VANCOUVER, Jan. 19, 2015 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces production results for the year ended December 2014 from the Copper Mountain mine located in southern British Columbia.
In 2014 the mine produced 81 million pounds of copper, 22.6 thousand ounces of gold, and 443.7 thousand ounces of silver. The mill averaged 89.4% operating time for the year and a total of 11.1 million tonnes of ore was milled at an average grade of 0.40 % Copper. Copper production in the fourth quarter totaled 20.3 million pounds.
The new secondary crusher that was put into operation in August is now operating at its designed capacity of 3,000 tpoh. Following several key adjustments to the secondary crusher circuit at the end of December, immediate improvements to mill throughput were seen. The mill has started the year on a positive note with an average throughput of 36,000 tpd in the first half of January with a 92.2 percent operating time.
During the 2014 year, mining activities continued from both the Pit 2 and Pit 3 areas and averaged approximately 176,300 tonnes per day. A total of 60.1 million tonnes of material was mined, including 18.8 million tonnes of ore and 41.3 million tonnes of waste. The projected life of mine strip ratio is 2 to 1 but higher in the early years.
The Company's goal for 2015 is to continue to optimize performance of the Copper Mountain Mine and to maximize copper production in spite of the slightly lower projected head grade for 2015. The new secondary crusher is working well and is providing a consistently finer feed to the SAG mill which has resulted in a smoother operation with higher throughput. The majority of ore is scheduled from Pit 2 in 2015. The planned mining rate is 185,000 tpd for the year. The 2015 copper production forecast is 80 million pounds based on a mill throughput rate of 37,500 tpd and a mill feed grade of 0.33% Cu.
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 owns the remaining 25%. The key development for 2014 was the installation of the secondary crusher as a permanent solution to maximize production and improve overall efficiencies for the company. Secondary crusher construction was completed in August on budget and on schedule. 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.
A conference call and audio webcast will be held on Friday February 20th, 2015 at 7:30 am (Pacific Standard Time) for management to discuss the 2014 year end results. This discussion will be followed by a question-and-answer period with investors.
Live Dial-in informationToronto 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/1470513/1636877
Replay call information
Toronto and international: 416-764-8677, passcode 045842
North America (toll-free): 888-390-0541, passcode 045842
The conference call replay will be available from 10:30 am (PST) on February 20, 2015 until 11:59 pm PST on March 6, 2015
Participant audio webcast will also be available on the company's website at http://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: [email protected]; Website: www.CuMtn.com