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Monthly copper production equivalent to annual production of approximately 430,000 tonnes
New daily ore milling record achieved at Kamoa-Kakula, equivalent to an annual rate of approximately 9.8 million tonnes
MAX RESOURCE CORP. (TSXV: MAX) (OTC PINK: MXROF) (FSE: M1D2) ("Max" or the "Company") is pleased to report the discovery of a significant copper-silver system, called AM-7, which is located on 1 of 6 new Application for Mining Concessions. All six concessions lie within the AM District of Max's wholly owned CESAR Copper Silver Project in northeastern Colombia (refer to Figures 1 to 9).
Highlights
- The AM-7 Target is the 7th discovery by Max in the AM District.
- The total number of copper-silver targets at the CESAR Project now stands at 21.
- The AM-7 mineralized horizon is a tabular body that ranges from 0.3m to 2m in width, extends over 1600m along strike and is open in all directions.
- AM-7 encompasses five historic open cut copper workings extending over 700m (refer to Figures 3 to 7).
- The primary copper mineral is Chalcocite (80% by weight copper) with minor malachite.
- Rock chip and channel samples have been collected across the outcroppings and results are pending.
- Six new Application for Mining Concessions were approved this year.
"AM-7 appears to be a significant discovery with potential for multiple stacked mineralized horizons across an impressive strike length of at least 1,600m and is open in all directions. To date, Max has identified 21 copper silver targets through three districts that span over 90-km of the Cesar Copper Rich Basin: AM, URU and Conejo," commented Max CEO, Brett Matich.
"The significant AM-7 discovery underscores the potential of the Cesar Basin to host multiple depositional models as our skilled exploration team continues to make significant copper-silver discoveries," he continued.
Max is one of the first companies to recognize this part of Colombia is underexplored for copper, and our persistence and patience continues to be rewarded as evidenced by the AM-7 discovery," he concluded.
Figure 1. CESAR Project.
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Figure 2. AM District copper silver targets, AM-1 to 7.
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Figure 3. Pit 1, AM-7.
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Pit 1, Video link: https://www.youtube.com/watch?v=5LBvWmxyitI
Figure 4. Pit 2, AM-7.
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Pit 2, Video link: https://www.youtube.com/watch?v=uKoSWVBrh5k
Figure 5. Pit 3, AM-7.
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Pit 3, Video link: https://www.youtube.com/watch?v=9GiQtoKf2JU
Figure 6. Pit 4, AM-7.
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Pit 4, Video link: https://www.youtube.com/watch?v=WM0BRNP1R_U
Figure 7. Pit 5, AM-7.
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Pit 5, Video link: https://www.youtube.com/watch?v=awqroeL_iWU
The AM-7 Target represents classic stratiform copper-silver mineralization hosted in interbedded mudstone, siltstone and fine grained cross bedded red-bed sandstone of the La Quinta Formation. The mineralized horizon is a tabular body that ranges from 0.3m to 2m wide and extends for over 1600m meters along strike. The mineralized 'reduced beds' are bleached (clay-sericite-calcite-limonite altered) and lie between shallow water red-bed sediments, typically arkose fine grained sandstone (refer to Figure 8).
Figure 8. Copper Mineralization at AM-7.
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Figure 9. Mineralized Sedimentary Rocks at AM-7.
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Chalcocite is the main copper‐bearing mineral in the prospect and is concentrated along stratigraphic laminations, and as disseminated grains. Malachite and azurite have also been observed. Carbonaceous material was associated with all mineralized beds (refer to Figure 9).
Channel and chip samples across AM-7 were collected at intervals over the length of the exposed mineralization. Assays are expected in the coming weeks and will help to define next steps in the evaluation of the AM-7 Target.
Target Evaluation
Max is evaluating the each of the 21 targets it has identified at Cesar for potential drill testing. Assessing each target area includes the following field activities:
- Systematic chip and channel sampling of the mineralized outcrops.
