August 13, 2008

Copper Mountain Mining plans to revive to Princeton-area mine

RICHARD GILBERT

staff writer

A copper mine in Southeast British Columbia is about to get a new lease on life.

Copper Mountain Mining Corp. is planning to revive the Copper Mountain mine by investing millions of dollars in the construction of basic infrastructure and buildings. It is located 15 kms south of Princeton.

The company recently announced the results of an independent feasibility study on the Copper Mountain project, which said it was economically viable to bring the open-pit mine back into production.

“This positive feasibility study is a material step forward for the company in the restart of this past copper and precious metals producer,” said Jim O’Rourke, CEO of Copper Mountain.

“The production start at the end of 2010 meets our initial target and equipment deliveries have been arranged to match this schedule.”

The decision to move forward with the plan has not formally been approved by the company’s board of directors. However, some details on how an estimated $402 million in capital cost will be allocated are starting to emerge.

“The project basically involves the construction of a new five-bay truck shop that will handle 240-ton trucks,” said O’Rourke.

“There will be a primary crusher or a 60 inch gyratory crusher, conveyor belts, a storage facility for crushed rocks, a concentrator, fresh water and reclaimed water pipelines and a pumping station.”

According to the feasibility study, the capital costs for the project include: mining and preproduction development ($96.3 million), crushing and conveying ($28.8 million), processing ($166.3 million), tailings and water supply ($22 million), plant site infrastructure ($18 million) and construction support ($7 million).

O’Rourke said construction work has not yet been put out to tender, but some minor construction work is currently being undertaken by local contractors.

This work includes the reproofing of an existing building for use as a warehouse and an office with meeting rooms.

Work is also underway to reactivate electrical and freshwater systems.

Most of the construction will start in the spring of 2009 and completion is expected at the end of 2010.The construction manger for the project is Merit Consultants.

It is estimated there will be about 400 to 500 construction workers involved when the project is in full swing.

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