VANCOUVER, July 9, 2015 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces production results for the second quarter of 2015 from the Copper Mountain mine located in southern British Columbia.
In the second quarter of 2015, the mine produced 19.5 million pounds of copper, 7,800 ounces of gold, and 71,100 ounces of silver. This brings the first half 2015 total production to 37.8 million pounds of copper, 15,600 ounces of gold, and 151,400 ounces of silver. In the second quarter the mill averaged 91% operating time and processed a total of 3.2 million tonnes of ore (39,240 tpod) at an average grade of 0.331% copper. This brings the first half 2015 mill operating time to 92% at an average mill grade of 0.338% copper.
Mining activities continued in the Pit 2 area which was entirely focused on the southwest end of the Pit. During the quarter a total of 14.2 million tonnes of material was mined, including 5.7 million tonnes of ore and 8.5 million tonnes of waste, realizing a strip ratio of 1.48. The mine moved an average of approximately 168,000 tonnes of material per day during the quarter.
During the second quarter of 2015 the mine shipped 36,208 wmt of concentrate containing approximately 17.5 million pounds of copper, 6,100 ounces of gold, and 57,300 ounces of silver generating an estimated US $55.9 million in gross revenue.
Jim O'Rourke, President and CEO of Copper Mountain, remarked "We are very pleased with mill improvements that have provided a 10% increase in the mill throughput rate to the 39,240 tpod level during the second quarter as compared to 35,650 tpod during the first quarter of 2015. Recent modifications have provided further gains and we are confident these gains are sustainable."
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 continues from Pit 2 in 2015. The mine continues to plan on meeting its 2015 copper production forecast of 80 million pounds.
Conference Call Details:
The Company will release its second quarter 2015 financial and operational results before market hours on Monday August 10, 2015. 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://cnw.ca/VmoA8
Replay call information
Toronto and international: 416-764-8677, passcode 290698
North America (toll-free): 888-390-0541, passcode 290698
The conference call replay will be available from 10:30 am (PST) on August 11 , 2015, until 11:59 pm PST on August 24, 2015
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: Betty LeBlanc, BA, MBA, 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