Web Site: www.CuMtn.com
TSX : CUM
VANCOUVER, Oct. 1 /CNW/ - Copper Mountain Mining Corporation ("CMMC" or
the "Company") is pleased to announce that Mitsubishi Materials Corporation
("MMC") will join the Company in developing the Copper Mountain Project
("Project") located near Princeton, BC. Effective September 30, 2008, the
Company and MMC have signed a Memorandum of Understanding ("MOU"). Under the
terms of the MOU, subject to several conditions, including approval of the
board of directors of MMC, MMC has agreed to: purchase a 25 percent equity
interest in the Project for $28.75 million, arrange a $250 million project
loan, and contract to purchase all the copper concentrate (approximately
150,000 dry metric tonnes per annum for the first 10 years) from the mine.
This arrangement, coupled with financial support from our mobile equipment
suppliers, is a major step forward in completing the Company's financing
requirements for the Project.
Mr. O'Rourke, Chief Executive Officer of the Company stated: "I am
extremely pleased to have such a strong partner as MMC join our project. My
twenty year business relationship with MMC has been very positive and I view
this new relationship for our Company as one of the last critical steps toward
meeting our production goal by the end of 2010".
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