VANCOUVER, Oct. 8, 2014 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces production results for the third quarter of 2014 from the Copper Mountain mine located in southern British Columbia.
Copper production for the third quarter of 2014 totaled 21.7 million pounds of copper, a 9% increase as compared to the second quarter of 2014, setting another new production record for the mine. The concentrate also included 6,100 ounces of gold and 124,100 ounces of silver. During the quarter the mill processed a total of 2.8 million tonnes of ore at an average grade of 0.421 % Copper. During the quarter the mill achieved 90.5% availability and averaged a total of 30,700 tpd throughput. The Company continues to optimize the newly installed secondary crusher which averaged 35,900 tpd crushed during the last week of September, with a high day achievement of 43,500 tonnes of ore.
Mr. O'Rourke, President and CEO commented: "We are extremely pleased with our construction and operating team's efforts on bringing the new $40 million secondary crusher into production on schedule and on budget. Minor modifications to the circuits are ongoing, but finer SAG mill feed has confirmed throughput forecasts. Current production rates in the 35,000 tpd range are being achieved".
Mining activities continued to be split between Pit 3 and the southwest end of Pit 2. During the quarter a total of 15.3 million tonnes of material was mined, including 4.5 million tonnes of ore and 10.8 million tonnes of waste. The projected life of mine strip ratio is 2 to 1 but higher in the early years. The mine has moved an average of approximately 178,600 tonnes of material per day during the third quarter.
Copper production during the quarter was in line with guidance; however a ship loading error reduced sales during the quarter as the port mistakenly loaded a portion of our concentrate while loading another company's concentrate onto the ship. The port is conducting an investigation into this mistaken loading and the Company has made an insurance claim for the missing concentrate that has an estimated value of $3.6 million. During the third quarter of 2014 the mine shipped 37,300 wmt of concentrate containing approximately 18.2 million pounds of copper, 5,900 ounces of gold, and 89,700 ounces of silver generating an estimated US $66.9 million in gross revenue.
Conference Call Details:
The Company will release its third quarter 2014 financial and operational results before market hours on Wednesday November 12, 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/1423666/1581318
Replay call information
Toronto and international: 416-764-8677, passcode 397969
North America (toll-free): 888-390-0541, passcode 397969
The conference call replay will be available from 10:30 am (PST) on November 12, 2014, until 11:59 pm PST on November 26, 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