VANCOUVER, July 11, 2013 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces production results for the second quarter of 2013 from the Copper Mountain mine located in southern British Columbia.
Mill improvements were achieved during the quarter, in spite of the mill transformer loss time incident in mid May. The mine exited the quarter on a positive note with June's mill availability of 92.3% and copper production of 6.1 million pounds for the month. The mine produced 15.7 million pounds of copper, 5,600 ounces of gold, and 71,000 ounces of silver during the three months of operations ended June 30, 2013.
For the second quarter ended June 30, 2013 the mine shipped 28,200 wmt of concentrate containing approximately 14.7 million pounds of copper, 5,500 ounces of gold, and 66,000 ounces of silver generating an estimated $53.3 million in gross revenue.
Mill throughput improved slightly over the first quarter of 2013, averaging 31,275 tpod. Further improvements with high energy blasting and contract crushing ahead of the SAG mill are expected to be reflected in the third quarter. The mill processed a total 2.5 million tonnes of ore at an average grade of 0.33 % copper during the quarter as compared to 2.2 for the three months ended March 2013. Mill recoveries for the second quarter were 87.3% as compared to 82.7% for the first quarter of 2013.
Mining activities continued from the Pit 2 and Pit 3 areas on plan and averaged approximately 171,000 tonnes per day mined. During the quarter a total of 15.6 million tonnes of material was mined, including 4.4 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.
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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