News Leader News for February 16, 2010
PXA LOOKS AT PROBLEMS
There are a lot of problem areas at the fairgrounds requiring work. When Princeton Exhibition Association (PXA) met February 9, President John Bey presented a list of what had been achieved last year and what should be done this year. Both lists were very long. What can be done this year depends on money available. Bey assured members he is seeking grants from any sources he can identify in order to continue work begun last year. The current PXA bank balance will not cover anything but the monthly bills for utilities. A grant from the Town is expected annually, as the property belongs to the Town. Most of the work is done by volunteers.
Work for 2010 includes repairs and renovations to the grandstand, painting the washrooms and concession, making the facility more user-friendly and disabled, barn repairs, and continuation of improvements to water, electrical and telephone services.
President Bey gave members a document showing the probable community revenue generated by events held at the fairgrounds. The rodeo, horse races, ATV/BC event, bull riding finals, Little Britches Rodeo, Fall Fair, and stall rentals draw many participants, many from out of town. A formula of $171 per participant is a figure used by Tourism BC to calculate the revenue within the business community. For a single day event, $1,304,730 is the estimated revenue. Most of the events held at the fairgrounds last two or three days. While this seems like a huge amount of money for one day, it includes money spent for motels or other accommodation, meals, vehicle fuel and incidental spending such as shopping for snacks, ice or souvenirs.
The PXA is looking for a person or group to take over operation of the concession during all annual events at the fairgrounds. The group would pay a percentage of profit to the organization hosting the event. No hard and fast rules have been laid out, leaving room for negotiation by an interested party.
Events at the fairgrounds draw vendors. The PXA is working on a vendor rate that will be used by all groups hosting events. Vendors will pay a rate based on desirability of location, use of power and amount of space requested.
Advertisers using the front gate and fence to hang signs promoting their businesses will pay a set fee of $500 per year no matter where the signs are located. Signs will be of the same size and made from the same materials.
ATV/BC will be using the grounds for their annual get-together. They will arrive July 13 and continue their fun until July 19.
The first major event to be held at the fairgrounds this year is the Princeton Rodeo on May 15 and 16.
CMMC SAYS MINE PROJECT IS ON SCHEDULE
Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announced February 8th that construction work on the Company's Copper Mountain Project is proceeding on schedule and as planned. Work to date has focused on the pouring of concrete for the concentrator building foundations which is now approximately 92% completed. Work to date is on schedule and on budget with steel erection anticipated to start late in first quarter of 2010.
To date the Company has incurred a total of $285 million in spent and committed expenditures out of a planned $438 million on the project. There are currently 175 construction people at site and this is expected to increase to 200 once steel erection begins. The Company has added some construction photos to the Company's web page for interested investors.
The overall schedule of the project has remained unchanged with preproduction mining expected to start late in the second quarter of 2010 with the delivery of half the mining fleet, while construction is expected to be completed by April 2011 and full production expected to be achieved by June 2011 at the rate of 35,000 TPD.
Jim O'Rourke, President and CEO, stated, "All aspects of the project are advancing on plan for full production in June 2011. Construction of mill foundations are well advanced for steel erection to start in early March. The current slow economic climate is providing favourable deliverables and significant cost savings for construction materials."
In addition the Company would like to announce that the Company has completed its head office relocation to 700 West Pender Street, Suite 1700, Vancouver BC V6C 1G8. The main office number has remained the same, while the fax number has been changed to 604-682-2993. About Copper Mountain Mining Corporation: Copper Mountain is a Canadian resource company managed by an experienced team of professionals with a solid track record of exploration and development success. The Company's shares trade on the Toronto Stock Exchange under the symbol "CUM". Copper Mountain owns 75% and Mitsubishi Materials Corporation owns 25% of the Copper Mountain Project.
The 18,000 acre mine site is located 15 km south of the town of Princeton. The Copper Mountain Project has a current resource of approximately 5 billion pounds of copper and it is Copper Mountain's goal to develop the Copper Mountain Project as a mid tier copper and precious metal mine to produce approximately 100 million pounds of copper per year by mid 2011.
Additional information is available on the Company's web page at www.CuMtn.com.
MUSEUM PLANS MAY OPENING
The renovation and expansion of Princeton Museum has been delayed again, leaving the Museum Society no option but to leave the expansion plan until after the Princeton 150th anniversary celebrations. The museum will open for the long weekend in May, and will close in September. The work on the museum will be done next winter.
While this was a big disappointment for all Museum Society members, they will go ahead with their customary arrangements for the tourist season. Operations manager Nick Mills is currently applying for grants to hire three students for summer employment at the museum.
Museum Society executive members will meet with the Town of Princeton to discuss a number of matters of interest to both, including the matter of a lease for the museum building.
At the Museum Society regular meeting held February 9, members were pleased to receive a letter from Alex Atamanenko wishing them success in facing the challenges of the coming year and offering to help in any way he could.
Mills reported a continuing flow of e-mail inquiries, most of which pertain to information about family history.
An author is requesting items from the archives. He has used the museum archives information in the past. Members hope he will make a donation to the museum in consideration of the work done on the author's behalf.
There was discussion of when the Granite Creek cemetery clean-up would be done.
It had been scheduled for autumn 2009, but inclement weather prevented the work. The clean-up calls for removal of some trees. It is likely to be done this spring.
Jon Bartlett brought to everyone's attention an online course in the basics of archival practice. The course costs $300 - $400 and would prove useful to the Museum Society if a member wanted to take the course.
Bartlett also advised members there will be a presentation on local mining history by Randy Manuel, former curator of Penticton's museum. Manuel will speak at Riverside Centre on February 23 at 7:00 PM.
The next meeting of the Museum Society will be held on March 23.
