VANCOUVER, Sept. 24 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces that the Company has received approval from the Province of British Columbia, Ministry of Energy, Mines and Petroleum Resources to proceed with the new mill foundation construction immediately. The construction contract was awarded to Gisborne Industrial Construction Ltd. to complete the foundation work this fall allowing for the erection of the mill building steel to start early next spring. This approval fits the schedule to meet the Company's planned start of production by mid 2011. Mobilization of crews and equipment has been initiated and work at site will commence immediately.
Mr. O'Rourke, Chief Executive Officer of the Company, stated: "We appreciate the cooperation of the BC Government, and all other stakeholders for their efforts to accommodate the Company's schedule to allow the construction to proceed immediately. With this approval from government and our recently completed $50 million financing we can continue to maintain our schedule and build a new mine for British Columbia's future."
About Copper Mountain Mining Corporation:
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 is a past producer of 1.7 billion pounds of copper that closed in 1996, and therefore, there is significant developed infrastructure on site that the Company can build upon. 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 approximately 100 million pounds of copper per year by 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 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.
SOURCE Copper Mountain Mining Corporation
For further information: For further information: Don Graham: Director, Investor Relations, (604) 682-2992 ext. 224, Email: don@CuMtn.com; or B&D Capital, (604) 685-6465; Website: www.CuMtn.com