Copper King Mining (CPRK.PK) engages in the exploration, development, extraction and processing of mineral reserves in and around the Milford Mineral Belt in Beaver County, Utah, which includes approximately 100,000 acres of real estate and/or mineral rights.
Historic production of this area exceeds 55 million pounds of copper, along with significant gold and silver discoveries. Expert analysis of Copper King’s properties conclude that there are proven reserves of 300 million pounds of copper, probable reserves at 600 million pounds of copper and potential copper reserves exceeding 1 billion pounds. According to conservative five-year estimates, Copper King is projected to extract 230 million pounds of copper, 115,000 ounces of gold and 11,510,000 ounces of silver.
Worldwide demand for copper already exceeds existing supply, and emerging economies, such as China and India, are consuming more and more copper each year. Copper prices are expected to average between $3.00 and $3.20 per pound in 2008. Global copper consumption increased 4.7% in 2007 and is expected to increase 3.6% in 2008. Considering these price projections, Copper King’s total annual revenue expected to reach $76 million by year-end 2009.
As the company closes in on commencing production, which is scheduled to begin this quarter, Copper King’s stock has experienced a significant increase in trading volume. The stock is up 43% off its weekly low of $0.042 to close at $0.06 late last week.
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