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Copper King Mining: Copper King Mining Corporation Announces Final Agreement for Sale of Copper Concentrates to RBS Sempra Meta

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  Published in Stocks and Investing on Wednesday, July 22nd 2009 at 11:12 GMT, Last Modified on 2009-07-22 11:12:31 by Market Wire
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MILFORD, UT--(Marketwire - July 22, 2009) - Further to its press release of July 6, 2009, Copper King Mining Corporation (PINKSHEETS: [ CPRK ]) ("Copper King" or the "Company") and its wholly owned subsidiary, Western Utah Copper Company are pleased to announce that they have entered into a definitive copper concentrate sales agreement with RBS Sempra Metals & Concentrates, LLC on behalf of The Royal Bank of Scotland PLC, for the sale of 100% of the copper concentrates produced at the WUCC Milford project. The agreement supersedes and replaces any other prior sales agreements relating to copper ores or concentrates.

The general terms of the agreement are consistent with industry standards and in addition include a number of favorable provisions for the Company owing to the expected high grades of the concentrate. During the start-up period of the mill, concentrates have been in the range of 31% to 39% copper, with significant gold and silver credits.

"The final agreement with RBS Sempra marks a significant step forward for the project," said Mark Dotson, Copper King's CEO and President. "We are pleased to have a strong relationship with a world-class concentrate purchaser and financial institution. We look forward to a long and beneficial arrangement as we continue to progress with the exploration and potential development of the entire Milford Mineral Belt."

In addition to the copper concentrate start-up operations, the magnetite circuit at the mill has reached full operational stage, with high-grade magnetite being produced for sale in the coal industry. At present, the first 75,000 tons per year of magnetite produced by the Company are being sold under a Magnetite Purchase Agreement to Massey Energy Company. To date, Copper King has shipped magnetite to Massey via loading the material into rail cars at the nearby railhead in Milford.

About Copper King

Copper King controls over 80,000 acres of advanced-stage and development-stage mineralized acreage in Western Beaver County, Utah. The Company is ramping up production at a 5,000 ton per day capacity flotation mill for processing high-grade ores from its Hidden Treasure copper-gold-silver mine and other controlled properties under its control. Copper King is led by an experienced management team focused on exploration and production using traditional and new technologies.

This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause our expectations and beliefs about our plans to commence production, our plans to drill or our drilling results to fail to materialize: general world economic conditions; availability of capital; unfavorable geologic conditions; the complexity of exploration and production; prevailing prices for commodities, and general regional economic conditions. Copper King assumes no obligation to update the information contained in this press release.