Mitsubishi Lifts Force Majeure Notice to Copper Mountain
TSX: CUM
VANCOUVER, Oct. 4, 2011 /CNW/ - Copper Mountain Mining Corporation
(the 'Company' or 'Copper Mountain')announces that Mitsubishi Materials Corporation ('Mitsubishi') has notified the Company that they have lifted the declaration of force majeure which was made on May 26, 2011. Mitsubishi indicated that repair of the damage to their Onahama smelter has progressed successfully and that they are now in a position to resume full production at Onahama. Mitsubishi operates three copper smelters, two in Japan, Onahama with annual copper cathode production capacity of 258,000 tons and Naoshima with capacity of 225,000 tons, and the PT Smelting in Indonesia with 300,000 tons.Copper Mountain was not affected by the declaration of force majeure and the Company's first shipment of concentrate has arrived at the Onahama smelter for processing. The Company's second shipment of concentrate is scheduled for ship loading at the Port of Vancouver during the first week of October.
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 Mine. The 18,000 acre mine site is located 20 km south of the town of Princeton in southern British Columbia. The Copper Mountain Mine has a current resource of approximately 5 billion pounds of copper and recently commenced production. Additional information is available on the Company's web page at www.CuMtn.com.
The Company also announces that it has launched a new web site including a new corporate video showcasing the Copper Mountain Mine and encourages investors to view it at www.cumtn.com
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
'Rod Shier'
Rodney A. Shier, CA.
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.
Copper Mountain Mining Corporation
CONTACT: Galina Meleger, Corporate Communications 604-682-2992 ext.224
Email: Galina@CuMtn.com or
Rod Shier, Chief Financial Officer 604-682-2992 ext.222
Email: Rod@CuMtn.com
Website: www.CuMtn.com