CRC.L Regulatory News (CRC)

4 May 2005 07:00

Copper Resources Corporation04 May 2005 Wednesday, 4 May 2005 COPPER RESOURCES CORPORATION ("CRC" or "the Company") INDEPENDENT RESEARCH REPORT BY M. HORN & CO and ODL SECURITIES LTD. A comprehensive research report prepared by M. Horn & Co. and ODL SecuritiesLtd. on Copper Resources Corporation (AIM: "CRC") is now available on theCompany's website - www.copperresources.com Funds raised by CRC from its recently completed IPO on the London AIM Exchangewill be used to complete a detailed Bankable Feasibility Study on its HinobaCopper Project in the Philippines over the next 12-18 months at an expected costof £3.1 million. With its cash position of approximately £9.2 million (i.e.£0.33/share), CRC is well-positioned to add to its existing portfolio of copperprojects through future acquisitions. For further information please contact: Copper Resources Nabarro Wells & Co. ODL Securities Mitchell Alland, Chairman John Robertson Tony Clements +44 (0)787 569 5563 +44 (0)20 7710 7405 +44 (0)20 7903 6281 Copies of the M. Horn & Co. Research Report and AIM admission document areavailable from the Company's website, www.copperresources.com, or from ODLSecurities Ltd. Background Information on Copper Resources Copper Resources is the ultimate holding company of a group of mineralexploration, development and operating companies. The Group effectively has a92.5 per cent economic interest in the Hinoba-an Porphyry Copper Project (the "Project"), subject to a 3 per cent net benefits royalty payable to the originalclaimowner. The Project is located on the island of Negros in the Republic ofthe Philippines, approximately 700 km south of Manila. The Group's interest in the Project is held under an Integrated Mining andOperating Agreement with Colet Mining and Development Corporation, which holdsmining leases over 90 hectares and approximately 2,900 hectares of mineralclaims (collectively, the "Colet Claims"). The Colet Claims cover two knownporphyry copper deposits, the Don Jose deposit and the A1 deposit, whichcomprise the Hinoba-an property. Over the years, a significant amount of exploration and metallurgical testworkhas been performed on the Hinoba-an property with its previous owners havingspent approximately C$14.7 million. The Hinoba-an property has been subject toapproximately 48,000 metres of diamond drilling and 11,000 metres of reversecirculation drilling. Pre-feasibility studies indicate that the two depositsare well drilled and that all due attention has been paid to core handling,sampling and assaying. A scoping study undertaken in 1998 envisioned a 15 year mine life for the ColetClaims based on a geological resource of 254 million tonnes at 0.46 per centcopper at a 0.30 per cent copper cut-off. The study showed that the depositscould be profitably mined by open pit method with the ore processed in aconventional flotation milling operation to produce approximately 2 billionpounds of recoverable copper and other by-products. Annual production wasestimated 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. The Company will complete additional infill core drilling on the property and afeasibility study within the next 18 months. Upon completion of the feasibilitystudy, and assuming favourable economics, the Group plans to develop a potential15 million tonnes per annum open pit copper mine on the Hinoba-an property. Thedevelopment of the Project will be dependent on obtaining future financing. In addition, the Copper Resources Group owns 23 unpatented lode claims coveringapproximately 186 hectares in the state of Colorado. The copper deposit on theproperty has historically been mined as an underground operation. The Groupplans to undertake exploration and evaluation on these claims within the nexttwelve months. The exploration and evaluation stage includes a drillingprogramme that will be commenced in early 2006. 4 May 2005 This information is provided by RNS The company news service from the London Stock Exchange