Web Site: www.CuMtn.com
VANCOUVER, Aug. 5 /CNW/ - Copper Mountain Mining Corporation ("CMMC" or
the "Company) is pleased to announce that it has now closed on an agreement
whereby the Company will purchase 100% of an independent BC Company that holds
the tailings management facility that is located within the Company's Copper
Mountain project area for cash payments totaling $5,200,000. Inclusive with
this purchase is the land and an existing $1.35 million reclamation bond. On
closing the Company paid $3,200,000 and granted a mortgage securing the
balance payable of $2,000,000 due in July 2009.
Mr. O'Rourke, Chief Executive Officer of Copper Mountain stated: "this
acquisition of securing the tailings management facility area is another
significant step forward to secure the future of this mine for many years.
Although our letter of intent provided a high confidence level, it is nice to
be able to finalize this purchase as it is one of the last critical items
necessary to meet our target production start-up at the end of 2010".
The Company also announces that it has granted incentive stock options
pursuant to its Stock Option Plan to directors, employees and consultants to
acquire 1,040,000 shares in the capital of the Company at an exercise price of
$1.40 per share for a term of five years expiring on August 1, 2013. The
options will vest subject to the terms of the Company's Stock Option Plan.
About Copper Mountain Mining Corporation:
CMMC is a BC resource company that on June 29, 2008, celebrated its first
anniversary as a public company. The Company owns 100% of the Copper Mountain
Project located 15 km south of the town of Princeton in southern British
Columbia. The Company has filed an Independent 43-101 Technical Report
pertaining to the interim resource estimate and has completed a video
presentation on the Copper Mountain Project, all of which may be found on the
company's website. Copper Mountain Mining Corporation's shares trade on the
TSX Venture 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
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 statements.
For further information:
For further information: Don Graham, Director Investor Relations, (604)
682-2992 ext. 224 Or B&D Capital, (604) 685-6465