Web Site: www.CuMtn.com
TSX: CUM
VANCOUVER, July 12, 2016 /CNW/ - Copper Mountain Mining
Corporation (TSX: CUM) (the "Company" or "Copper
Mountain") announces production results for the second quarter
of 2016, from the Copper Mountain Mine located in southern
British Columbia.
Second Quarter 2016 Production Highlights:
- Annual production on track: Produced 21.2 million
pounds of copper, 7,980 ounces of gold, and 74,910 ounces of silver
during the second quarter, bringing the first half year production
totals to 40.1 million pounds of copper, 15,600 ounces of gold, and
139,300 ounces of silver, which is on track to meet production
guidance for the year.
- Gold production contribution increased: Gold and silver
prices to provide a favourable contribution to the operation and
account for over 20% of the mine revenue.
- Mill throughput: Milled 3.4 million tonnes of ore
at an average rate of 37,480 tpd, with 91.6% operating time. Copper
recovery for the period was 82.4% treating an average grade of
0.343% copper.
- Mine production strong: Mined approximately
196,900 tonnes of material per day during the second quarter, ahead
of budget expectations.
Mining activities continued from the Pit 2, Saddle and Virginia
Pit areas. A total of 17.9 million tonnes of material was
mined, including 5.7 million tonnes of ore and 12.2 million tonnes
of waste, resulting in a strip ratio of 2.14 to 1. High
equipment mechanical availability was maintained during the quarter
which helps contribute to the above average mining rates achieved
during the quarter.
Mr. Jim O'Rourke, President and
Chief Executive Officer of Copper Mountain Mining, said "The
mine continues to improve each quarter. Mill throughput for
the month of June averaged 38,900 tpd, which is above our guidance
of 37,500 tpd for the year. Gold production continues to
provide a strong by-product credit. With 30,000 ounces of
gold forecasted for 2016, the recent $250 increase in the price of gold has a material
positive affect on the bottom line numbers. This combined
with the mine's aggressive cost saving initiatives has greatly
strengthened the mine's ability to weather the current global
economic environment."
In addition, the Company has signed an amended agreement with
the Senior Credit Facility Bankers to extend the guarantee for the
debt service reserve account and the capex reserve account for an
additional year ending on June 27,
2017.
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.
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A conference call and audio
webcast will be held on Monday, August 8, 2016 at 7:30 am (Pacific
Daylight Time) for management to discuss the second quarter 2016
results. This discussion will be followed by a question-and-answer
period with
investors.
Live Dial-in
information
Toronto and international:
647-427-7450
North America (toll-free):
888-231-8191
To participate in the
webcast live via your computer go to:
http://event.on24.com/r.htm?e=1224652&s=1&k=19F8DDE9C7DEEBDD11DCD4E6D6EADD1E
Replay call
information
Toronto and international:
416-849-0833, passcode
49108323
North America (toll-free):
1-855-859-2056, passcode
49108323
The conference call replay
will be available from 10:30 am (PDT) on August 8, 2016, until
11:59 pm PST on Monday, August 15,
2016
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
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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.
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SOURCE Copper Mountain Mining Corporation