Positive preliminary assessment recommends feasibility study



    TSX.V: CUM

    VANCOUVER, Nov. 21 /CNW/ - Copper Mountain Mining Corporation ("CMMC" or
the "Company) announces that Merit Consultants International Inc. (Merit) has
completed a positive independent Preliminary Assessment Report (PA) on the
Company's 100% owned Copper Mountain project located near Princeton, British
Columbia. The report contains production parameters, operating costs, capital
costs and financial projections. Merit Consultants have recommended that the
Copper Mountain project proceed to a Feasibility Study.
    The base case pre tax net present value (NPV) at a 5% discount rate over
the 15 year mine life is Cdn $406 million. The pre tax internal rate of return
(IRR) is 25.56% for the project with a capital payback of 2.69 years and the
project exceeds the Company's investment hurdle rate. The company plans to
immediately proceed with a Feasibility Study as recommended. Because of the
developed infrastructure, substantial resource, extensive historical data base
and favorable economics, the Feasibility Study is expected to be completed in
early 2008.

    Production:

    The preliminary pit design is based on processing 35,000 tonnes per day
of mill feed and producing a copper concentrate containing gold and silver.
The initial five year average grade of mill feed is 0.43% Cu (0.48% Cu
Equivalent) resulting in an average annual production of 104 million pounds
copper for the same period with gold and silver credits. The average strip
ratio for the mine life is 1.5 tons waste rock per ton of mill feed.
Production in the first five years will be focused on the higher grade
material with lower grade material (below 0.25% Cu) being sent to a low grade
stockpile, for processing towards the end of the mine life.
    A summary of the production forecast based on the metallurgical testing
and the design to date is as follows;

    
    -------------------------------------------------------------------------
    Item Description                  Years          Years           LOM
                                      1 - 5         6 - 10       (15 Years)
    -------------------------------------------------------------------------
    Total Tonnes Mined             240,611,000    195,724,000    447,316,000
    Total Waste Mined              162,799,000     94,767,000    266,894,000
    Total Ore Mined                 77,811,000    100,957,000    180,422,000
    Strip Ratio                            2:1            1:1          1.5:1

    Tonnes Milled                   63,610,000     63,514,000    180,422,000
    Grade (% Cu)                         0.43%          0.37%          0.34%
    Copper Produced (Lbs)          521,052,000    454,318,000  1,172,538,000
    Silver Production (Oz)           4,390,350      3,828,052      9,879,724
    Gold Production (Oz)               189,123        164,901        425,588
    -------------------------------------------------------------------------

                         Table - Production Summary
    

    The In-pit Mineral Resource included in this preliminary design totaled
198,827,000 tons of which 31,035,000 tons (15.6%) is in the Inferred category.
Gold and silver grade and recoveries reported in the metallurgical test
results were comparable to the operating results reported in the monthly
operating reports from prior operations. Copper recovery, based on
metallurgical testing at the design grind, is forecasted to average
87.2 percent while gold and silver recoveries average 55 percent.

    Resource:

    The PA is based on the NI 43-101 resource report completed by Giroux
Consultants Limited and includes drill data up to July 20, 2007. The Giroux
Consultants Limited Report is filed on SEDAR. Drilling at the site has been
continuous since July and the company plans to continue an aggressive drilling
program to maximize the property's potential and to upgrade the resource model
for the feasibility study. A summary of the current resources is provided in
the table below:

    
        Measured Plus Indicated Resource             Inferred Resource
    ---------------------------------------- --------------------------------
    Cut-off    Tons             Contained        Tons             Contained
      %Cu  (st x 000's) Grade  Copper (lbs)  (st x 000's) Grade  Copper (lbs)
    ---------------------------------------- --------------------------------
      0.15   318,000    0.31  1,990,700,000    341,600    0.25  1,701,200,000
    ---------------------------------------- --------------------------------
      0.20   227,500    0.37  1,679,000,000    197,200    0.31  1,202,900,000
    ---------------------------------------- --------------------------------
      0.25   163,100    0.43  1,389,600,000    113,600    0.37    833,800,000
    ---------------------------------------- --------------------------------
      0.30   118,600    0.48  1,145,700,000     69,900    0.43    595,500,000
    ---------------------------------------- --------------------------------
    The resource estimated was prepared by Giroux Consultants Ltd. of
    Vancouver British Columbia, an independent qualified person as defined by
    Canada's National Instrument 43-101. Methods used in determining and
    reporting the resources are consistent with CIM Best Practices Guidelines
    for the estimation of mineral resources and mineral reserves.
    

