COPPER MOUNTAIN (SIMILCO MINE)

Copper Mountain Mining Corporation has received approval from the Province of British Columbia, Ministry of Energy, Mines and Petroleum Resources to proceed with the new mill foundation construction immediately. The construction contract was awarded to Gisborne Industrial Construction Ltd. to complete the foundation work this fall allowing for the erection of the mill building steel to start early next spring. This approval fits the schedule to meet the company’s planned start of production by mid 2011. Mobilization of crews and equipment has been initiated and work at site will commence immediately. Copper Mountain owns 75% and Mitsubishi Materials Corporation owns 25% of the Copper Mountain Project. The Copper Mountain Project is a past producer of 1.7 billion pounds of Copper that closed in 1996.

Copper Mountain Mining reported that Merit Consultants International Inc.,Construction Manager, for the Copper Mountain Project has awarded Gisborne Industrial Construction Ltd the contract as General contractor to start mill foundation work early this month subject to government approvals.

Copper Mountain Mining reported that Mitsubishi Materials have now closed the purchase whereby Mitsubishi acquired a 25% interest in the Copper Mountain Project (“Project”), located near Princeton, BC. To date, site activities have continued on schedule and were funded by the Company’s equity contributions and a $28.75 million line of credit from Mitsubishi. This line of credit has now been fully repaid.