Copper Mountain's Acquisition of Altona Mining Receives Shareholder Approval
26.03.2018 | CNW
VANCOUVER, March 26, 2018 - Copper Mountain Mining Corp. (TSX: CMMC) ("Copper Mountain") is pleased to announce that shareholders of Copper Mountain and Altona Mining Ltd. ("Altona") have respectively voted in favour of the share issuance resolution and the scheme of arrangement ("Scheme"), providing for the acquisition of Altona by Copper Mountain, at their special meetings of shareholders."We are pleased to have received the support of shareholders from both companies. Altona's assets include $30 million in cash, a permitted development project in Queensland, Australia and a large mineral land tenure position in the highly prospective area. The Altona team has done an outstanding job in pulling together an exceptional mineral land package in a prolific mineral belt that we believe will provide long-term value to all shareholders." said Jim O'Rourke, President & CEO of Copper Mountain.
Altona will now seek orders from the Federal Court of Australia for approval of the Scheme at a hearing scheduled for early April 2018. The transaction is expected to close by mid-April 2018, subject to applicable regulatory approvals, and the satisfaction of other customary conditions.
About Altona Mining Limited
Altona's principal asset is the Cloncurry Copper Project in Queensland, Australia found within a dominant 3,970 square kilometre land package in the highly prospective Mt. Isa inlier. It is envisaged that an open pit copper-gold mine and 7 million tonnes per annum concentrator will be developed. The development is permitted with proposed annual production of 39,000 tonnes of copper and 17,200 ounces of gold for a minimum of 14 years.
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 significant exploration potential is being explored over the next few years in order to fully appreciate the property's full development potential. 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
Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statement.
SOURCE Copper Mountain Mining Corp.
Contact
Dan Gibbons, Investor Relations at 604-682-2992 ext. 238 or e-mail: Dan@cumtn.com; Rod Shier, Chief Financial Officer at 604-682-2992 ext.222 or e-mail: Rod@CuMtn.com; Website: www.CuMtn.com
