Web Site: www.CuMtn.com
TSX: CUM
VANCOUVER, April 13, 2016 /CNW/ - Copper Mountain Mining
Corporation (TSX: CUM) (the "Company" or "Copper
Mountain") announces production results for the first quarter
of 2016, from the Copper Mountain Mine located in southern
British Columbia.
First Quarter 2016 Production Highlights:
- Annual production on track: Produced 19 million pounds
of copper, 7,100 ounces of gold, and 65,700 ounces of silver during
the first quarter, on track to meet production guidance for the
year.
- Mill throughput increased: Milled 3.4 million tonnes of
ore at an average rate of 37,100 tpd, with 91% operating time. Mill
tonnage averaged a record 39,980 tpd in February. Copper recovery
for the period was 82% treating an average grade of 0.312%
copper.
- Mine production strong: Mined approximately 192,000
tonnes of material per day during the first quarter, in line with
budget expectations.
Mining activities continued from both the Pit 2 and Virginia Pit
areas. During the quarter, the mine achieved a new daily
mining record of 242,950 tpd, which was made possible by the
opening up of short waste haul opportunities and a continued focus
on maximizing haul truck hours. Optimizing waste haul routes
continues to be priority of the mine. A total of 17.5 million
tonnes of material was mined, including 5.7 million tonnes of ore
and 11.8 million tonnes of waste, resulting in a strip ratio
of 2 to 1. High equipment mechanical availability was
maintained during the quarter.
During the quarter, the mine signed an agreement with BC Hydro
whereby up to 75% of the monthly electricity payment may be
deferred at current copper prices as part of a five year agreement.
This agreement has taken effect as of March
1, 2016. In the first month of electricity deferral,
the mine deferred $1.8 million in
electricity charges. This amount will accumulate on the
balance sheet as a non-current asset.
Mr. Jim O'Rourke, President and
Chief Executive Officer of Copper Mountain Mining, said "Support
by all stakeholders with the mine's aggressive cost saving
initiatives has greatly strengthened the mine's ability to weather
the current global economic environment. The favourable Canadian
dollar, lower fuel prices, shareholders' deferral of crusher
tolling fees, contributions by our employees and the deferral of
electricity payments to BC Hydro are significant and greatly
appreciated. At the current copper price range of
US$2.10 per pound, the deferral of
electrical payments would be approximately CDN$22.5 million per year or US$0.20 per pound copper."
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, May 2, 2016 at 7:30 am (Pacific Daylight Time) for
management to discuss the first quarter 2016 results. This
discussion will be followed by a question-and-answer period with
investors.
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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=1171926&s=1&k=51D90C49DE9731DBE0BEAE8E2DBEA4DC
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Replay call information Toronto and international: 416-764-8677,
passcode 976881 North
America (toll-free): 888-390-0541, passcode
976881
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The conference call replay will be available from
10:30 am (PDT) on May 2nd, 2016, until 11:59 pm PST on
Monday, May 16, 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
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