Copper Mountain announces record mill throughput for Q3-2015
Web Site: www.CuMtn.com
TSX: CUM
VANCOUVER, Oct. 6, 2015 /CNW/ - Copper Mountain Mining Corp. (TSX: CUM) (the "Company" or "Copper Mountain") announces that in the third quarter of 2015 the mine produced 20.4 million pounds of copper. Concentrate shipped during the quarter contained approximately 21.9 million pounds of copper, plus gold and silver, generating an estimated US$60 million in gross revenue. In the third quarter the mill achieved an average record throughput of 37,400 tpd, an increase of 22% over the comparative period of 2014. The ore grade averaged 0.35% copper for the quarter.
Mining activities continued to focus on the southwest end of Pit 2 and the northwest end of Pit 3. Approximately 85% of the ore mined during the quarter came from the Pit 2 area. During the quarter, the Company received approval for various permit amendments, including inclusion of the Virginia Pit in the mine plan, which has a higher than average head grade. Site personnel are advancing mining in the Virginia area for ore delivery in the fourth quarter, and are implementing other flexible mine plan initiatives to further reduce costs and maximize cash flow. During the quarter a total of 14.7 million tonnes of material was mined, including 5.4 million tonnes of ore and 9.3 million tonnes of waste, resulting in a strip ratio of 1.73:1. The mine moved an average of approximately 172,800 tonnes of material per day during the quarter.
Jim O'Rourke, President and CEO of Copper Mountain, commented "We are very pleased with Copper Mountain Mine's ability to continue to set production records. During the quarter, the mill averaged 37,400 tpd including an all-time high average throughput rate of 39,100 tpd for the month of July, as compared to 35,600 tpd achieved during the second quarter of 2015. This record throughput has contributed to strong third quarter production of 20.4 million pounds of copper."
"Management are fully focused on operational improvements and cost savings to ensure we are successful in addressing current global conditions. Adaptive mine plans for 2016 are being optimized to further strengthen our operating base and ensure our long-term success."
Conference Call Details:
The Company will release its third quarter 2015 financial and operational results before market hours on Monday, November 9, 2015. 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://event.on24.com/r.htm?e=1063363&s=1&k=C5D3C008E58CC5F87EE721C80003C639 |
Replay call information
| Toronto and international: | 416-764-8677, passcode 181686# |
| North America (toll-free): | 888-390-0541, passcode 181686# |
| The conference call replay will be available from 10:30 am (PST) on November 9, 2015, until 11:59 pm PST on November 23, 2015 |
| 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
Website: www.CuMtn.com
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 Corp.
Contact
Betty LeBlanc, BA, MBA, Investor Relations, 604-682-2992 ext. 238, Email: Betty@cumtn.com; Rod Shier, Chief Financial Officer, 604-682-2992 ext.222, Email: Rod@CuMtn.com