VANCOUVER, July 28 Copper-Mount.-Mining
VANCOUVER, July 28 /PRNewswire-FirstCall/ - Copper Mountain Mining Corporation ("CMMC" or the "Company) is pleased to announce that it continues to optimize the Similco mine plan based on the latest resource estimate, as reported in the April 16, 2009 press release. The reserves and updated mine plan have been completed by Hatch Ltd. ("Hatch") and will be reported in a Technical Report that will be filed on SEDAR in August 2009 (the Technical Report).
Results of the Feasibility Study completed by Hatch Ltd. ("Hatch") in 2008 were reported in the July 28, 2008 press release and the corresponding Technical Report was filed on SEDAR. The primary changes to the current production plan include higher copper production in the initial years and an increased mine life, based on the optimized pit design using the most recent resource estimate. The mine plan is based on a conventional open pit mine with a 35,000 tonnes per day mill. The Similco Mine, a former producer, is designed to produce approximately 100 million pounds of copper per year in a copper concentrate with gold and silver credits. Production is scheduled to commence in mid-2011 and the project would create approximately 274 permanent jobs over a 17 year mine life with.
The Mineral Reserve is the part of the resource that is included in the open pit plan, as designed by Hatch, and is based on an economic cutoff grade of 0.15% Cu. The Proven and Probable Mineral Reserve totals 211.1 million tonnes averaging 0.36% Cu containing 1.7 billion lbs. of copper as summarized in the table below. The figures below include an allowance for dilution and ore loss.
Mineral Reserve*
Category Tonnes Cu Cu lbs
( x 000's)(%) (000's)
-------------------------------------------
-------------------------------------------
Proven 134,8650.383 1,138,759
Probable 76,3060.321 540,005
-------------------------------------------
Total211,1710.361 1,678,764
-------------------------------------------
-------------------------------------------
-------------------------------------------
*The reserve estimate was prepared by Hatch Ltd. of Vancouver British
Columbia. Ian Thompson, P.Eng, an employee of Hatch Ltd is the
independent qualified person as defined by Canada's National Instrument
43-101. Methods used in determining and reporting the reserves are
consistent with CIM Best Practices Guidelines for the estimation of
mineral reserves.
A summary of the updated production plan as compared to the plan in the Feasibility Study is provided in the table below. Details of the revised plan will be provided in the Technical Report.
-------------------------------------------------------------------
Comparison of 2008 Feasibility Study Plan with July 2009 Updated
Production Plan
-------------------------------------------------------------------
Description July 2008 July 2009 %
F/S Plan Study Increase
-------------------------------------------------------------------
Tonnes Milled (000's) 175,818 211,127 20.1%
-------------------------------------------------------------------
Head Grade (LOM) 0.33% 0.36% 9.4%
-------------------------------------------------------------------
Recovered Copper (000's)(lbs)1,119,202 1,468,653 31.8%
-------------------------------------------------------------------
Recovered Gold (Oz)339,300 452,016 33.2%
-------------------------------------------------------------------
Recovered Silver (Oz)3,562,200 4,490,433 26.1%
-------------------------------------------------------------------
About Copper Mountain Mining Corporation:
CMMC is a BC resource company that on June 29, 2009, celebrated its second anniversary as a public 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 filed an Independent 43-101 Technical Report pertaining to the updated resource estimate on May 27, 2009. 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
"Jim O'Rourke"
Jim O'Rourke
Chief Executive 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.
SOURCE Copper Mountain Mining Corporation
