Lisbon Valley Mine Copper Production Increases
Denver, Colorado, October 2, 2006 - Constellation Copper Corporation (CCU : TSX) is pleased to report progress on the ramp-up of our copper production at the Lisbon Valley Mine, and production for September 2006.
September was our best month of operation to date. We harvested 1,381,040 pounds of cathode copper, shipped 1,218,900 pounds during the month, and have 867,735 pounds of cathode copper in inventory at September 30 remaining to be shipped early in October.
Copper is currently being plated at an average rate of +75,000 lbs. daily, which is 51% of design capacity. The average daily plating rate the first week of September was 43,000 lbs. daily. Current production rates represent an increase of 74% over that at the beginning of the month, and reflect the effectiveness of the operational adjustments made in July and August. We have added plating capacity by month's end at an average rate of +25,000 lbs. daily for the past two months. We have made up the majority of the four-week delay in the ramp-up schedule announced earlier.
We expect operations to be profitable going forward, beginning in October, and expect production to continue to increase at a rate similar to that experienced the past two months as we progress towards achieving full production capacity by or near year-end.
We are pleased with the progress we are making on our revised ramp-up schedule, and look forward to meeting our goal of full production capacity by year end, and the production of 54 million pounds of cathode copper in 2007.
Micheal P. Attaway, the Company's VP-Operations, a Professional Engineer, is the qualified person under National Instrument 43-101 who has reviewed the scientific and technical information contained in this release. The undersigned is also a qualified person under National Instrument 43-101.
For further information please contact:
Constellation Copper Corporation
Gregory A. Hahn, President & CEO
Michelle Hebert, Manager, Corporate Affairs
Tel: (720) 228-0055
Toll Free: 1-877-370-5400
Fax: (303) 863-1736
Renmark Financial Communications Inc.
Neil Murray-Lyon : nmurraylyon@renmarkfinancial.com
Tina Cameron : tcameron@renmarkfinancial.com
Media - Lynda Martineau : lmartineau@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to changes in commodity and power prices, changes in interest and currency exchange rates, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailability of materials and equipment, delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), political risk, social unrest, and changes in general economic conditions or conditions in the financial markets. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