- Detailed geological and structural mapping of each showing.
- Trenching where possible to expose additional mineralization.
- Target scale prospecting and soil sampling.
- Ground geophysical surveys.
The information gathered during this process will allow the Company to select several of the highest priority targets for testing during the next drill campaign.
Background
Max's CESAR Project lies along the copper silver rich Cesar basin in NE Colombia. This region provides access to major infrastructure resulting from oil & gas and mining operations, including Cerrejón, the largest coal mine in South America, held by global miner Glencore. Max's twenty mining concessions collectively span over 188-km² (refer to Figure 1).
In 2022, Max executed a 2-year co-operation agreement with Endeavour Silver Corp., which assists Max to significantly expand its 100% owned landholdings at CESAR, Endeavour will hold an underlying 0.5% NSR.
Starting in the far north of the Jurassic basin, classic stacked red bed outcrops with extensive lateral continuity have been rock sampled over many kilometres within the AM District. Highlight values of 34.4% copper and 305 g/t silver have been documented in the sedimentary red bed sequences.
The Conejo District, midway south, demonstrates mineralization at the contact of intermediate and felsic volcanics which outcrops over 3.7-km. The average of surface samples over a 2.0% cut-off come in at 4.9% copper.
To the far south, the 2022 inaugural drilling was initiated at two mineralized surface exposures, each located 0.75-km apart and lie within the URU District's 20-km-long, 2-km wide mineralized target area. The drill program at URU-C and URU-CE was the first opportunity to test continuity of the structurally controlled copper silver mineralization within the volcanic host rocks in the sub-basinal environment of the Cesar sedimentary basin.
Qualified Person
The Company's disclosure of a technical or scientific nature in this news release was reviewed and approved by Tim Henneberry, PGeo (British Columbia), a member of the Max Resource advisory board, who serves as a qualified person under the definition of National Instrument 43-101.
About Max Resource Corp.
Max Resource Corp. (TSXV: MAX) is a mineral exploration company advancing the newly discovered district-scale CESAR copper-silver project. The wholly owned CESAR project sits along the Colombian portion of the world's largest producing copper belt (Andean belt), with world class infrastructure and the presence of global majors (Glencore and Chevron).
In addition, Max controls the RT Gold project (100% earn-in) in Peru, encompassing a bulk tonnage primary gold porphyry zone, and 3-km to the NW, a gold bearing massive sulphide zone. Historic drilling in 2001, returned values ranging 3.1 to 118.1 g/t gold over core lengths ranging from 2.2 to 36.0-metres.
Max is proactive, with the corporate goal of transitioning the CESAR basin towards the mining of copper, the key metal for Colombia's transition to clean energy. The safety of our people and the communities where we operate is most important. We conduct exploration in a manner which supports protection of ecosystems through responsible environmental stewardship.
Source: NI 43:101 Geological Report Rio Tabaconas Gold Project for Golden Alliance Resources Corp. by George Sivertz, Oct.3, 2011.
For more information visit: https://www.maxresource.com/
For additional information contact:
Tim McNulty E: info@maxresource.com
T: (604) 290-8100
Rahim Lakha E. rahim@bluesailcapital.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for Max Resources Corp. described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
Culpeo Minerals Discovers Additional Surface Copper At Vista Montana
HIGHLIGHTS
- Outcropping chalcopyrite copper mineralisation has been identified at the Vista Montana Prospect from detailed surface mapping,
- Outcropping copper mineralisation is coincident with geochemical anomalies defined by the recent geochemical survey (ASX announcement 3 April 2023).
- Extensive stockwork / breccia zone associated with copper bearing sheeted vein system observed (Figure 1).
- Drillhole planning is currently underway, with drill rig to be mobilised in the 3rd Quarter.
Figure 1: Plan view - Vista Montana (Total Magnetic Intensity Overlay, ASX announcement 18 May 2022), showing Cu bearing sheeted vein system (green lines), stockwork and breccia zones identified from mapping.
