Web Site: www.CuMtn.com
VANCOUVER, April 9, 2014 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces production results for the first quarter of 2014 from the Copper Mountain mine located in southern British Columbia.
In the first three months of 2014 the mine shipped 39,000 wmt of concentrate, an increase of 9% over the prior quarter. The shipments contained approximately 19.7 million pounds of copper, 6,500 ounces of gold, and 98,600 ounces of silver generating an estimated $69.6 million in gross revenue.
Copper production for the first quarter of 2014 totaled 19.1 million pounds of copper, a 34% increase as compared to the first quarter of 2013, setting a new production record for the mine. The concentrate also included 5,400 ounces of gold and 105,300 ounces of silver. During the quarter the mill processed a total of 2.6 million tonnes of ore at an average grade of 0.394 % Copper.
SAG Mill throughput was improved during the quarter as a result of adding the third portable crusher late last year. Copper production during the quarter was in line with guidance, despite some unscheduled down time in March resulting from a ball mill transformer failure. Mill crews completed repairs in a timely manner. During the quarter the mill averaged 91% availability.
Mining activities continued to shift more towards Pit 3 during the quarter and mining in the Pit 2 area shifted more towards the southwest end of the Pit. During the quarter a total of 13.6 million tonnes of material was mined, including 4.1 million tonnes of ore and 9.5 million tonnes of waste. The projected life of mine strip ratio is 2 to 1 but higher in the early years. The mine moved an average of approximately 160,000 tonnes of material per day.
Conference Call Details:
The Company will release its first quarter 2014 financial and operational results before market hours on Friday May 2nd, 2014. A conference call and audio webcast will follow that same morning at 7:30 am (Pacific Standard Time) for management to discuss the results. This discussion will be followed by a question-and-answer period with investors.
Live Dial-in information
Toronto and international: 416-764-8688
North America (toll-free): 888-390-0546
To participate in the webcast live via your computer go to: http://www.newswire.ca/en/webcast/detail/1332255/1472383
Replay call information
Toronto and international: 416-764-8677, passcode 559428
North America (toll-free): 888-390-0541, passcode 559428
The conference call replay will be available from 10:30 am (PST) on May 2nd , 2014, until 11:59 pm PST on May 8th, 2014
Participant audio webcast will also be available on the company's website http://www.cumtn.com
About Copper Mountain Mining Corporation:
Copper Mountain's flagship asset is the 75% owned 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 the remaining 25%. The Copper Mountain mine commenced production in the summer of 2011, and has continued to improve its operations during the year; and attained design capacity in the summer of 2012. The 18,000 acre site has a resource of approximately 5 billion pounds of copper and 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 properties 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: Galina Meleger, Corporate Communications, 604-682-2992 ext.224, Email: Galina @CuMtn.com; or Rod Shier, Chief Financial Officer, 604-682-2992 ext.222, Email: Rod@CuMtn.com; Website: www.CuMtn.com