PRESS RELEASE
COPPER KING MINING CORPORATION AND ITS SUBSIDIARY, WESTERN UTAH COPPER COMPANY, COMPLETE BANKRUPTCY SALE OF ASSETS
Milford, Utah—(Market Wire): Copper King Mining Corporation (“Copper King”) (PINK SHEETS: CPRKQ) announced today that it and its wholly-owned subsidiary, Western Utah Copper Company (the “Companies”), conducted a Bankruptcy Court auction of substantially all of their assets. CS Mining, LLC (“CS”), the stalking horse bidder was the winning bidder at the auction. It is anticipated that the sale transactions will close in approximately 30 days. CS’ winning bid was composed of cash, the assumption of certain secured and unsecured debt, issuance of a promissory note, issuance of an equity interest and warrants in CS to Copper King, with a total stated value in excess of $110 million. CS advised the Companies that it is committed to funding future operating costs and capital expenditures to open the Companies’ mill and resume mining operations, which should be a great benefit to the local community.
John Bryan, CEO of the Companies, commented, “This is fantastic news for the Milford community, former employees, unsecured creditors, past and present secured creditors, and equity holders. After a contentious struggle, we reached a consensual agreement with no objections from the primary constituents to sell the Companies’ assets. The assets were marketed to the international investment community for nearly 10 months and we are proud to have the high bidder, CS Mining, as the new owner. We are particularly proud that CS Mining will resurrect the mining operations which will have a very positive impact on employment in the Milford community.”
About Copper King and Western Utah Copper Company:
Copper King Mining Corporation (CPRK) is an investment company which, among other things, specializes in the acquisition, exploration, and development of mining and mineral properties. In January 2008, the company merged with Western Utah Copper Company (WUCC) its wholly owned Utah subsidiary.
Cautionary Information Regarding Forward-Looking Statements:
Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.
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