Leading independent proxy advisory firms ISS and Glass Lewis recommend Copper Mountain shareholders vote in favour of proposed arrangement

2018-03-13 / @newswire

 

Web Site: www.CuMtn.com
TSX: CMMC

VANCOUVER, March 13, 2018 /CNW/ - Copper Mountain Mining Corporation (TSX: CMMC) (the "Company" or "Copper Mountain") is pleased to announce that Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis & Co. ("Glass Lewis"), two leading independent proxy advisory firms, have recommended that Copper Mountain shareholders vote FOR the plan of arrangement (the "Transaction") whereby Copper Mountain will acquire all of the issued and outstanding common shares of Altona Mining Limited ("Altona"), at their special meeting of shareholders to be held on March 26, 2018 at 2:00pm Pacific Time at the Terminal City Club (Ceperley-Walker Room), located at 837 West Hastings Street in Vancouver, British Columbia.

Along with the recommendation that Copper Mountain shareholders vote FOR the Transaction, ISS further commented that "the acquisition represents a significant development opportunity in a low risk jurisdiction, allowing the Company to diversify geographically, while gaining expanded exposure to Australian and Pan-Pacific investors and analysts by becoming a dual-listed company."

Glass Lewis, in support of their recommendation that Copper Mountain shareholders vote FOR the Transaction, additionally stated: "Given what we regard as a sound strategic framework and financial terms that appear to strongly favour Copper Mountain and its existing investors, we consider there is sufficient cause for shareholder support at this time. Accordingly, we recommend shareholders vote FOR this proposal."

Jim O'Rourke, President & CEO of Copper Mountain, added: "We are delighted to see that ISS and Glass Lewis have both recommended that shareholders vote in favour of the Transaction. Management and the Board of Directors of Copper Mountain believe strongly that the acquisition of Altona will deliver excellent value to both sets of shareholders."

Copper Mountain's Board of Directors and Management UNANIMOUSLY recommend that shareholders vote FOR the Transaction.

We encourage all Copper Mountain shareholders to read the management information circular with respect to the Transaction, which has been filed on SEDAR at www.sedar.com.

Strategic Rationale

In reaching its conclusions and in making the recommendation set out above, the Board of Director of Copper Mountain considered a number of substantive factors and benefits including, but not limited to, the following:

  • Positive Development Opportunity: The acquisition in a low risk jurisdiction of the substantially development ready Cloncurry Copper Project ("Cloncurry"), including significant copper and gold resources and reserves, and a large mineral tenure position. Cloncurry is located in one of the world's most prominent base metals production regions in Queensland, Australia, which hosts a number of leading mines including Mt. Isa, Dugald River, Cannington and Ernest Henry;
  • Near-Term Production Growth & Scale: The development of Cloncurry has the potential to double Copper Mountain's production profile, with the anticipated addition of over 80 million pounds (39,000 tonnes) of copper and 17,200 ounces of gold per annum in concentrate based on Altona's updated Definitive Feasibility Study ("Altona DFS") completed in August 2017. The Altona DFS states that the permitting for the project is largely completed and permits including Native Title, Mining Leases and an Environmental Authority have been received;
  • Reserve & Resource Accretion: Cloncurry significantly increases Copper Mountain's overall contained copper in Measured and Indicated Resources (by 104% to 4.1 billion pounds of copper) and Proven and Probable Reserves (by 87% to 2.0 billion pounds of copper), in addition to regional discovery potential surrounding Cloncurry;
  • Diversification: Asset and geographical diversification for Copper Mountain, providing a lower risk profile for the combined entity;
  • Regional Exploration Potential: Exposure to Altona's large 3,970 square kilometre land package and exploration success in a mining region which has historically been receptive to and accommodating in developing and operating mines; and
  • Profile: Increased market prominence with the creation of a significant dual-listed copper mining company, including expanded exposure for Copper Mountain to Australian and Pan-Pacific investors and analysts through listing of Copper Mountain CDIs on the ASX.

How to Vote

Shareholders of Copper Mountain are reminded to vote their proxy prior to the proxy voting deadline of 2:00pm Pacific Time on March 22, 2018.

For more information or assistance in voting your proxy, please contact Laurel Hill Advisory Group at:

Copper Mountain's Board of Directors and Management UNANIMOUSLY recommend that shareholders vote FOR the Transaction.

About Altona Mining Limited

Altona's principal asset is the Cloncurry Copper Project in Queensland, Australia found within a dominant 3,970 square kilometre land package in the highly prospective Mt. Isa inlier. It is envisaged that a 7 million tonnes per annum open pit copper-gold mine and concentrator will be developed. The development is permitted with proposed annual production of 39,000 tonnes of copper and 17,200 ounces of gold for a minimum of 14 years. The Altona Definitive Feasibility Study was refreshed in August 2017.

About Copper Mountain Mining Corporation

Copper Mountain's flagship asset is the Copper Mountain mine located in southern British Columbia near the town of Princeton. The Company has a strategic alliance with Mitsubishi Materials Corporation who owns 25% of the mine. The Copper Mountain mine has a large resource of copper that remains open laterally and at depth. This significant exploration potential is being explored over the next few years in order to fully appreciate the property's full development potential. Additional information is available on the Company's web page at www.CuMtn.com.

On behalf of the Board of Directors of

COPPER MOUNTAIN MINING CORPORATION

"Jim O'Rourke"                                                                                                 

Jim O'Rourke, P.Eng.
President & CEO

Note: This release contains forward-looking statements that involve risks and uncertainties.  These statements may differ materially from actual future events or results.  Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statement.

SOURCE Copper Mountain Mining Corporation

View original content: http://www.newswire.ca/en/releases/archive/March2018/13/c8187.html

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