    Economics:

    Economic modeling results are based on commodity prices in U.S. dollars
with all other values in Canadian dollars. The base case metal prices used are
those from the October 16, 2007 London Metal Exchange forward prices to 2012
(2011 - US $2.81/lb Cu, 2012 - US $1.90/lb Cu) and US $1.80 per pound copper
for the balance of the fifteen year mine life.
    The value of the total metal produced is $2.7 billion over its 15 year
life. A summary of the net sales revenue and operating costs are provided in
the table below:

    
    -------------------------------------------------------------------------
    Item                           Years 1 - 5   Years 6 - 10      LoM Total
                                       000's          000's          000's
    -------------------------------------------------------------------------
    Gross Value
    Copper                          $1,048,139       $817,772     $2,337,699
    Gold                              $134,377       $117,166       $302,392
    Silver                             $55,457        $48,354       $124,797
    Total Gross Value               $1,293,138     $1,026,334     $2,764,888
    -------------------------------------------------------------------------
    Smelter, Refining and
     Transportation costs             $191,509       $165,739       $429,029
    -------------------------------------------------------------------------
    Net Sales Revenue               $1,101,629       $860,595     $2,335,859
    -------------------------------------------------------------------------
    Base Case Copper Price
     ($/lb Cu)                        US $2.01       US $1.80       US $1.87
    -------------------------------------------------------------------------
    Total Operating Costs
     ($/lb Cu)                        US $1.28       US $1.35       US $1.35
    -------------------------------------------------------------------------
    Total Operating Costs
     ($/lb Cu with Ag/Au credits)     US $0.93       US $1.01       US $1.00
    -------------------------------------------------------------------------

                   Table - Estimated Life Of Mine Revenue
    

    Operating costs have been calculated based on late 2007 dollars and the
labour costs used are in the upper quartile of wages paid at B.C. mines.
Operating costs are estimated at US$0.93/lb Cu (net of gold and silver credits
of $0.35/lb Cu) in years 1 to 5, US$1.01/lb Cu (net of gold and silver credits
of $0.34/ lb Cu) in years 6 to 10, and US$1.00/lb Cu (net of gold and silver
credits of $0.35/lb Cu) for the life of mine.
    The capital costs for the project excluding working capital have been
estimated to be $366 million in late 2007 Canadian dollars. Sustaining capital
for the projected Life-of-Mine is $24 million dollars. Total employment is
planned at 229 employees at the mine site.

    Recommendations:

    The Preliminary Assessment Report recommends spending an additional
$4.7 million on the Copper Mountain Project, including $1.5 million for
additional drilling, and the balance for the Feasibility Study, environmental
testing, geological consulting, and additional metallurgical test work.
    Mr. O'Rourke, Chief Executive Officer of Copper Mountain stated: "this
positive Preliminary Assessment is another major step forward for the Company
in the reactivation of this past copper and precious metals producer. We
believe shareholders should be very pleased with our aggressive program and
the Preliminary Assessment results. The next step for the project will be the
commencement of a Feasibility Study that will incorporate the additional
drilling up to December 20, 2007. We plan to have the Feasibility Study
completed in the first half of 2008."
    At present the Company has 4 drills on site, making it one of the largest
exploration programs in BC for the 2007 year. Drilling is targeted to upgrade
inferred resources that were identified by the recent interim resource
estimate (see Press Release Sept 6, 2007) to the measured and indicated
categories. In addition, the Company will be drill-testing geophysical
(Titan 24) and other exploration targets. The exploration program is being
supervised by Peter Holbek, M.Sc., P.Geo., a qualified person as defined by
National Policy Instrument 43-101.

    Regulatory Disclosure Requirements:

    Mineral resources that are not mineral reserves do not have demonstrated
economic viability. This preliminary assessment includes inferred mineral
resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the
preliminary assessment will be realized.

    About Copper Mountain Mining Corporation:

    CMMC is a new public BC resource 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 recently 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

    "Rod Shier"

    Rod 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 statements.

    %SEDAR: 00025279E




For further information:

For further information: Don Graham, Director, Investor Relations, (604)
682-2992 ext. 224; B&D Capital, (604) 685-6465


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