COPPER MOUNTAIN AMENDS STOCK OPTION PLAN
VANCOUVER, June 14, 2011 /CNW/ --
VANCOUVER, June 14, 2011 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the 'Company' or 'Copper Mountain') announces that the board of directors has approved two amendments to the
Stock Option Plan (the 'Plan') of the Corporation with the approval of
the Toronto Stock Exchange to address ISS Proxy Advisory Services
concerns with the Company's Plan. The first provides that any grant of
options under the Plan to any non-executive director in any one year
cannot exceed $100,000 determined by the Black Scholes method. The
second amendment limits the ability of the Corporation to amend the
Plan or any Option without shareholder approval to the following
specified items: (i) to amend typographical, clerical and gramamatical
errors; (ii) to reflect changes to applicable securities laws; (iii) to
change the termination provisions of Options or the Plan which do not
entail an extension beyond the original expiry date; (iv) to include
the addition of a cashless feature, payable in cash or securities,
which provide for a full deduction of the number of underlying
securities from the Plan reserve; and (v) to ensure that the Options
granted under the Plan will comply with any provision respecting the
income tax and other laws in force in any country or jurisdiction of
which an Option holder to whom an Option has been granted may from time
to time be resident or a citizen. The Corporation is seeking the
approval of shareholders at its annual and special general meeting of
June 23, 2011, to an increase in the number of common shares reserved
for issuance under the Plan from '5,500,000' to '7,500,000' to ensure
the Company has sufficient room in its option plan to incentivize
employees for performance and future growth.
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 20 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, 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's web page at www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
'Rod Shier'
Rod Shier
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.
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Galina Meleger, Corporate Communications 604 682 2992 ext. 224 Email: Galina.meleger@CuMtn.com
or Website: www.CuMtn.com