Western Utah Copper Company
This page was last updated on March 22, 2013.
(This is a work in progress; research continues.)
The Utah Mining Association's "Operational and Economic Review" dated August 1967, noted that the American Mining Company had a open pit copper mine near Milford.
November 24, 2003
Palladon Ventures, Ltd., annnounced that they had aquired an option for 65 percent interest in the Western Utah Copper Project, which had recently been assembled from several previous owners and vendors. (Palladon News release)
August 26, 2005
Palladon announced that Western Utah Copper, Palladon's joint venture partner in their Iron Mountain Project, had sold its 35 percent interest in the Iron Mountain Project to Luxor Capital Partners. Palladon reduced its 65 percent interest in the Iron Mountain Project to 50 percent, and announced that they would use the $1.4 million preceeds to directly benefit its own interest in the continued development of Western Utah Copper's copper mine west of Milford. (Palladon news release)
January 30, 2006
Palladon announced that a recent test hole, drilled to a depth of 440 meters, had assayed at 6.7 percent copper and 41.40 ounces per tonne silver ore. (Palladon news release)
A report by way of email from Roger Beckett on March 30, 2006 mentioned that Western Utah Copper was about ready to start pouring foundations for its new crusher building.
January 9, 2007
Palladon sold their interest in the Western Utah Copper Project to their former joint venture partner, Western Utah Copper Company, for a reported $3 million in cash, and $10 million payable as royalties from the smelting of known reserves and newly discovered ore bodies. Palladon announced that the proceeds of the sale was to be used to pay down principal on the outstanding loan to Luxor Capital Partners on the debt outstanding for the Iron Mountain Project. (Palladon news release)
March 27, 2009
Western Utah Copper Company held a media event at the mine site near Milford, promoting the progress made by the company, claiming it was just getting started in extracting billion of dollars worth of copper, gold and silver from reserves that it had available. The promoters claimed that the value of copper and silver extracted from the mine would exceed $1.2 billion within five years; the mill would process 2,500 tons a day and that revenues would hit $103 million annually. These dollar figures were later found to be greatly exaggerated.
May 18, 2010
Copper King Mining Corporation, operating as Western Utah Copper Company, declared bankruptcy. The company controled iron ore and copper deposits on about 60,000 acres of leased land around Milford, Utah. It opened a $60 million mill in 2009 and employed 85 people. The company was about three-fourths through a startup phase for a complex and difficult mining operation, including building a processing mill, but ran into a lack of operating funds. The decision to declare bankruptcy was made at the May 13 meeting of the company's board of directors. (Associated Press, May 20, 2010)
June 10, 2011
A complaint filed in U. S. District Court by the Security and Exhange Commission claimed that the management of the Copper King Mining Corporation made false claims about the extent of the reserves available at the company's mine near Milford. The company was in Chapter 11 bankruptcy, and the new owners were copperating fully with federal regulators to investigate the claims. While the mineral reserves had been exaggerated by the previous owners and management, the actual reserves available to the reorganized company were said to still be substantial. The company was set to emerge from bankruptcy within 60 days. (Deseret News, June 10, 2011)
November 1, 2011
CS Mining, LLC, announced that it had purchased the interests of Western Utah Copper Mining Compnay, and Copper King Mining Corporation. "The primary assets include approximately 60,000 acres of mining claims, an operational flotation mill, a full mining fleet and significant copper, gold, silver and magnetite resources. The existing proven, indicated and inferred minerals exceed 600,000 pounds of copper alone and the property has additional promising targets." "CS Mining intends to improve the efficiency of the flotation mill, construct a new tailings pond and complete additional metallurgical testing within 3-4 months prior to the restart of operations." (news release)
(editor's note: No more updates will be added, because this is an on-going operation, with no railroad activity.)