CRC.L Regulatory News (CRC)

14 Nov 2005 11:32

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 EngineeringTechnical Services Pty Ltd (METS), a well-established Perth-based, Australiangroup of mineral processing consultants. METS will carry out the metallurgicalprocess review for the Haib Copper Project in Namibia, which is scheduled to becompleted within six months.The Haib Project is a substantial, well-defined, low grade sulphide copperporphyry deposit, located in southern Namibia 8 km from the Orange River andthe South African border that was placed on care and maintenance in the late1990s owing to low copper prices. Now, CRC will use the extensive geologicaland metallurgical database to focus on evaluating different process recoveryoptions and assess their relative economic merits in order to determine theoptimal recovery method for project development.After completion of the METS metallurgical review, CRC will proceed with 12months of infill drilling and metallurgical testing and complete a BankableFeasibility Study by late-2007.In 1996, Behre Dolbear estimated the Haib Project resource at 244 milliontonnes, grading 0.37% Cu, using a cut-off grade of 0.3% Cu. This equates to 2billion pounds of contained copper (net 1.2 billion pounds Cu to CRC based on60% ownership). Previous work was carried out by Falconbridge (Pty) Ltd,(1963-1964), King Resources of South Africa (1968-1969), Rio Tinto ZincCorporation (1972-1975), Rand Merchant Bank Ltd. (1992-1993), and most recentlyby Great Fitzroy Mines NL (GFM) of Australia (1995-1998). The 1998 FeasibilityStudy focused on producing cathode copper utilizing aroast-leach-electro-winning process, which required an initial capitalinvestment of the order of US$700 million. CRC's strategy is to formulate anappropriate process that will allow development of the Haib Project on a viablelong-term economic basis.The acquisition of the Haib Project in May 2005 represents a low cost entry forCRC into a major copper project. CRC concluded an option and operatingagreement with Deep South Mining Company (Pty) Ltd, Afri-Can Marine MineralsCorporation and African Millennium Corporation (the "Option Agreement"). DeepSouth Mining Company (Pty) Ltd is the holder of the Haib Project explorationlicence, subject to option agreements with Afri-Can Marine Minerals Corporationand African Millennium Corporation.Christopher Jordinson, CEO of CRC, commented: "CRC has the opportunity of a lowcost entry into what could become a major copper project, subject to CRCdefining 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.ENDCOPPER RESOURCES CORPORATION