Web Site: www.CuMtn.com
TSX: CUM
VANCOUVER, April 14, 2015 /PRNewswire/ - Copper Mountain
Mining Corporation (TSX: CUM) (the "Company" or "Copper
Mountain") announces production results for the first quarter
of 2015 from the Copper Mountain mine located in southern
British Columbia.
In the first quarter of 2015 the mine produced 18.4 million
pounds of copper, 7,800 ounces of gold, and 80,300 ounces of
silver. The mill averaged 93.2% operating time for the
quarter and a total of 2.9 million tonnes of ore was milled (35,650
tpod) at an average grade of 0.345 % Copper.
The new secondary crusher is operating at its designed capacity
of 3,000 tpoh. Following several key adjustments to the
secondary crusher circuit at the end of 2014, immediate
improvements to mill throughput were achieved. The mill started the
year on a positive note with an average throughput of 36,000 tpd in
the first half of January, but later in the quarter the mill was
forced to operate at reduced throughput rates as a result of
another ABB transformer failure in February on one of the ball
mills and a ten day disruption with the regrind mill in
March. Despite these interruptions that forced the mill to
run at reduced rates, management were very pleased with the mill
availability achieved during the quarter that resulted in an above
average operating time for the SAG mill of 93.2 percent.
In addition, once the regrind motor was repaired in
late March, the first twelve days of April (excluding April 1st which was a planned
maintenance day) the mill achieved an average throughput rate of
40,971 tpd, with an all time high throughput rate of 45,939 tpd
reached on one of those days. The recent higher mill
throughput demonstrates the value of new secondary crusher and
provides management with the comfort that the budget rate of
37,500 tpd is very achievable.
During the quarter, mining activities continued from both the
Pit 2 and Pit 3 areas and averaged approximately 176,900 tonnes per
day of material moved. A total of 14.7 million tonnes of
material was mined, including 5.6 million tonnes of ore and 9.1
million tonnes of waste producing a strip ratio of 1.6 to 1 for the
quarter. The projected life of mine strip ratio is 2 to
1.
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 is scheduled from Pit 2 in 2015.
The mine is on schedule to meet its 2015 copper production
forecast of 80 million pounds at a total average cost of
US$2.00 per pound net of precious
metal credits based on an average mill throughput rate of 37,500
tpd for the year and a mill feed grade of 0.33% Cu.
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 key development for 2014 was the installation of
the secondary crusher as a permanent solution to maximize
production and improve overall efficiencies for the company.
Secondary crusher construction was completed in August on budget
and on schedule. 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 April 27th, 2015 at 7:30 am (Pacific Standard
Time) for management to discuss
the First Quarter 2015 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 Local – Vancouver
: 778-383-7413 To participate
in the webcast live via your computer go to:
http://www.newswire.ca/en/webcast/detail/1510689/1684089
Replay call information Toronto and international: 416-764-8677,
passcode 898630# North America (toll-free): 888-390-0541,
passcode 898630#
The conference call replay will be available from
10:30 am (PST) on April 27, 2015 until 10:30 am (PST) on May 11,
2015 Participant audio webcast
will also be available on the company's website at
http://www.cumtn.com
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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