14th November 2005
COPPER RESOURCES CORPORATION
("CRC" or "the Company")
CRC APPOINTS MINERAL PROCESSING CONSULTANT TO DETERMINE OPTIMAL PROCESSING
ROUTE FOR THE HAIB COPPER PROJECT IN NAMIBIA
Copper Resources Corporation (AIM: CRC) has appointed Mineral Engineering
Technical Services Pty Ltd (METS), a well-established Perth-based, Australian
group of mineral processing consultants. METS will carry out the metallurgical
process review for the Haib Copper Project in Namibia, which is scheduled to be
completed within six months.
The Haib Project is a substantial, well-defined, low grade sulphide copper
porphyry deposit, located in southern Namibia 8 km from the Orange River and
the South African border that was placed on care and maintenance in the late
1990s owing to low copper prices. Now, CRC will use the extensive geological
and metallurgical database to focus on evaluating different process recovery
options and assess their relative economic merits in order to determine the
optimal recovery method for project development.
After completion of the METS metallurgical review, CRC will proceed with 12
months of infill drilling and metallurgical testing and complete a Bankable
Feasibility Study by late-2007.
In 1996, Behre Dolbear estimated the Haib Project resource at 244 million
tonnes, grading 0.37% Cu, using a cut-off grade of 0.3% Cu. This equates to 2
billion pounds of contained copper (net 1.2 billion pounds Cu to CRC based on
60% ownership). Previous work was carried out by Falconbridge (Pty) Ltd,
(1963-1964), King Resources of South Africa (1968-1969), Rio Tinto Zinc
Corporation (1972-1975), Rand Merchant Bank Ltd. (1992-1993), and most recently
by Great Fitzroy Mines NL (GFM) of Australia (1995-1998). The 1998 Feasibility
Study focused on producing cathode copper utilizing a
roast-leach-electro-winning process, which required an initial capital
investment of the order of US$700 million. CRC's strategy is to formulate an
appropriate process that will allow development of the Haib Project on a viable
long-term economic basis.
The acquisition of the Haib Project in May 2005 represents a low cost entry for
CRC into a major copper project. CRC concluded an option and operating
agreement with Deep South Mining Company (Pty) Ltd, Afri-Can Marine Minerals
Corporation and African Millennium Corporation (the "Option Agreement"). Deep
South Mining Company (Pty) Ltd is the holder of the Haib Project exploration
licence, subject to option agreements with Afri-Can Marine Minerals Corporation
and African Millennium Corporation.
Christopher Jordinson, CEO of CRC, commented: "CRC has the opportunity of a low
cost entry into what could become a major copper project, subject to CRC
defining an optimal processing route that provides an acceptable capital cost,
low operating cost and ensures adequate recoveries of the ore."
- ends -
For further information please contact:
Copper Resources Nabarro Wells & Co. Westhouse Securities
Mitchell Alland Keith Smith or Cailey Barker
Executive Vice Chairman John Robertson
+44 (0)787 569 5563 +44 (0)20 7710 7400 +44(0) 20 7601 6100
Additional information is available from the Company's website,
www.copperresources.com or from Westhouse Securities LLP.
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