VANCOUVER, April 14, 2015 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces production results for the first quarter of 2015 from the Copper Mountain mine located in southern British Columbia.
In the first quarter of 2015 the mine produced 18.4 million pounds of copper, 7,800 ounces of gold, and 80,300 ounces of silver. The mill averaged 93.2% operating time for the quarter and a total of 2.9 million tonnes of ore was milled (35,650 tpod) at an average grade of 0.345 % Copper.
The new secondary crusher is operating at its designed capacity of 3,000 tpoh. Following several key adjustments to the secondary crusher circuit at the end of 2014, immediate improvements to mill throughput were achieved. The mill started the year on a positive note with an average throughput of 36,000 tpd in the first half of January, but later in the quarter the mill was forced to operate at reduced throughput rates as a result of another ABB transformer failure in February on one of the ball mills and a ten day disruption with the regrind mill in March. Despite these interruptions that forced the mill to run at reduced rates, management were very pleased with the mill availability achieved during the quarter that resulted in an above average operating time for the SAG mill of 93.2 percent. In addition, once the regrind motor was repaired in late March, the first twelve days of April (excluding April 1st which was a planned maintenance day) the mill achieved an average throughput rate of 40,971 tpd, with an all time high throughput rate of 45,939 tpd reached on one of those days. The recent higher mill throughput demonstrates the value of new secondary crusher and provides management with the comfort that the budget rate of 37,500 tpd is very achievable.
During the quarter, mining activities continued from both the Pit 2 and Pit 3 areas and averaged approximately 176,900 tonnes per day of material moved. A total of 14.7 million tonnes of material was mined, including 5.6 million tonnes of ore and 9.1 million tonnes of waste producing a strip ratio of 1.6 to 1 for the quarter. The projected life of mine strip ratio is 2 to 1.
The Company's goal for 2015 is to continue to optimize performance of the Copper Mountain Mine, while at the same time continue to focus on cost reductions and maximize copper production. The majority of ore is scheduled from Pit 2 in 2015. The mine is on schedule to meet its 2015 copper production forecast of 80 million pounds at a total average cost of US$2.00 per pound net of precious metal credits based on an average mill throughput rate of 37,500 tpd for the year 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 Monday April 27th, 2015 at 7:30 am (Pacific Standard Time) for management to discuss
Live Dial-in information
Replay call information
The conference call replay will be available from 10:30 am (PST) on April 27, 2015 until 10:30 am (PST) on May 11, 2015
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: Rod Shier, Chief Financial Officer 604-682-2992 ext.222 Email: [email protected] or on the website at: www.CuMtn.com