VANCOUVER, Feb. 8 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces that construction work on the Company's Copper Mountain Project is proceeding on schedule and as planned. Work to date has focused on the pouring of concrete for the concentrator building foundations which is now approximately 92% completed. Work to date is on schedule and on budget with steel erection anticipated to start late in first quarter of 2010. To date the Company has incurred a total of $285 million in spent and committed expenditures out of a planned $438 million on the project. There are currently 175 construction people at site and this is expected to increase to 200 once steel erection begins. The Company has added some construction photo's to the Company's web page for interested investors.
The overall schedule of the project has remained unchanged with preproduction mining expected to start late in the second quarter of 2010 with the delivery of half the mining fleet, while construction is expected to be completed by April 2011 and full production expected to be achieved 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 on plan for full production in June 2011. Construction of mill foundations are well advanced for steel erection to start in early March. The current slow economic climate is providing favourable deliverables and significant cost savings for construction materials.
In addition the Company would like to announce that the Company has completed its head office relocation to 700 West Pender Street, Suite 1700, Vancouver BC V6C 1G8. The main office number has remained 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"
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.com, or B&D Capital, (604) 685-6465, Website: www.CuMtn.com