Mitsubishi Materials Corporation advances $28.75 million for Copper Mountain Project
Copper Mountain Mining Corporation announce that Mitsubishi Materials Corporation has agreed to advance up to Cdn$28.75 Million by way of a bridge-loan to Similco Mines Ltd., a wholly-owned subsidiary of the Company. Similco holds the assets of the former Similco mine, which the Company plans to re-develop into a producing mine. The funds will be used for development activities necessary to achieve the planned production start for the Project at the end of 2010. The Company and Mitsubishi continue to work on the definitive agreements in accordance with the MOU announced on October 1, 2008 and it is anticipated that the definitive agreements will be finalized as soon as possible.
Mr. O’Rourke, Chief Executive Officer of the Company stated: “I am extremely pleased that Mitsubishi agrees to help us develop this Project by the bridge-loan in a very challenging financial time. Despite the current economic turbulence, we have added confidence that the project will be developed within the budget and schedule. We are taking a long term positive view on the price of copper and expect an improvement in the global economic situation by 2011 when the mine is scheduled to be operating.”
