VANCOUVER, July 9, 2014 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces production results for the second quarter of 2014 from the Copper Mountain mine located in southern British Columbia.
Copper production for the second quarter of 2014 totaled 19.9 million pounds of copper, a 4% increase as compared to the first quarter of 2014, setting another new production record for the mine. The concentrate also included 5,000 ounces of gold and 113,300 ounces of silver. During the quarter the mill processed a total of 2.8 million tonnes of ore at an average grade of 0.388 % Copper. During the quarter the mill achieved 90.2% availability and averaged a total of 30,450 tpd throughput of which approximately 12,500 tpd of the mill feed was crushed to minus two inches with the temporary secondary crushing measures currently in place.
Mining activities continued to shift more towards Pit 3 during the quarter and mining in the Pit 2 area was entirely focused on the southwest end of the Pit. During the quarter a total of 17.1 million tonnes of material was mined, including 4.6 million tonnes of ore and 11.5 million tonnes of waste. The projected life of mine strip ratio is 2 to 1 but higher in the early years. The mine moved an average of approximately 188,250 tonnes of material per day.
Copper production during the quarter was in line with guidance, however shipment timing limited sales during the quarter. During the second quarter of 2014 the mine shipped 35,900 wmt of concentrate containing approximately 17.5 million pounds of copper, 5,900 ounces of gold, and 87,650 ounces of silver generating an estimated US $62.7 million in gross revenue. The next ship planned is loading on July 10th with about 10,000 wmt of concentrate.
Conference Call Details:
The Company will release its second quarter 2014 financial and operational results before market hours on Monday August 11, 2014. A conference call and audio webcast will follow that same morning at 7:30 am (Pacific Standard Time) for management to discuss the 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://www.newswire.ca/en/webcast/detail/1384467/1535799
Replay call information
Toronto and international: 416-764-8677, passcode 129123
North America (toll-free): 888-390-0541, passcode 129123
The conference call replay will be available from 10:30 am (PST) on August 11 , 2014, until 11:59 pm PST on August 25, 2014
Participant audio webcast will also be available on the company's website http://www.cumtn.com
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 commenced production in the summer 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 properties full development potential. Additional information is available on the Company's web site 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: Galina Meleger, Corporate Communications 604-682-2992 ext.224 Email: [email protected] or Rod Shier, Chief Financial Officer 604-682-2992 ext.222 Email: [email protected]; Website: www.CuMtn.com