Copper Mountain Mining Corp.

*These resources estimates are taken from the company's updated NI 43-101 resource report announced April 16, 2009. Peter M. Holbek, P.Geo. is the Qualified Person as defined in NI 43-101 for reporting purposes.

Watch Copper Mountain featured on BTV (9/09).

Watch Copper Mountain featured on BNN CEO Clips.

Click Here to view Copper Mountain Mining's Corporate Presentation.

"The view from atop of the Mountain. . .Canaccord Adams raised its copper price outlook for the near-to-medium term. The firm is now forecasting a global copper market surplus of 308,000 tonnes for 2010, followed by near-balance in 2011. The firm is forecasting global copper consumption growth of 9.2% in 2010, followed by 5.0% in 2011. For China, they are forecasting 15% copper consumption growth in 2010, following 23% in 2009 and for the western world, they are forecasting 5% copper consumption growth in 2010, likely front-end loaded by a re-stocking cycle. Based on these forecast, Canaccord increased its 2010 LME copper price forecast from US$2.75/lb to US$3.25/lb, about 2% below the current spot price. Their 2011 forecast remains US$3.00/lb, but they have marginally increased 2013 and 2014 forecasts. Canaccord Adams' long-term price forecast remains US$2.00/lb. Based on the revised short term copper prices and a modest reduction to his risk discount, Canaccord Adams Senior Mining Analyst Wendell Zerb raised his target price on his top copper pick—Copper Mountain. Zerb notes construction on Copper Mountain's 75%-owned Similco copper project in BC is well underway. He is optimistic that the Similco project is still on track for initial production in H2/11. He also notes that financing risk related to Copper Mountain's Similco asset improved dramatically with the consummation of the Copper Mountain and Mitsubishi MOU (July 2009) and the $50 million equity financing closed in September 2009."
    -   Morning Coffee, Canaccord Capital (01/25/10)

"Compelling valuation for well-advanced largely de-risked copper development story

• Remains cheap relative to peers on a P/NAV basis (0.5x NAV8%).
  Especially so considering Cu Mtn is among the most advanced near-term development projects with financing, permitting and off-take deals set.


• Higher copper price futures bode well for Copper Mountain.
  A shift higher in the fwd curve and a growing arb between the fwd strip and consensus Cu prices bodes well for value accretion and M&A.


• Exploration news and potential M&A to fuel share price in 2010.
  More immediate catalysts incl. receipt of amended Mines Act Permit to approve the new mine plan and authorize commencement of production.


• Reiterate Strong Buy rating and $3.50 target.
  Our target is based on 0.75x multiple of our 8% NAV est. of $4.59/sh. At long-term US$2.50/lb Cu & 0.90 f/x, NAV est. increases to $6.60/sh."

"Top picks on the tube. Canaccord Adams Senior Mining Analyst Wendell Zerb was interviewed on BNN Tuesday, discussing the junior mining sector and what to expect in 2010. The three top picks Zerb highlighted were: Copper Mountain, Minera Andes and Exeter Resources. Copper Mountain's primary asset is the Similco open pit copper mine (previously producing) in southern British Columbia. The current mine plan, as detailed in a July 2008 Feasibility study conducted by Hatch Ltd. (reserves and mine life were updated in April 2009), is based on a conventional open pit mine with a 35,000 tonne-per-day mill, producing a LOM average of approximately 83 million pounds of copper per year with gold and silver credits over an 18-year mine life. Production is scheduled to commence in mid-2011. The Proven and Probable mineral reserve (0.15% Cu cut-off) totals 211.2 million tonnes averaging 0.36% Cu containing 1.68 billion pounds of copper. Zerb believes the Similco mine would be good fit as a bolt-on acquisition for a small- to mid-sized, North American-based copper producer. . ."
    -   Morning Coffee, Canaccord Capital (01/06/10)

"Our expectation is that 2010 could bring with it above-average commodity prices, along with mixed broad-market activity. Overall, we are optimistic that the upcoming year will provide good opportunities in the small cap mining sector. Our top pick companies maintain a foundation that includes above-average management and active exploration/development programs on top-quality targets/assets over the next 6-18 months. Our top picks represent a cross section of companies that we believe have the opportunity to outperform based on the re-rating potential of a developing asset, commodity leverage combined with growth potential, or speculative appeal relating to high-profile exploration potential. Our top picks, while all subject to some sovereign risk, are concentrated in areas we deem to be acceptable jurisdictions.

Copper Mountain Mining Corp. (CUM : TSX | SPECULATIVE BUY, target C$3.00)

We are optimistic that Copper Mountain's 75%-owned Similco project is still on track for initial production in H2/11. We feel the current market valuation of 1.3x our estimated attributable operating CFPS (average 2011-2013) discounts the company's future production potential."
    -   Junior Mining Weekly (12/03/09)

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