VANCOUVER, Oct. 31 /CNW/ - Copper Mountain Mining Corporation ("CMMC" or
the "Company") is pleased to announce that the Company's Board of Directors
have authorized management to proceed with the development of the Copper
Mountain Project ("Project") subject to the Company finalizing its financing
arrangements as well as obtaining the required operating permit amendments for
the Project. The Company has ordered long lead major equipment items. Site
work has progressed well with the re-establishment of water, sewer and power
to the administration /mine dry building that will be used during project
construction and operation. Major items ordered include critical loading and
hauling mobile equipment and the Sag Mill and Ball Mills needed to establish
design and layout for the grinding and the mill building to maintain the
production start-up date of December 2010.
Mr. O'Rourke, Chief Executive Officer of the Company stated: "I am
pleased with the project progress and the support from our Board of Directors
in light of the financial uncertainty in the overall markets. We plan to
proceed in a prudent manner to meet our production goal by the end of 2010".
Hatch Ltd has been awarded the engineering contract and Merit Consultants
International Inc. has been appointed construction manager. Both companies
have a wealth of experience in developing mining projects in British Columbia.
The Company is continuing discussions with Mitsubishi Materials Corporation
under the terms of the MOU announced in the Company's news release on
October 1, 2008.
About Mitsubishi Materials Corporation:
Established in 1950, MMC is one of the world's largest diversified
materials companies and is a leader in metal smelting and refining, cement
products, fabricated metals and advanced materials for electric components.
MMC has invested in 4 (four) copper mines now under operation, namely Los
Pelambres, Escondida (both in Chile), Huckleberry (Canada) and Batu Hijau
(Indonesia). MMC's high-level research and development programs are
instrumental in enabling it to maintain its dominant position in key markets.
MMC comprises 227 subsidiaries and affiliates in 25 countries, employing
About Copper Mountain Mining Corp.:
CMMC is a BC resource company that owns 100% of the Copper Mountain
Project located 15 km south of the town of Princeton in southern British
Columbia. The Company recently completed an independent feasibility study that
confirmed the viability of restarting this past open pit copper and precious
metal producer. Development is based on the construction of a new 35,000 tonne
per day concentrator to produce approximately 100 million pounds of copper per
year in a copper concentrate with gold and silver credits by the end of 2010.
The mine resource includes; a Measured and Indicated Mineral Resource of
186 million tons averaging 0.411% Cu containing 1.5 billion lbs copper and an
Inferred Resource of 92 million tons averaging 0.344% Cu containing
0.6 billion lbs copper (see press release July 28, 2008). A copy of the
Independent 43-101 Technical Report pertaining to the interim resource
estimate and a video presentation on the Copper Mountain Project may be found
on the company's website. Copper Mountain Mining Corporation's shares
currently trade on the TSX Exchange under the symbol CUM and additional
information is available on the Company's web site at www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
"Rodney A. Shier"
Rodney A. Shier
Chief Financial 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.
For further information:
For further information: Don Graham: Director, Investor Relations, (604)
682-2992, ext. 224, Email: don@CuMtn.com, Website: www.CuMtn.com or B&D
Capital (604) 685-6465