VANCOUVER, Aug. 12 /CNW/ - Copper Mountain Mining Corporation ("CMMC" or the "Company) announces that Al Cloke has agreed to join the Board of Directors effective immediately, subject to the approval of the TSX Exchange.
Mr. Cloke is a senior executive with proven leadership, team building and market development skills with a track record of successfully managing the profitable growth of distribution based businesses servicing the mining industry. Mr. Cloke has over 30 years of experience working in and as a supplier to the mining industry, Mr. Cloke has established a broad network of senior industry relationships throughout the world. Mr. Cloke is a citizen and resident of Canada. As a condition of Mr. Cloke's appointment he has been granted 245,000 share purchase options exercisable for a period of five years at an exercise price of $2.55 per share. These options will be subject to shareholder approval at the next annual general meeting.
Jim O'Rourke, President and CEO, stated, "We are extremely pleased to have a person of Al's stature join our Board. Mr. Cloke's knowledge of the mining industry and especially his experience on the supplier side of the business will be invaluable as we move the Company from a development staged Company into operations by mid next year and become a mid-tier copper producer." Mr. O'Rourke stated further that "Copper Mountain is forging ahead with construction activities at the Copper Mountain Mine site and the Company is on schedule to be in production by mid 2011."
About Copper Mountain Mining Corp.:
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 at a rate of approximately 100 million pounds of copper per year starting in 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
Director and 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: Galina Meleger, Corporate Communications, 604-682-2992 ext.224, Email: Galina.meleger@CuMtn.com; or Don Graham, Investor Relations, 604-682-2992 ext.224, Email: Don@cumtn.com, Website: www.CuMtn.com