Copper Mountain Completes Acquisition of Altona Mining Limited
VANCOUVER , April 18, 2018 /CNW/ - Copper Mountain Mining Corporation (TSX: CMMC, ASX: C6C) ("Copper Mountain" or the "Company") is pleased to announce the closing of its acquisition of Altona Mining Limited ("Altona"). As part of the acquisition, the Company issued 0.0974 of a Copper Mountain share for each Altona ordinary share, resulting in a total of 53,538,984 Copper Mountain common shares being issued, of which 44,368,605 will trade as CHESS Depository Instruments on the Australian Stock Exchange under the symbol C6C.
As a result of the acquisition, Copper Mountain has now added to the Copper Mountain Group 100% of Altona's assets which include $30 million in cash, a permitted development project in Queensland, Australia and a large mineral land tenure position in a highly prospective area in Queensland, Australia , a mining friendly jurisdiction.
In conjunction with this transaction, the Company has added Alistair Cowden to the Board of Directors.
Alistair Cowden has an honours degree in Geology from Edinburgh University and a PhD in Geology from the University of London . Alistair has spent more than 35 years as a mining executive, director and geologist in the mining industry in Australia , Africa , Asia and Europe . He has founded eight public companies including Altona Mining, of which Alistair was Managing Director, which owned the Eva Copper project prior to its acquisition by Copper Mountain. He has been part of the discovery, financing and development of many mines including the Kanowna Belle and Sunrise Dam gold mines in Western Australia , the Hartley Platinum mine in Zimbabwe , the Kylylahti copper-gold mine in Finland , the Nimbus silver mine in Western Australia and Eva Copper in Queensland . Alistair has extensive experience across all aspects of the mining industry including mergers and acquisitions and financing. He is a member of the Australasian Institute of Mining and Metallurgy, The Australian Institute of Geoscientists and the Australian Institute of Company Directors. Alistair as Managing Director accepted the Diggers and Dealers Junior Explorer of the Year for Archaean Gold in 1995 and received the Queensland Explorer of the Year for Altona in 2012.
Jim O'Rourke , President & Chief Executive Officer of Copper Mountain, commented: "we welcome Alister to the Board. Alister and his team have done an outstanding job in assembling an exceptional mineral land package in a prolific mineral belt that we believe will provide long-term value to all shareholders."
About Copper Mountain Mining Corporation:
Copper Mountain's flagship asset is the Copper Mountain mine located in southern British Columbia near the town of Princeton . The Company has a strategic alliance with Mitsubishi Materials Corporation who owns 25% of the mine. The Copper Mountain mine has a large resource of copper that remains open laterally and at depth. This large exploration potential is being explored over the next few years in order to fully appreciate the property's full development potential. Recently, Copper Mountain's acquisition of Altona Mining Limited has been completed which brings with it approximately A$30M cash, the Cloncurry project with development-ready Eva Copper Project and an extensive exploration potential in the acquired ~ 4,000 square km (379,000 hectare) mineralized land package within the highly prospective Mt. Isa inlier area in Queensland, Australia .
Additional information is available on the Company's web page at www.CuMtn.com.
On behalf of the Board of Directors of
COPPER MOUNTAIN MINING CORPORATION
"Jim O'Rourke"
Jim O'Rourke , P.Eng.
President & CEO |
