VANCOUVER, Jan. 14, 2016 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces production results for the year ended December 31, 2015, from the Copper Mountain Mine located in southern British Columbia.
In 2015, the mine produced 77.6 million pounds of copper, 29 thousand ounces of gold, and 276 thousand ounces of silver. The mill averaged 91.8% operating time for the year and a total of 12.8 million tonnes of ore was milled at an average grade of 0.335% copper. Production in the fourth quarter totaled 19.4 million pounds of copper, 7.3 thousand ounces of gold, and 60 thousand ounces of silver.
Copper production totaled 77.6 million pounds (95.6 million pounds of copper equivalent) for the 2015 year and was on track within 5% of the Company's guidance of 80 million pounds of copper. Copper grade for the year was 0.335% Cu, slightly above guidance despite the Company being delayed in receiving the permit amendment to mine the higher grade Virginia pit. Mining in the Virginia area is now underway and ore from this pit is being delivered to the mill. Mill operating time improved during the year and by year end the mill had averaged a 91.8% operating time, compared to the 89.4% averaged during 2014. The original mill design of 35,000 tpd was exceeded by 7% during the third quarter when the mill achieved an average throughput rate of 37,400 tpd, but during the fourth quarter the Company had some planned and unplanned downtime that reduced the years average to 35,083 tpd.
Mr. Jim O'Rourke, President and Chief Executive Officer of Copper Mountain said," The mine team have again achieved an outstanding safety performance in 2015 as well as achieving increases in mill throughput above the design capacity while continuing to reduce operating costs. Further increases in mill throughput and continued cost reductions are our key targets for 2016."
During the 2015 year, mining activities continued from both the Pit 2 and Pit 3 areas averaging approximately 158,000 tonnes per day. A total of 57.7 million tonnes of material was mined, including 22.5 million tonnes of ore and 35.2 million tonnes of waste, resulting in a strip ratio of 1 to 1.56.
The Company is also announcing its production guidance for 2016. Copper production is expected to be in the range of 80 million pounds +/- 5%, based on a mill throughput rate of 37,500 tpd and a mill feed grade of 0.33% Cu, in 2016. The planned mining rate is 174,000 tonnes per day for the year. The 2016 mine plan calls for the Pit 3, Stage 3 pushback to continue with the majority of ore to come from Pit 2 area and the Virginia Pit.
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 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.
A conference call and audio webcast will be held on Monday, February 22, 2016 at 7:30 am (Pacific Standard Time) for management to discuss the 2015 year end 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://event.on24.com/r.htm?e=1119497&s=1&k=E41B390449D34B62B1CF901B75CE730B
Replay call information
Toronto and international: 416-764-8677, passcode 799031
North America (toll-free): 888-390-0541, passcode 799031
The conference call replay will be available from 10:30 am (PST) on February 22, 2016, until 11:59 pm PST on March 6, 2016.
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: Betty LeBlanc, BA, MBA, Investor Relations, 604-682-2992 ext. 238, Email: [email protected]; Rod Shier, Chief Financial Officer, 604-682-2992 ext.222, Email: [email protected], Website: www.CuMtn.com