Figure 2: Defined targets over >3km of strike (background image is the VOXI 3D magnetic inversion model) (Refer ASX announcement 31 August 2022) and showing location of Vista Montana relative to Lana Corina.
Culpeo Minerals’ Managing Director, Max Tuesley, commented:
“This new, outcropping, copper bearing vein and breccia system is associated with a large stock-work alteration zone providing a shallow drill target. This new target area is 800m by 700m and further demonstrates the sheer scale of the copper mineralising system at the Lana Corina Project offering exploration potential for additional near surface, high grade copper mineralisation to occur similar to what we have already drilled at the Lana Corina. Geological mapping is continuing, and the company is planning a maiden drill program at Vista Montana to commence in Q3 2023."
Detailed Mapping Program
Following the previously reported generation of multiple exploration targets at Vista Montana from a recently completed geochemical survey (ASX announcement 3 April 2023) the company instigated an additional detailed mapping program over the area prior to the finalisation of drilling program design.
This mapping program has identified outcropping copper mineralisation associated with an extensive sheeted vein system and a stockwork / breccia zone over an area of 800m x 700m (Figure 3 and 4).
Mapping has identified an extensive network of copper bearing sheeted veins that covers an area of 400m x 300m in dimensions and appears to be related to the possible porphyry intrusive centers identified in the area, from the interpretation of geophysical and geochemical data over the zone (ASX announcement 3 April 2023).
Proximal to the sheeted vein system the mapping also identified a large stockwork alteration zone and associated breccia zone 400m x 400m in size. These breccias are highly silicified and contain significant copper sulfide mineralisation in the form of chalcopyrite.
Click here for the full ASX Release
This article includes content from Culpeo Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Assays Confirm Outstanding Copper Intersections At The Storm Copper Project, Canada
Assay results have been received for a further five drill holes from the current program at the 4100N Zone, and all have intersected thick intervals of near-surface copper sulphides with grades up to 70% Cu. The assays continue to match or exceed our visual estimates as reported in previous ASX annoucements.
The near-surface setting, large volumes, and high-grades of the copper mineralisation support the potential for a low-cost open pit mining operation. We continue to assess this outstanding opportunity with resource modelling, ore beneficiation test work (including ore sorting) and environmental studies in progress.
Dave O'Neil, Managing Director of American West Metals commented:
"The second batch of assays for the drilling at the 4100N Zone has continues to impress, confirming futher thick intervals of copper mineralisation very close to surface.
"Mulitple high-grade assay results highlight the presence of more semi-massive and massive sulphide copper zones within the ore body, which we believe will significantly boost the overall resource grade.
"The mineralisation at Storm is quickly demonstrating the quality and scale of what we believe will become a premier, open-pit copper mining opportunity.
"We look forward to providing further updates on drilling and other exploration activities in the coming weeks."
Click here for the full ASX Release
This article includes content from American West Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Ivanhoe Mines Announces Kamoa-Kakula Achieved Record Copper Production of 35,856 Tonnes in May
Phase 1 and 2 concentrators continue to operate at above-design copper recoveries
Phase 3 expansion and smelter advancing on schedule for first production in Q4 2024
Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng "Miles" Sun announced today that the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo achieved a monthly production record of 35,856 tonnes of copper in concentrate during May.
Copper production during April was 34,826 tonnes of copper in concentrate, bringing quarter-to-date production to 70,682 tonnes.
A new daily milling record of 29,366 tonnes of ore was also achieved by the Phase 1 and 2 concentrators. This is equivalent to an annual milling rate of 9.8 million tonnes per annum (after accounting for availability). This record far exceeds the increased milling capacity of 9.2 million tonnes per annum following the debottlenecking program of the Phase 1 and 2 concentrators, which was completed in February 2023.
Average copper recoveries for the month were 87%, above the Phase 1 and 2 concentrator nameplate recovery rates.
