Hinoba-an Project Update - Conclusion of MOU

Immediate Release                                               7 December 2006

                         COPPER RESOURCES CORPORATION                          

              CRC CONCLUDES MOU WITH GLENCORE AND NANJING MINING               
             FOR JOINT VENTURE ON HINOBA-AN PROJECT IN PHILIPPINES             

LONDON, United Kingdom - 7 December 2006.

Copper Resources Corporation (AIM: CRC.L) ("CRC") has signed a memorandum of
understanding today with Glencore Investments B.V., a subsidiary of Glencore
International AG ("Glencore") and Nanjing Xixia Mountain Xin Yang Mining Co.
Ltd. ("Nanjing Mining") for the formation of a joint venture to develop the
Hinoba-an Project in the Philippines. CRC will hold a 20% free carried interest
in the joint venture, and Glencore will hold 55% and Nanjin Mining will hold
25%.

Glencore and Nanjing Mining will fund the remaining cost of the bankable
feasibility study, which is anticipated to be completed mid-2007, and will also
provide the full equity, including CRC's share, required for bringing the
project into production.

CRC will manage the completion of the bankable feasibility study; Nanjing
Mining will be the operator of the project; and Glencore will be responsible
for off-take of copper concentrates.

Glencore is a leading privately held, diversified natural resources company
with worldwide activities in the smelting, refining, mining, processing,
purchasing, selling and marketing of metals and minerals, energy products and
agricultural products. Glencore operates on a global scale, marketing physical
commodities produced in its industrial assets or purchased from third parties
to industrial consumers, such as those in the automotive, steel, power
generation, oil and food processing industries. Glencore also provides
financing, logistics and other services to producers and consumers of
commodities. These activities are supported by substantial strategic industrial
assets relating to Glencore's core commodities. Energy products and commodities
are marketed and coordinated primarily in Glencore's headquarters in Baar,
Switzerland and through the offices of its subsidiaries in London, Stamford and
Singapore

Nanjing Mining is a Chinese zinc-lead-silver mining group that was privatized
in 2001 and which has had a close relationship with Glencore since 1990. The
group has extensive operational, engineering, fabrication and construction
capabilities.

CRC effectively has a 92.5 per cent economic interest in the Hinoba-an Project,
subject to a 3 per cent net benefits royalty payable to the original Philippine
claim owners. A scoping study undertaken in 1998 envisioned a 15-year mine life
based on a geo-logical resource of 254 million tonnes at 0.46 per cent copper
at a 0.30 per cent copper cut-off. The study showed that the deposits could be
profitably mined by open pit method with the ore processed in a conventional
flotation milling operation to produce approximately 2 billion pounds of
recoverable copper and other by-products. Annual production was estimated at
56,000 tonnes of recoverable copper with an average cash cost (including
smelting, refining and by-product credits) of US$0.48/lb of copper. These
figures will be updated by the bankable feasibility study.

Chris Jordinson, CEO of CRC, stated, "CRC has always believed in the Hinoba-an
project, and this belief has now been confirmed by the strength of our joint
venture partners. The stage is therefore set for the development of the project
upon the completion of the bankable feasibility study."

---ENDS ---

   Copper Resources      Nabarro Wells &        Hanson              GTH        
      Corporation              Co.                                             
                                              Westhouse        Communications  
                                                                               
    Mitchell Alland      Jonathan Naess      Bill Staple      Toby Hall / Jade 
                                                                 Mamarbachi    
Executive Vice Chairman                                                        
                                                                               
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