BRITISH COLUMBIA The feasibility study is done, and the outlook is promising for COPPER MOUNTAIN MINING of Vancouver. The company hopes to reopen the former Copper Mountain mine near Princeton.
The study was prepared by HATCH and other consultants. It describes a conventional open pit mine with a 35,000 t/d mill. The reopened mine would produce approximately 100 million lb of copper per year in concentrate with gold and silver credits. The capital cost is estimated at $402 million (excluding a $35.4 million contingency allocation) with production scheduled to commence at the end of 2010. The project would create 274 permanent jobs over an initial 15 year mine life. Operating costs during the first five years of production are estimated to be US$1.28/lb of copper net of gold and silver credits.
The Copper Mountain property has proven and probable reserves of 177.37 million tonnes grading 0.33% Cu or 1.26 billion lb of copper in situ. Additionally, at a cutoff grade of 0.15% Cu, there are 331.89 million tonnes averaging 0.30% Cu and containing 2.22 billion lb of copper in the measured and indicated categories. The inferred portion of the deposit is 271.63 million tonnes grading 0.28% Cu and containing 1.42 billion lb of copper.
The press release dated July 28, 2008, and posted at www.CuMtn.com contains details of the feasibility study.