Web Site: www.CuMtn.com
VANCOUVER, April 1 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") is pleased to announce that the Company has received the anticipated amendment to its Mines Act Permit M-29 (the "Permit") from the Province of British Columbia for its Copper-Gold open pit mining Project (the "Project") near Princeton BC. Receipt of the amendment approval followed a comprehensive and detailed review of the Project led by the Mining and Minerals Division of the BC Ministry of Energy, Mines and Petroleum Resources.
Receipt of the Permit amendment is a key step in advancing the Copper Mountain Project. The amended permit approves the mine plan and reclamation program and authorizes the Company to proceed with the construction and operation of the mine. Work to date has focused on the pouring of concrete for the concentrator building foundations which is now complete. Steel for the concentrator building is being assembled on site and with this permit approval, erection of the steel will proceed to have the building prepared for the installation of processing equipment. Major mobile equipment is being received on site with the delivery of two Komatsu D375 dozers in preparation for preproduction mining activities later this summer. The Company anticipates having half of the mobile mining fleet assembled and ready for preproduction mining by the end of August 2010. To date the Company has incurred a total of $298 million in spent and committed expenditures out of a planned $438 million on the project. There are currently 99 construction people at site and this is expected to increase to 200 once steel erection begins. The Company has added some construction photos to the Company's web page for interested investors.
The overall schedule of the project has remained unchanged with preproduction mining expected to start later this summer, while construction is expected to be completed by April 2011 and full production planned by June 2011 at the rate of 35,000 TPD.
Mr. Jim O'Rourke, President and CEO, stated, "All aspects of the project are advancing as planned and we are confident that we will achieve our target of full production in June 2011."
For the year ended December 31, 2009 the Company incurred a net loss of $1.2 million after interest income of $0.2 million for the year. Total assets increased by $89.7 million as result of the Company continuing to advance the Copper Mountain Project. Working capital at the December 31, 2009 was $37.6 million and was made up of cash of $50.4 million and liabilities of $12.7 million. (Financial Statements are Available On Sedar or the Company's Web Site) Currency is in Canadian dollars unless otherwise indicated.
In addition the Company would like to announce that the Company has also completed its head office relocation to 700 West Pender Street, Suite 1700, Vancouver BC V6C 1G8. The main office telephone number has remains the same, while the fax number has been changed to 604-682-2993.
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 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
Rod Shier, CA
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.comor; or B&D Capital, (604) 685-6465, Website: www.CuMtn.com