Web Site: www.CuMtn.com
TSX: CUM
VANCOUVER, Jan. 14, 2016 /CNW/ - Copper Mountain Mining
Corporation (TSX: CUM) (the "Company" or "Copper
Mountain") announces production results for the year ended
December 31, 2015, from the Copper
Mountain Mine located in southern British
Columbia.
In 2015, the mine produced 77.6 million pounds of copper, 29
thousand ounces of gold, and 276 thousand ounces of silver.
The mill averaged 91.8% operating time for the year and a total of
12.8 million tonnes of ore was milled at an average grade of 0.335%
copper. Production in the fourth quarter totaled 19.4 million
pounds of copper, 7.3 thousand ounces of gold, and 60 thousand
ounces of silver.
Copper production totaled 77.6 million pounds (95.6 million
pounds of copper equivalent) for the 2015 year and was on track
within 5% of the Company's guidance of 80 million pounds of
copper. Copper grade for the year was 0.335% Cu, slightly
above guidance despite the Company being delayed in receiving the
permit amendment to mine the higher grade Virginia pit. Mining in the Virginia area is now underway and ore from
this pit is being delivered to the mill. Mill operating time
improved during the year and by year end the mill had averaged a
91.8% operating time, compared to the 89.4% averaged during
2014. The original mill design of 35,000 tpd was exceeded by
7% during the third quarter when the mill achieved an average
throughput rate of 37,400 tpd, but during the fourth quarter the
Company had some planned and unplanned downtime that reduced the
years average to 35,083 tpd.
Mr. Jim O'Rourke, President and
Chief Executive Officer of Copper Mountain said," The mine
team have again achieved an outstanding safety performance in 2015
as well as achieving increases in mill throughput above the design
capacity while continuing to reduce operating costs. Further
increases in mill throughput and continued cost reductions are our
key targets for 2016."
During the 2015 year, mining activities continued from both the
Pit 2 and Pit 3 areas averaging approximately 158,000 tonnes per
day. A total of 57.7 million tonnes of material was mined,
including 22.5 million tonnes of ore and 35.2 million tonnes of
waste, resulting in a strip ratio of 1 to 1.56.
The Company is also announcing its production guidance for
2016. Copper production is expected to be in the range of 80
million pounds +/- 5%, based on a mill throughput rate of 37,500
tpd and a mill feed grade of 0.33% Cu, in 2016. The planned
mining rate is 174,000 tonnes per day for the year. The 2016 mine
plan calls for the Pit 3, Stage 3 pushback to continue with the
majority of ore to come from Pit 2 area and the Virginia
Pit.
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
latter half 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 property's full development
potential. Additional information is available on the
Company's web page at www.CuMtn.com.
A conference call and
audio webcast will be held on Monday, February 22, 2016 at 7:30 am
(Pacific Standard Time) for management to discuss the 2015 year end
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://event.on24.com/r.htm?e=1119497&s=1&k=E41B390449D34B62B1CF901B75CE730B
Replay call
information
Toronto and
international: 416-764-8677, passcode 799031
North America
(toll-free): 888-390-0541, passcode 799031
The conference call
replay will be available from 10:30 am (PST) on February 22, 2016,
until 11:59 pm PST on March 6, 2016.
Participant audio
webcast will also be available on the company's website at
http://www.cumtn.com
|
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
"Jim O'Rourke"
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