VANCOUVER, BC, March 16,
2023 /PRNewswire/ - Copper Mountain Mining
Corporation (TSX: CMMC) (ASX: C6C) (the "Company" or
"Copper Mountain") announces the appointment of Patrick Merrin as President and CEO effective
April 24, 2023.
Mr. Merrin has extensive experience in the mining industry
including ten years of senior executive operational and technical
experience. Mr. Merrin's leadership positions focused on North
American mines and projects, including most recently acting Senior
Vice President of Canadian Operations at Newcrest Mining. He was
previously COO, Mining and interim CEO at Dominion Diamonds, Senior
Vice President, Canadian Operations at Goldcorp and Vice President,
Arizona Business Unit at Hudbay Minerals. Mr. Merrin holds a
Bachelor's Degree in Chemical Engineering from McGill University and an MBA from the University of Toronto, Rotman School of Business. Mr. Merrin is also a
professional engineer. In addition, Mr. Merrin will serve as a
member of the Board of Directors.
"We are pleased to have Pat join the Copper Mountain team,"
said Ed Dowling, Copper Mountain's
Chair of the Board of Directors. "His extensive operational
experience, particularly in Canada
and most recently at Newcrest, will be instrumental to the Company
as we focus on operational excellence, exploration, and growth at
Copper Mountain. We are looking forward to future value creation
under Pat's leadership."
Mr. Merrin succeeds the Company's current President and CEO,
Gil Clausen, who will retire
effective May 1, 2023, as previously
announced. Mr. Clausen will be retained on an advisory basis until
May 1, 2024 to ensure an orderly and
effective transition. Mr. Clausen will remain on the Board as a
non-independent director until the Company's 2023 Annual General
Meeting, which is planned for June 8,
2023.
Mr. Dowling added, "On behalf of the Board, I would like to
thank Gil for his dedicated service to Copper Mountain since taking
on the CEO role in June 2018. Gil has
provided exemplary and unwavering leadership over the last five
years. He has created significant value for shareholders and has
helped transform the Company. We are very grateful for his
commitment and wish him the best in his upcoming
retirement."
Gil Clausen commented, "It has
been an absolute pleasure working with the team at Copper Mountain
over the past five years. We have an exceptionally talented
group whose passion and commitment are evident every single day. I
am very pleased with all that we have achieved so far at Copper
Mountain, with plenty more to come."
About Copper Mountain Mining Corporation
Copper
Mountain owns 75% of the Copper Mountain Mine, which is located in
southern British Columbia near the
town of Princeton. The Copper
Mountain Mine produces approximately 100 million pounds of copper
equivalent on average per year. Copper Mountain trades on the
Toronto Stock Exchange under the symbol "CMMC" and Australian Stock
Exchange under the symbol "C6C".
Additional information is available on the Company's web page at
www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
"Edward Dowling"
Edward Dowling
Chair of the Board
Cautionary Note Regarding Forward-Looking
Statements
This news release may contain "forward looking
information" within the meaning of Canadian securities legislation
and "forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995
(collectively, "forward-looking statements"). These forward-looking
statements are made as of the date of this news release and Copper
Mountain does not intend, and does not assume any obligation, to
update these forward-looking statements, whether as a result of new
information, future events or otherwise, except as required under
applicable securities legislation.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
relate to future events or future performance and reflect Copper
Mountain's expectations or beliefs regarding future events.
In certain circumstances, forward-looking statements can be
identified, but are not limited to, statements which use
terminology such as "plans", "expects", "estimates", "intends",
"anticipates", "believes", "forecasts", "guidance", scheduled",
"target" or variations of such words, or statements that certain
actions, events or results "may", "could", "would", "might",
"occur" or "be achieved" or the negative of these terms or
comparable terminology. In this news release, certain
forward-looking statements are identified, including the timing of
Mr. Merrin's appointment as President and Chief Executive Officer
of the Company, the timing of Mr. Clausen's retirement and
continued role with the Company, anticipated production at the
Copper Mountain Mine, and expectations for other economic, business
and/or competitive factors. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that could
cause actual results, performance, achievements and opportunities
to differ materially from those implied by such forward-looking
statements. Factors that could cause actual results to differ
materially from these forward-looking statements include, among
others, the successful exploration of the Company's property in
Canada, market price, continued
availability of capital and financing and general economic, market
or business conditions, the Company's ability to comply with its
financial covenants under its bond terms and meet its future cash
commitments, extreme weather events, material and labour shortages,
the protection of the Company's IT systems or a component of such
systems impacting the Company's reputation and results of
operations, the reliability of the historical data referenced in
this document and risks set out in Copper Mountain's public
documents, including the management's discussion and analysis for
the quarter ended September 30, 2022
and the annual information form dated March
29, 2022, each filed on SEDAR at www.sedar.com. Although
Copper Mountain has attempted to identify important factors that
could cause the Company's actual results, performance, achievements
and opportunities to differ materially from those described in its
forward-looking statements, there may be other factors that cause
the Company's results, performance, achievements and opportunities
not to be as anticipated, estimated or intended. While the Company
believes that the information and assumptions used in preparing the
forward-looking statements are reasonable, undue reliance should
not be placed on these statements, which only apply as of the date
of this news release, and no assurance can be given that such
events will occur in the disclosed time frames or at all.
Accordingly, readers should not place undue reliance on the
Company's forward-looking statements.
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SOURCE Copper Mountain Mining Corporation
