Vancouver, B.C.,
April 30, 2009 - Copper Mountain Mining Corporation ("CMMC"
or the "Company") reports that the Company continues to advance the
Copper Mountain Project towards production with the assistance of Mitsubishi
Materials Corporation ("Mitsubishi"). Discussions between
Mitsubishi and the Company continue toward finalizing agreements and arranging
project financing.
Mitsubishi and the Company have agreed to extend the MOU up to the end
of July 2009 to provide the necessary time for the parties to finalize the
necessary agreements as outlined in the MOU and prepare to arrange project
financing. Improvements to the project with the increased resource
resulting from the successful 2008 drill program, is expected to offset financing
hurdles in the current adverse economic climate. Mitsubishi has
reconfirmed its support for the project by extending the $28.75 million line of
credit to November 30, 2009.
Site activities continue to be funded with the $28.75 million line of credit
provided by Mitsubishi. To date, the Company has drawn approximately 75% of the
line of credit to fund long lead equipment items, and support ongoing project
activities to maintain the target production schedule for mid 2011. Detailed
engineering and site geotechnical excavations for the concentrator are
progressing on schedule and below budget. The office and warehouse complex
is now fully functional with power, heat, water, telephones, internet, and
sewerage. The Company currently has approximately 16 employees currently
engaged at the site on construction activities. It is estimated that the
project will provide employment for 200 construction workers at its peak and
the ongoing operations will create 257 full time positions.
About Copper Mountain Mining Corporation:
CMMC is a BC 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". The Company currently owns 100% of Copper
Mountain Project which holds the mineral claims and crown grants over the
18,000 acre mine site. CMMC's goal is 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
For further information, please contact:
Don Graham: Director, Investor Relations 604 682 2992 ext. 224
Email: don@CuMtn.com
or B&D Capital 604-685-6465
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.