VANCOUVER, Oct. 6, 2016 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces production results for the third quarter of 2016, from the Copper Mountain Mine located in southern British Columbia.
Third Quarter 2016 Production Highlights:
- Annual production on track: Produced 22 million pounds of copper, 8,170 ounces of gold, and 81,540 ounces of silver during the third quarter, bringing production totals to 62 million pounds of copper, 23,800 ounces of gold, and 220,850 ounces of silver for the first three quarters of 2016, which is slightly ahead of guidance for the year.
- Gold production contribution significant: Gold and silver production continues to provide a favourable contribution to the operation and accounts for over 20% of the mine revenue.
- Mill throughput: The average milling rate of 39,980 tpd for the quarter set a new record. Total tonnes milled during the period was 3.7 million with an operating time of 92.2%. Copper recovery for the period was 82.9% treating an average grade of 0.327% copper.
- Mining production strong: Open pit mining averaged 173,100 tonnes of material per day during the third quarter, bringing the year to date average 7% ahead of plan at 187,200 tonnes of material per day mined.
Mining activities continued from the Pit 2, Saddle and Virginia Pit areas during the quarter. A total of 15.9 million tonnes of material was mined, including 5.9 million tonnes of ore and 10 million tonnes of waste, resulting in a strip ratio of 1.68 to 1. High equipment mechanical availability was maintained during the quarter which helps contribute to the above average mining rates being achieved.
Mr. Jim O'Rourke, President and Chief Executive Officer of Copper Mountain Mining, said "New production records being achieved at the mine greatly strengthen our operating base. Mill throughput for the month of September averaged 42,900 tpd while the throughput for the quarter averaged 39,980 tpd, which is above our guidance of 37,500 tpd. Gold production continues to provide a strong by-product credit, and this combined with the mine's aggressive cost saving initiatives has greatly strengthened the mine's ability to weather the current weak copper market."
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, November 7, 2016 at 7:30 am (Pacific Daylight Time) for management to discuss the third quarter 2016 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=1253968&s=1&k=F303E13481194B0FF30E12A194626D94
Replay call information
Toronto and international: 416.849.0833, passcode 72541674
North America (toll-free): 1.855.859.2056, passcode 72541674
The conference call replay will be available from 10:30 am (PDT) on November 7, 2016, until 11:59 pm PST on November 14, 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: 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