greater than 1,000 ppm copper being re-analysed by assay methods for copper, gold and silver. The drilling program will be supervised by Peter Holbek, M.Sc., P.Geo., a qualified person as defined by National Policy Instrument 43-101.
About Copper Mountain Mining Corp.:
Copper Mountain is a Canadian resource company managed by an experienced team of professionals with a solid track record of exploration and development success. The Company's shares trade on the Toronto Stock Exchange under the symbol "CUM". Copper Mountain owns 75% and Mitsubishi Materials Corporation owns 25% of the Copper Mountain Project. The 18,000 acre mine site is located 15 km south of the town of Princeton in southern British Columbia. The Copper Mountain Project has a current resource of approximately 5 billion pounds of copper and it is Copper Mountain's goal to develop the Copper Mountain Project as a mid tier copper and precious metal mine to produce at a rate of approximately 100 million pounds of copper per year starting in mid 2011. Additional information is available on the Company's web page at www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
Chief Executive Officer
Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statement
SOURCE Copper Mountain Mining Corporation
For further information: For further information: Galina Meleger, Corporate Communications, 604-682-2992 ext.224, Email: Galina.meleger@CuMtn.com; or Don Graham, Investor Relations, 604-682-2992 ext.224, Email: Don@cumtn.com; Website: www.CuMtn.com