VANCOUVER, Jan. 11, 2017 /CNW/ - Copper Mountain Mining Corporation (TSX: CMMC) (the "Company" or "Copper Mountain") announces production results for 2016 and the final quarter of 2016 from the Copper Mountain Mine located in southern British Columbia.
Total production for the 2016 year was 103 million pounds of copper equivalent, including 83 million pounds of copper, 30,800 ounces of gold, and 291,900 ounces of silver. The mill averaged 92.1% operating time for the year at an average processing rate of 38,900 tpd for a total of 14.2 million tonnes of ore at an average grade of 0.324% copper.
Production during the fourth quarter totaled 25.5 million pounds of copper equivalent, including 20.8 million pounds of copper, 7,073 ounces of gold, and 71,037 ounces of silver. Mill throughput averaged 41,200 tpd for the final three months of 2016, well ahead of our guidance of 37,500 tpd. During the quarter, mining activities continued from the Pit 2 and saddle areas averaging approximately 190,000 tonnes per day. A total of 17.5 million tonnes of material was mined, including 6.1 million tonnes of ore and 11.4 million tonnes of waste.
Mr. Jim O'Rourke, President and Chief Executive Officer of Copper Mountain said, "2016 has been a challenging and pivotal year for the Company. The mine team has achieved outstanding numbers by increasing mill throughput well above the design capacity while continuing to minimize operating costs. The favourable mine performance coupled with the recent rise in the copper price bode well for the Company to increase the cash balance on hand."
The Company is also announcing its production guidance for 2017. Copper production is planned to be in the range of 75 to 85 million pounds, based on a mill throughput rate of 38,000 tpd and a mill feed grade of 0.30% copper, in 2017.
The planned mining rate is 180,000 tonnes per day for the year. The 2017 mine plan calls for a majority of ore to come from Pit 2 area, the saddle area and the Oriole deposit.
About Copper Mountain Mining Corporation:
Copper Mountain's flagship asset is the 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 20, 2017 at 7:30 am (Pacific Standard Time) for management to discuss the 2016 year end results. This discussion will be followed by a question-and-answer period with investors.
Live Dial-in information
Toronto and international: 647-427-7450
North America (toll-free): 1.888-231-8191
To participate in the webcast live via your computer go to: http://event.on24.com/r.htm?e=1347466&s=1&k=ED791330BAEC62471BE2651876C550AB
Replay call information
Toronto and international: 416-849-0833, passcode: 51771295
North America (toll-free): 1.855.859.2056, passcode: 51771295
The conference call replay will be available from 10:30 am (PST) on February 20, 2017, until 11:59 pm PST on March 5, 2017.
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: Dan Gibbons, 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