Construction activities for the Phase 3 expansion, including the largest copper smelter in Africa, with a capacity of 500,000 tonnes of 99+%-pure copper anodes, are advancing on schedule for first production in the fourth quarter of 2024.
Watch a June 2023 video of operations and construction activities at Kamoa-Kakula: https://vimeo.com/833031454/fb6ea4e192
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Concrete foundations for the two ball mills of the Phase 3 concentrator on the left, with foundations for the flotation cells on the right. The first batch of ball mill foundation steel is expected at site later this month. The first ball mill, supplied by CITIC Heavy Industries of Luoyang, China, also is expected to be delivered later this month.
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Concrete foundations for the Phase 3 concentrator tailings thickener. Over 60% of concrete has been poured to date and approximately 6,000 tonnes of the required 7,100 tonnes of structural steel have been fabricated, 50% of which has been shipped to site.
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Steel erection of Kamoa-Kakula's direct-to-blister flash furnace and the electric slag cleaning furnace. Overall smelter construction is now approximately 50% complete. Fabrication of the anode furnaces, ball mill and SAG mill, also manufactured by CITIC Heavy Industries, is complete with shipping expected imminently.
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Construction of new on-site accommodation. There are approximately 14,000 employees and contractors at site; approximately 97% of Kamoa's employees are Congolese.
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About Ivanhoe Mines
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa; the expansion of the Kamoa-Kakula Copper Complex in the DRC, the construction of the tier-one Platreef palladium-rhodium-platinum-nickel-copper-gold project in South Africa; and the restart of the historic ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC.
Ivanhoe Mines also is exploring for new copper discoveries across its circa 2,400km2 of 90-100% owned exploration licences in the Western Foreland, located adjacent to, or in close proximity to, the Kamoa-Kakula Copper Complex in the DRC.
Information contact
Investors
Vancouver: Matthew Keevil +1.604.558.1034
London: Tommy Horton +44 7866 913 207
Media
Tanya Todd +1.604.331.9834
Forward-looking statements
Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified using words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events, or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance and results and speak only as of the date of this news release.
Such statements include without limitation, the timing and results of: (i) statements regarding Kamoa-Kakula's monthly copper production record being equivalent to annual production of approximately 430,000 tonnes; (ii) statements that Kamoa-Kakula's new daily mill throughput record is equivalent to an annual rate of approximately 9.8 million tonnes; (iii) statements that Kamoa-Kakula's Phase 3 expansion and smelter, which is the largest copper smelter in Africa with a capacity of 500,000 tonnes, are advancing on schedule for first production in Q4 2024; (iv) statements that the first batch of ball mill foundation steel and the first ball mill for Kamoa-Kakula's Phase 3 are expected to be delivered to site later this month; and (v) statements that Kamoa-Kakula's Phase 3 anode furnaces, ball mill and SAG mill are expected to be shipped imminently.
Furthermore, concerning this specific forward-looking information concerning the operation and development of the Kamoa-Kakula Copper Complex, the company has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of related commodities; (vi) the availability of equipment and facilities necessary to complete development; (vii) the cost of consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems; (ix) accidents or acts of sabotage or terrorism; (x) currency fluctuations; (xi) changes in regulations; (xii) the compliance by joint venture partners with terms of agreements; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies; (xv) the ability to raise sufficient capital to develop such projects; (xvi) changes in project scope or design; (xvii) recoveries, mining rates and grade; (xviii) political factors; (xix) water inflow into the mine and its potential effect on mining operations; and (xx) the consistency and availability of electric power.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether such results will be achieved. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed above and under the "Risk Factors" section in the company's MD&A for the three months ended March 31, 2023, and its Annual Information Form, and elsewhere in this news release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors outlined in the "Risk Factors" section and elsewhere in the company's MD&A for the three months ended March 31, 2023, and its Annual Information Form.
