June 2, 2010 (FinancialWire) — Copper Mountain Mining Corp. (TSX: CUM) said that project finance agreements for US$322 Million have been executed by Similco Mines Ltd. (which is 75% owned by the company) for the Copper Mountain Project located 15 kilometers south of the town of Princeton in southern British Columbia.

The financing consists of two tranches:  a Senior Credit Agreement for US$162 Million provided by a consortium of Senior Lenders comprising The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Mizuho Corporate Bank, Ltd., and a term loan of US$160 Million provided by Japan Bank for International Cooperation, the international arm of Japan Finance Corp.

According to Copper Mountain, the lenders under the senior credit agreement will have the benefit of export credit insurance by Nippon Export and Investment Insurance. This is NEXI's first application of its insurance on project financing for a mineral resources development project.

In connection with the agreement, the shareholders of Similco have guarantee obligations prior to the Project completion.

Copper Mountain said that preproduction mining at the project is scheduled to start late this summer and construction is planned to be completed by May 2011 for full production at the rate of 35,000 TPD by June 2011. There are currently 48 Copper Mountain personnel and 150 construction people at site.

Canada-based Copper Mountain is a Canadian resource company that owns 75%, (with Mitsubishi Materials owning 25%), of the Copper Mountain Project. The Copper Mountain Project has a current resource of around five billion pounds of copper and it is Copper Mountain's goal to develop the Copper Mountain Project as a mid tier copper and precious metal mine to produce around 100 million pounds of copper per year by mid 2011.

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