VANCOUVER, Jan. 9, 2018 /CNW/ - Copper Mountain Mining Corporation (TSX: CMMC) (the "Company" or "Copper Mountain") announces production results for 2017 and the fourth quarter of 2017 from the Copper Mountain Mine, located in southern British Columbia.
Total production for the 2017 year was 88.3 million pounds of copper equivalent, including 75.8 million pounds of copper, 23,600 ounces of gold, and 277,000 ounces of silver, within 2017 guidance numbers. The mill averaged 90.3% operating time for the year which takes into account the SAG gear change-out in April. The mill processed a total of 14.1 million tonnes of ore at an average rate of 38,592 tpd and a grade of 0.317% copper.
Production during the fourth quarter totaled 22.3 million pounds of copper equivalent, including 19.5 million pounds of copper, 5,200 ounces of gold, and 70,400 ounces of silver. Mill throughput averaged 40,130 tpd for the final three months of 2017, ahead of our guidance of 38,000 tpd. During the quarter, mining continued in the Pit 2, saddle zone and Oriole areas and averaged approximately 205,000 tonnes per day moved. A total of 19.0 million tonnes of material was mined, including 7.4 million tonnes of ore and 11.6 million tonnes of waste.
Mr. Jim O'Rourke, President and Chief Executive Officer of Copper Mountain said, "2017 has been a successful year for the Company. The mine team was able to increase mill throughput and in December the rate averaged 43,058 tpd with copper production totaling 7.5 million pounds. The favourable mine performance coupled with the rise in the copper price has allowed the Company to increase cash on the balance sheet. In addition, exploration drilling in New Ingerbelle has been encouraging with final assays available shortly. A follow up exploration program is planned for later in the year."
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 25% of the mine. The Copper Mountain mine has a large resource of copper that remains open laterally and at depth. This significant exploration potential is being explored over the next few years in order 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: please contact: 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