Copper King Mining (CPRK.PK) is a Utah based mining company that merged with Western Utah Copper Company in 2007. The company is involved in the exploration, development, extraction and processing of mineral reserves in and around the Milford Mineral Belt which is located in Beaver County, Utah.
Copper King Mining owns approximately 1200 acres in the Drum Mountains of Utah along with about 1100 additional acres which was owned by the Western Utah Copper Company. All of this acreage is patent deeded mining claims which contain gold, silver, copper, and other metals. The company recently added to its holdings by filing six more claims on land which was inside their holdings, but not patent deeded.
Copper King Mining Company’s holdings inside the Milford Mineral Belt cover an area that is 18 miles long and 8 miles wide. The principal metals inside the Milford Mineral Belt include the following: copper, silver, gold, tungsten, and molybdenum. Over the next five years, Copper King Mining is projected to extract 115,100 ounces of gold, 11,510,000 ounces of silver, and 230,200,000 pounds of copper.
Based upon the March 2008 prices, these metals would be worth in excess of $1 billion. It is estimated that current proven reserves could process 2,400 tons of ore per day for 10 years producing nearly $103 million annually. Of course, proven reserves are a small fraction of what is believed to be in the Milford Mineral Belt.
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