VANCOUVER, Feb. 26 /CNW/ - Copper Mountain Mining Corporation ("CMMC" or
the "Company) announces that with the completion of the 63,000 m drill program
in 2008, the Copper Mountain Project resources have significantly increased
from the previously reported December 2007 National Instrument 43-101
resources estimate. Highlights of this new resource are:
- Measured and Indicated Resources:
- 302.4 Million tons grading 0.37% Cu at 0.20% Cu cut-off.
- At a 0.20% cut-off, tonnage increased from the previous estimate
by 16.2% or 42.2 million tons at a grade of 0.39% Cu providing an
increase of 362 million pounds copper, or 20% of the contained
copper.
- At a 0.15% Cu cut-off, the increase is 69 million tons with
454 million additional pounds of copper for a 20.4% increase in
contained copper.
- Inferred Resources:
- 207.8 Million tons grading 0.28% Cu at 0.20% Cu cut-off.
- Tonnage increased by 26.7% or 43.8 million tons at the 0.20% Cu
cut-off, resulting in an increase of 204 million pounds of
contained copper.
- Gold and silver grades are not available from the historical drill
data but historical production records indicate that approximately
12% of the concentrate value was from silver and gold credits. Data
from the current exploration program, which has had gold and silver
assays, indicates similar precious metal grades but at current metal
prices the value of precious metals within the concentrate would be
23%.
- Contained copper in the M&I resource categories at the 0.15% cut-off
is 2.7 billion lbs of copper with an additional 1.9 billion lbs of
copper in the inferred category for a total of 4.6 billion pounds of
copper. The total exploration cost of discovery for the additional
copper is slightly above 1 cent/pound of copper.
- Deposit remains open in most directions, especially at depth, where
current drilling has intersected higher grade material.
The resource estimate incorporates data from over 4,400 historical drill
holes totalling approximately 400,000 metres, and 370 new drill holes,
totalling 107,000 metres from the 2007 and 2008 exploration programs. It is
anticipated that subsequent resource estimates will be completed in the future
as many of the mineralized areas are still open in most directions and a
number of geophysical targets still remain to be drill-tested.
Mr. O'Rourke, President and CEO stated, "I am extremely pleased with the
success rate of our 2008 exploration program which was one of the largest
drill exploration programs in British Columbia. The increased tonnage and
grade in the resource should result in a longer mine life and increased copper
production from the operation, which should enhance the project economics"
The resource estimated was prepared by Giroux Consultants Ltd.