VANCOUVER, Dec. 6, 2016 /CNW/ - Copper Mountain Mining Corporation (TSX: CMMC) (the "Company" or "Copper Mountain") announces that the Company will be presenting at the 2016 Scotiabank Mining Conference being held today and tomorrow in Toronto and would like to provide the following production update for the months of October and November of 2016, from the Copper Mountain Mine located in southern British Columbia.
Mining activities continued from the Pit 2 area, the Saddle area, and the newly developed Oriole deposit just south of Pit 3 during the months of October and November. A total of 12.4 million tonnes of material was mined, including 4.4 million tonnes of ore and 8 million tonnes of waste, resulting in a strip ratio of 1.8 to 1. High equipment mechanical availability was maintained during the quarter which helped contribute to the above average mining rates being achieved of 193,550 tpd mine versus a budget of 174,000 tpd.
The Mill continues to operate at above design capacity rates and averaged 42,079 tpd for the months of October and November. Total tonnes milled during the period was 2.6 million with an operating time of 93.6%. Copper recovery for the two months averaged 80% as initial oxidized ore from Oriole was starting to be processed through the concentrator. The average grade for the two months was as planned at 0.32% copper.
- Annual production on track: YTD copper production totals 76 million pounds of copper which is slightly ahead of guidance for the year of. The Company produced 14.4 million pounds of copper during the months of October and November.
- Gold production contribution significant: Gold and silver production continues to provide a favourable contribution to the operation and accounts for over 20% of the mine revenue.
Mr. Jim O'Rourke, President and Chief Executive Officer of Copper Mountain Mining, said "the new production records being achieved at the mine has greatly strengthened our operating base and our balance sheet. The recent rise in copper price is a welcome change. In addition, gold production continues to provide a strong by-product credit."
About Copper Mountain Mining Corporation:
Copper Mountain's flagship asset is the it's Copper Mountain mine located in southern British Columbia near the town of Princeton. The Company has a strategic alliance with Mitsubishi Materials Corporation who own 25% of the mine. The Copper Mountain mine commenced production in the latter half of 2011, and has continued to improve its operations since start-up. The 18,000 acre site has a large resource of copper that remains open laterally and at depth. The mine has significant exploration potential that will need to be explored over the next few years to fully appreciate the property's full development potential. Additional information is available on the Company's web page at www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
Jim O'Rourke, P.Eng.
Chief Executive Officer
Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statement.
SOURCE Copper Mountain Mining Corporation
For further information: Dan Gibbons, Investor Relations 604-682-2992 ext. 238 Email: firstname.lastname@example.org; Rod Shier, Chief Financial Officer 604-682-2992 ext.222 Email: Rod@CuMtn.com, Website: www.CuMtn.com