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Copper King Announces Commercial Production at the New Milford Operations Flotation Mill
* On Friday May 8, 2009, 10:04 am EDT
*
MILFORD, Utah--(BUSINESS WIRE)--Copper King Mining Corporation (Pink Sheets: CPRK - News) ("Copper King") announced today, after a lengthy period of processing and start-up procedures using temporary power, that commercial production has commenced using permanent power supplied by Rocky Mountain Power at the newly completed, state-of-the-art concentrator near Milford, Utah. Production began at the rate of 1,200 short tons per day and it is expected that the mill will ramp up to at least 2,500 short tons per day over the next 45 days.
Even though commercial power has not previously been available for the mill, Rocky Mountain Power has worked diligently over the course of the last three years to help provide the necessary power. Western Utah Copper/Copper King has participated jointly with Rocky Mountain Power in enlarging the Milford substation capacity to supply commercial power.
In addition, the company intends as phase two of its operations, pending additional power supply arrangements, the commissioning of a 90,000 pound per day solvent extraction electrowin (“SXEW”) plant. This plant will leach and process the remaining copper from the flotation tails to produce pure cathode copper on site. The company expects this plant to be fully operational by November 2009. The Company projects that the plant will begin at a production rate of 30,000 pounds of copper cathodes per day and then ramp up to 90,000 pounds per day.
At full production during these first two phases and as the mill processes higher daily tonnages, the company projects to make 65-70,000 pounds of copper per day in concentrate plus gold and silver, and 90,000 pounds per day of copper cathodes. This would bring the daily total production up to 160,000 pounds of combined copper per day, plus gold and silver.
“With the commencement of commercial production at the concentrator, we are well on our way to generating cash flows and proving up the potential of our projects,” said Mark D. Dotson, president and CEO of Copper King. “With the lengthy start-up process behind us and with permanent power arrangements now in reach, we now look forward to commissioning the SXEW circuit while we continue to expand our geologic resources with our exploration activities.”
Magnetite Production
In August of 2008, Western Utah Copper/Copper King signed a 10-year contract with a large coal company to supply magnetite. Pursuant to that contract, the Company has removed, washed, processed and shipped by Union Pacific Railroad over 5,000 tons of magnetite concentrate to date. The Company is now increasing its output rate to approximately 700 – 900 tons per day. This production is in addition to the production from the mill described above.
Copper King Mining will be participating in the Las Vegas Moneyshow at the Mandalay Bay Hotel starting Tuesday, May 12 - Thursday, May 14, 2009.
Our Investor Relations representative, Charles Moskowitz will be available at Booth 720 along with a Company representative to answer any questions about our Company and our new state-of-the-art Flotation Mill.
About Copper King
Copper King is led by an experienced management team focused on exploration and production using traditional and new technologies.
Management hopes these transactions will bring additional value to the shareholders of Copper King. There is no guarantee that the projects will increase the value of its shares of common stock.
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause our expectations and beliefs about our plans to commence production, our plans to drill or our drilling results to fail to materialize: general world economic conditions; availability of capital; unfavorable geologic conditions; the complexity of exploration and production; prevailing prices for commodities, and general regional economic conditions. Copper King assumes no obligation to update the information contained in this press release.
Contact:
Copper King Mining Corporation
Investor Contact:
Charles A. Moskowitz, 617-633-2259
CAM@Copperkingmining.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it |
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