Web Site: www.CuMtn.com
TSX: CUM
VANCOUVER, Oct. 8, 2014 /PRNewswire/ - 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"
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