VANCOUVER, Oct. 6, 2016 /CNW/ - Copper Mountain Mining
Corporation (TSX: CUM) (the "Company" or "Copper
Mountain") announces production results for the third quarter
of 2016, from the Copper Mountain Mine located in southern
British Columbia.
Third Quarter 2016 Production Highlights:
- Annual production on track: Produced 22 million pounds
of copper, 8,170 ounces of gold, and 81,540 ounces of silver during
the third quarter, bringing production totals to 62 million pounds
of copper, 23,800 ounces of gold, and 220,850 ounces of silver for
the first three quarters of 2016, which is slightly ahead of
guidance for the year.
- Gold production contribution significant: Gold and
silver production continues to provide a favourable contribution to
the operation and accounts for over 20% of the mine revenue.
- Mill throughput: The average milling rate of 39,980 tpd
for the quarter set a new record. Total tonnes milled during the
period was 3.7 million with an operating time of 92.2%. Copper
recovery for the period was 82.9% treating an average grade of
0.327% copper.
- Mining production strong: Open pit mining averaged
173,100 tonnes of material per day during the third quarter,
bringing the year to date average 7% ahead of plan at 187,200
tonnes of material per day mined.
Mining activities continued from the Pit 2, Saddle and Virginia
Pit areas during the quarter. A total of 15.9 million tonnes
of material was mined, including 5.9 million tonnes of ore and 10
million tonnes of waste, resulting in a strip ratio of 1.68
to 1. High equipment mechanical availability was maintained
during the quarter which helps contribute to the above average
mining rates being achieved.
Mr. Jim O'Rourke, President and
Chief Executive Officer of Copper Mountain Mining, said "New
production records being achieved at the mine greatly strengthen
our operating base. Mill throughput for the month of September
averaged 42,900 tpd while the throughput for the quarter averaged
39,980 tpd, which is above our guidance of 37,500 tpd. Gold
production continues to provide a strong by-product credit, and
this combined with the mine's aggressive cost saving initiatives
has greatly strengthened the mine's ability to weather the current
weak copper market."
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, November 7, 2016 at 7:30 am (Pacific Daylight Time) for management to
discuss the third 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): 1-888-231-8191
To participate in the webcast live via your computer go to:
http://event.on24.com/r.htm?e=1253968&s=1&k=F303E13481194B0FF30E12A194626D94
Replay call information
Toronto and
international:
416.849.0833, passcode 72541674
North America (toll-free):
1.855.859.2056, passcode
72541674
The conference call replay will be available from 10:30 am (PDT) on November
7, 2016, until 11:59 pm PST on
November 14, 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