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Independent Proxy Advisory Firms, ISS and Glass Lewis, Support Hudbay's Plan of Arrangement with Copper Mountain and Recommend Shareholders Vote "FOR"
- The transaction makes "strategic sense" as it increases scale, diversification and could result in a valuation re-rating
- Have questions or need help voting? Contact Kingsdale Advisors:
- Hudbay Shareholders at 1-855-682-2031 (toll free in North America)
- Copper Mountain Shareholders / CDI holders at 1-855-682-2031 (toll free in North America)
- or email contactus@kingsdaleadvisors.com
- Visit www.HudbayPOA.com or www.CopperMountainPOA.com for more details
Hudbay Minerals Inc. ("Hudbay" or the "company") (TSX, NYSE: HBM) and Copper Mountain Mining Corporation ("Copper Mountain") (TSX: CMMC) (ASX: C6C) are pleased to announce that Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis & Co., LLC ("Glass Lewis"), have recommended that shareholders vote FOR the previously announced transaction whereby Hudbay will acquire all of the issued and outstanding common shares of Copper Mountain pursuant to a court approved plan of arrangement under the Business Corporations Act (British Columbia) (the "Transaction").
Both ISS and Glass Lewis are leading independent proxy advisory firms who, among other services, provide proxy voting recommendations to pension funds, investment managers, mutual funds, and other institutional shareholders. The recommendations are consistent for both Hudbay and Copper Mountain resolutions in connection with their respective special meetings of shareholders scheduled to be held on June 13, 2023.
In reaching its recommendation, ISS stated the following for Hudbay: "Vote FOR this resolution as the transaction is expected to be accretive to the company's NAV per share, generate meaningful operational and cost synergies, provide scale and diversification benefits, and could result in a potential valuation re-rating."
In its Copper Mountain report, ISS says, "The transaction makes strategic sense as it will result in a combined company with increased size, scale, and diversification of production, development, and exploration assets". Permission to use quotations from the ISS report was neither sought nor obtained.
On May 18, 2023, Hudbay and Copper Mountain filed a Joint Management Information Circular ("the Circular") and related meeting materials (collectively with the Circular, the "Meeting Materials") in connection with their respective special meetings of shareholders scheduled to be held on June 13, 2023. The Meeting Materials are available on SEDAR under each company's profile at www.sedar.com, under Hudbay's profile on EDGAR at www.sec.gov, under Copper Mountain's profile on the ASX at www.asx.com.au, on Hudbay's website at https://www.hudbayminerals.com and on Copper Mountain's website at http://www.cumtn.com and have been mailed to shareholders of both Hudbay and Copper Mountain. Shareholders are encouraged to review the Meeting Materials prior to voting on the Transaction.
Proxy Voting Deadline
Shareholders are reminded that the Board of Directors of each of Hudbay and Copper Mountain unanimously approved the Transaction and recommend that each of their respective shareholders vote FOR the Transaction ahead of proxy voting deadlines below:
- Hudbay Shareholders:
- Friday, June 9, 2023 at 10:30 a.m. EST
- Copper Mountain Common Share and CDI holders:
- Common Shareholders: Friday, June 9, 2023 at 9:00 a.m. PST
- CDI Holders: Wednesday, June 7, 2023 at 5:00 p.m. AWST
The Transaction
The Transaction involves a proposed acquisition by Hudbay of all of the issued and outstanding Copper Mountain shares (other than Copper Mountain shares held by dissenting Copper Mountain shareholders, if any) in exchange for Hudbay shares by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). Under the Transaction, each Copper Mountain shareholder (other than any dissenting Copper Mountain shareholders) will receive 0.381 of a Hudbay share for each Copper Mountain share or Copper Mountain CDI held. If the Transaction is completed, Copper Mountain will become a wholly-owned subsidiary of Hudbay.
The consideration to be received by Copper Mountain shareholders represents a premium of approximately 23% based on the 10-day volume-weighted average price of the Hudbay shares and Copper Mountain shares on the Toronto Stock Exchange on April 12, 2023, the last trading day prior to the announcement of the Transaction.
