Vancouver, British Columbia \u2013 March 17, 2011 \u2013 Copper Mountain Mining Corporation (TSX: CUM) (the \u201cCompany\u201d or \u201cCopper Mountain\u201d) announces that after fielding a number of calls from the investment community, the Company thought it would be prudent to reassure investors that the weeks recent earth quake in Japan has not impacted the Company\u2019s Copper Mountain Project.\u00a0 All major equipment is on site and being assembled and is on schedule.\u00a0 Likewise, the Company believes that the Company\u2019s plans for delivery of copper concentrate commencing this summer remain unaffected.<\/p>\n
Mitsubishi Materials Corporation (MMC) announced on March 11, 2011 that they have suspended operations at its Onahama copper smelter because of the terrible damage by the earthquake and tsunami, as well as the damages to the infrastructures and logistics for the smelter.\u00a0 MMC is currently evaluating the situation and yet to\u00a0 have an estimate of when the Onahama copper smelter will resume its operation. MMC operates three copper smelters, two in Japan, Onahama (subsidiary of MMC) with annual copper cathode production capacity of 258,000 tons and Naoshima with capacity of 225,000 tons, and the PT smelting (subsidiary of MMC) in Indonesia with 300,000 tons. MMC has contracted to purchase 100% of the copper concentrate produced by the Copper Mountain Project. In accordance with the contracts, MMC will implement necessary actions to fulfill its obligations in good faith. MMC\u2019s commitment to the Project is unchanged.<\/p>\n
According to the \u201cInternational Copper Study Group,\u201d Global smelting capacity will expand by 14 percent to 20.68 million tons by 2014, while mining capacity will only reach 18.98 million tons.\u00a0 According to an article by Reuters on Mar 11, 2011 they reported that Japan was expected to produce 1.6 million tonnes of refined copper in 2011, about 7.6 % of world output. Currently there is excess smelter capacity, the majority of which is in China as the country continues to feed its need for raw materials and refined copper in particular. The Copper Mountain concentrate is very clean and an acceptable concentrate at most smelters.<\/p>\n
Construction work on the Company\u2019s Copper Mountain Project continues to proceed on schedule and as planned.\u00a0 The overall schedule for the project remains unchanged with construction expected to be completed by the end of April 2011, commissioning of equipment is scheduled to occur during May 2011, and full production scheduled to be achieved by the end of June 2011.\u00a0 Preproduction mining activities are well underway and the Company\u2019s new mining fleet is operating as expected.\u00a0\u00a0 Commissioning of the primary crusher, ore stockpile recovery system and pebble crusher is now underway, while installation of the grinding mills is proceeding and are expected to be ready for testing by the end of April.\u00a0 Mechanical installation in the concentrator is well advanced with the bulk of construction activities directed at piping and electrical activities.<\/p>\n
The project currently has 557 workers on site, of which 180 are Copper Mountain personnel and the rest associated with the construction activities.\u00a0 At full production, the project will employ 271 personnel.\u00a0\u00a0<\/p>\n
\u00a0About Copper Mountain Mining Corporation: On behalf of the Board of Note:\u00a0 This release contains forward-looking statements that involve risks and uncertainties.\u00a0 These statements may differ materially from actual future events or results.\u00a0 Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com<\/a>, 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.\u00a0 The Company undertakes no obligation to review or confirm analysts\u2019 expectations or estimates or to release publicly any revisions to any forward-looking statement.<\/p>\n","protected":false},"excerpt":{"rendered":" Vancouver, British Columbia \u2013 March 17, 2011 \u2013 Copper Mountain Mining Corporation (TSX: CUM) (the \u201cCompany\u201d or \u201cCopper Mountain\u201d) announces that after fielding a number of calls from the investment community, the Company thought it would be prudent to reassure investors that the weeks recent earth quake in Japan has…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1929","post","type-post","status-publish","format-standard","hentry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/metroactive.org\/wordpress\/wp-json\/wp\/v2\/posts\/1929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/metroactive.org\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/metroactive.org\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/metroactive.org\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/metroactive.org\/wordpress\/wp-json\/wp\/v2\/comments?post=1929"}],"version-history":[{"count":0,"href":"https:\/\/metroactive.org\/wordpress\/wp-json\/wp\/v2\/posts\/1929\/revisions"}],"wp:attachment":[{"href":"https:\/\/metroactive.org\/wordpress\/wp-json\/wp\/v2\/media?parent=1929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/metroactive.org\/wordpress\/wp-json\/wp\/v2\/categories?post=1929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/metroactive.org\/wordpress\/wp-json\/wp\/v2\/tags?post=1929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nCopper Mountain is a Canadian resource company managed by an experienced team of professionals with a solid track record of exploration and development success.\u00a0 The Company\u2019s shares trade on the Toronto Stock Exchange under the symbol \u201cCUM\u201d.\u00a0 Copper Mountain owns 75% and Mitsubishi Materials Corporation owns 25% of the Copper Mountain Project.\u00a0 The 18,000 acre mine site is located 20 km south of the town of Princeton in southern British Columbia.\u00a0 The Copper Mountain Project has a current resource of approximately 5 billion pounds of copper, the Copper Mountain Project is fully financed ($438M) and in construction and on schedule for the mine to produce approximately 100 million pounds of copper per year by mid 2011. Additional information is available on the Company\u2019s web page at www.CuMtn.com<\/a>.<\/p>\n
\nCOPPER MOUNTAIN MINING CORPORATION
\n\u00a0\u201cJim O\u2019Rourke\u201d\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n\u00a0J.C.(Jim )O\u2019Rourke,P Eng.
\nChief Executive Officer<\/p>\n