Production is expected to start June 1, 2007. Initial capital investment in the amount of $55 million will be used to build a Production Mill, Solvent-Extraction Electrowin, Vat Leach, Leach Pad and Natural Gas Cogeneration Power Plant, extraction equipment and transportation infrastructure.
Production Cost and transportation is expected to be less than 30% of the gross revenue from product sales.
It is estimated that with current proven reserves WUCC could process 2400 tons or ore per day for approximately 10 years producing almost $282,100 per day of revenue or $102,966,500 annually. Of course, proven reserves are a small fraction of what is believed to be in the Milford Mineral Belt. Drilling continues to prove more reserves daily increasing the amount of proven resources and profit expectations.
WUCC owns or controls more than 100,000 acres of mineral properties, real estate, and other assets in Beaver County, Juab County and Millard County, Utah.
Its holdings include a vast number of mining claims, land leases and mining rights described as the Millford Mineral Belt. It is 18 miles long and 8 miles wide. The principal metals include Copper, Silver, Gold, Tungsten and Molybdenum. Among its assets are also buildings and mining equipment.
Mineral Extraction Over the next five years, WUCC is projected to extract: • 230,200,000 lbs. Copper • 115,100 ounces Gold • 11,510,000 ounces Silver
Based upon current market prices, the value of these minerals would be: $736,640,000 Copper $77,117,000 Gold $126,610,000 Silver
NEWS!!!
Copper King Mining Corporation Signs Letter of Intent to Acquire Western Utah Copper Company. Copper King Mining Corporation (Pink Sheets: CPRK) is pleased to announce that the company has entered into a letter of intent to purchase 100% of Western Utah Copper Company which is located in Milford, Utah. The strength of the transaction is based on a combination of factors which will bring the two companies together and provide for a change of management and board of directors to Copper King Mining Corporation. The assets of Western Utah Copper Company are very extensive. The company holds approximately 90,000 acres of mining claims and a complete line of Caterpillar Mining equipment including their own processing mill which is near completion. The mill upon its completion is expected to process 2500 tons of ore per day, recovering 50-65,000 pounds of Copper per day plus Gold and Silver. The properties mineralization consists of Gold, Silver, Copper and other metals such as Tungsten and Molly. Western Utah Copper Company currently employs upwards of 60 people including geologists, engineers, management, construction personnel and miners. The company is currently removing overburden from the ore body on several acres of their property. The company has removed a combined 1,600,000 tons of over burden and ore, and has stock piled 200,000 tons of ore in preparation of the completed mill. Upon the signing of the definitive agreement between the two companies, management will change and Mr. Mark Dotson of Western Utah Copper Company will become the President and CEO of Copper King Mining Corporation. Mr. Dwaine Allred will step aside and become a member of the board of directors. Copper King Mining Corporation currently owns approximately 1200 acres in the Drum Mountains of Utah, which are patent deeded mining claims which contain Gold, Silver and Copper. The company recently added to its holdings by filing 6 more claims on land which was inside their holdings, but not patent deeded. Contiguous to that acreage is approximately 1100 acres of claims filed by Western Utah Copper Company. As the companies explored the concept of a joint venture on the Drum Mountain properties, it was decided that a very viable consideration was to join the total assets of both companies. The new company will keep the name Copper King Mining Corporation and the stock will not be reversed in this merger. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements. Alexander Lindale L.L.C. Wilf Blum, 801-201-4691
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