In addition to shareholder approvals, the Transaction is subject to final court approval and the satisfaction of certain other customary closing conditions for transactions of this nature. The Toronto Stock Exchange has conditionally approved the listing of the Hudbay common shares to be issued in connection with the Transaction, and the requisite regulatory approval for the Transaction under the Competition Act (Canada) has been obtained. It is currently anticipated that the effective date of the Transaction will occur on or about June 20, 2023.
Shareholder Questions and Assistance with Voting
Hudbay Shareholders : If you have any questions or need assistance voting, you can contact Kingsdale Advisors at 1-866-581-1571 (toll-free in North America) or 1-416-623-2514 (collect outside North America) or by email at contactus@kingsdaleadvisors.com . To keep current with and obtain information about voting your shares, please visit www.HudbayPOA.com .
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/28837ef2-b43f-4978-9f52-f3ca0c8003bc
Copper Mountain Shareholders : If you have any questions or need assistance voting, you can contact Kingsdale Advisors at 1-855-682-2031 (toll-free in North America) or 1-416-623-4172 (collect outside North America) or by email at contactus@kingsdaleadvisors.com . To keep current with and obtain information about voting your shares, please visit www.CopperMountainPOA.com .
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a003271e-fae5-4575-858a-42b39f97ea2c
About Hudbay Minerals Inc.
Hudbay (TSX, NYSE: HBM) is a diversified mining company with long-life assets in North and South America. The company's Constancia operations in Cusco (Peru) produce copper with gold, silver and molybdenum by-products. Its Snow Lake operations in Manitoba (Canada) produce gold with copper, zinc and silver by-products. Hudbay has an organic pipeline that includes the Copper World project in Arizona and the Mason project in Nevada (United States), and its growth strategy is focused on the exploration, development, operation, and optimization of properties it already controls, as well as other mineral assets it may acquire that fit its strategic criteria. Hudbay's mission is to create sustainable value through the acquisition, development and operation of high-quality, long-life deposits with exploration potential in jurisdictions that support responsible mining, and to see the regions and communities in which the company operates benefit from its presence. Further information about Hudbay can be found on www.hudbay.com .
About Copper Mountain Mining Corporation
Copper Mountain owns 75% of the Copper Mountain Mine, which is located in southern British Columbia near the town of Princeton. The Copper Mountain Mine produces approximately 100 million pounds of copper equivalent on average per year. Copper Mountain trades on the Toronto Stock Exchange under the symbol "CMMC" and Australian Securities Exchange under the symbol "C6C". Additional information is available on Copper Mountain's web page at www.CuMtn.com .
For further information, please contact:
Hudbay
Candace Brûlé
Vice President, Investor Relations
(416) 814-4387
candace.brule@hudbay.com
Copper Mountain
Tom Halton
Director, Investor Relations and Corporate Communications
(604) 682-2992
Tom.Halton@CuMtn.com
Cautionary Note Regarding Forward-Looking Information
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements relate to future events or future performance and reflect Hudbay's and Copper Mountain's expectations or beliefs regarding future events. Forward-looking statements include, but are not limited to statements with respect to the consummation and timing of the Transaction; approval by shareholders of Hudbay and Copper Mountain; the satisfaction of the conditions precedent to the Transaction; the strengths, characteristics and potential of the Transaction; growth potential and expectations regarding the timing, receipt and anticipated effects of court and other consents and approvals; non-withdrawal of regulatory approvals; the impact of the Transaction on shareholders of Hudbay and Copper Mountain and other stakeholders and other anticipated benefits of the Transaction. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, risks related to failure to receive approval by shareholders of Hudbay and Copper Mountain, the required court and other consents and approvals to effect the Transaction, the potential of a third party making a superior proposal to the Transaction, the possibility that the definitive arrangement agreement could be terminated under certain circumstances.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among other things, include: business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of copper or certain other commodities; change in national and local governments, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.
Hudbay and Copper Mountain undertake no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on the information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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