🕐01.04.10 - 23:35 Uhr
Copper Mountain Receives Ammended Mines Act Permit
 
COPPER MOUNTAIN RECEIVES AMMENDED MINES ACT PERMIT FROM BRITISH
COLUMBIA GOVERNMENT
Vancouver, British Columbia – April 1, 2010 – Copper Mountain Mining
Corporation (TSX: CUM) (the “Company” or “Copper Mountain”) is
pleased to announce that the Company has received the anticipated amendment
to it’s 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
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 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”
Rod Shier, CA
Chief Financial Officer
For further information, please contact:
Don Graham: Director, Investor Relations 604 682 2992 ext.
224 Email:
or B&D Capital 604-685-6465 Website: www.CuMtn.com
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.
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