VANCOUVER, April 16, 2013 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces production results for the first quarter of 2013 from the Copper Mountain mine located in southern British Columbia.
In the first three months of 2013 the mine shipped 29,400 wmt of concentrate containing approximately 15 million pounds of copper, 5,900 ounces of gold, and 69,000 ounces of silver generating an estimated $62.3 million in gross revenue.
The mine produced 14.2 million pounds of copper, 5,300 ounces of gold, and 64,200 ounces of silver during the first three months of operations in 2013. The mill processed a total of 2.2 million tonnes at an average grade of 0.349 % Copper. Copper production was below the 2013 average guidance but significant mill throughput improvements were achieved in the latter half of March which will enhance the balance of 2013.
Mining activities continued from the Pit 2 and Pit 3 areas on plan and averaged approximately 170,000 tonnes per day. During the quarter a total of 15.5 million tonnes of material was mined, including 4.3 million tonnes of ore and 10.4 million tonnes of waste. The projected life of mine strip ratio is 2 to 1 but higher in the early years.
Mill throughput improved significantly after the scheduled maintenance shutdown in early March. As noted during the year end conference call, the mill achieved a 93.3% availability during February and after a planned shutdown in early March, the mill achieved above budget availability of 92% to the end of the month as compared to an availability of 85.9% averaged during the first quarter. Prior to the shutdown in early March a contractor was engaged to crush a 70,000 tonne sample of our hardest Pit 3 ore to minus two inch. Upon starting up on March 8th the mill treated the finely crushed sample and demonstrated that with pre-crushing the SAG mill can achieve throughput rates above the designed 35,000 tpd. The test confirmed that secondary crushing is an option to pursue to ensure stable and consistent increased long term mill throughput rates for ore from all Pit areas. Immediately following the fine crush sample a test was completed with ore from high intensity blasting and limited supplemental pre crushing. This test also successfully demonstrated increased mill throughput and has provided a path for short term tonnage improvements. Plans are to continue to utilize high intensity blasting that creates more fines in the SAG Mill feed and continue with a contractor to crush up to 10,000 tpd of minus 2inch SAG mill feed. Management will continue to evaluate the pre crush solutions for a final decision as to the long term plan by mid-year.
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 summer of 2011, and has continued to improve its operations during the year; and attained design capacity in the summer of 2012. The 18,000 acre site has a resource of approximately 5 billion pounds of copper and 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 page 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
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