Web Site: www.CuMtn.com
VANCOUVER, Jan. 15, 2014 /PRNewswire/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces production results for the year ended December 2013 from the Copper Mountain mine located in southern British Columbia.
In 2013 the mine produced 66.2 million pounds of copper, 21.6 thousand ounces of gold, and 320.4 thousand ounces of silver. The mill averaged 87.8% operating time for the year and a total of 10.1 million tonnes of ore was milled at an average grade of 0.35 % Copper. The mill exited the year on a positive note with a throughput rate averaging 32,767 tpd for the month of December, a significant improvement over an average daily throughput rate of 26,000 tpd achieved during the 2012 year.
Improvements in mill throughput are attributable to the short term secondary crushing strategies which included increased powder factor in the mine and the installation of portable crushing plants ahead of the SAG mill. The combination of these activities is designed to create approximately 12,000 tpd of minus two inch ore feed for the SAG mill. Mill tonnage from these short term strategies in December averaged about 10,000 tpd or 30 percent of the mill feed being crushed to an average size of minus two inch. These short term measures have had positive results towards increasing mill throughput and activities are progressing to further increase mill throughput to 35,000 tpd by installing a permanent crusher to crush 100 percent of the mill feed to the 2 inch range.
The mine exited the quarter on a very positive note with a mill availability of 94.7% and copper production of 6.8 million pounds for the month of December. Mine production for the quarter ended December 31, 2013 was 18.6 million pounds of copper, 4,300 ounces of gold, and 105,800 ounces of silver, which is the highest production quarter since the mine commenced operations, despite having a transformer interruption during the quarter. The 4th quarter's production numbers were based on a recovery of 85% and an ore head grade of 0.375% Copper.
Mining activities continued from both the Pit 2 and Pit 3 areas and averaged approximately 166,000 tonnes per day. During the 2013 year a total of 56.7 million tonnes of material was mined, including 16.6 million tonnes of ore and 40.1 million tonnes of waste. The projected life of mine strip ratio is 2 to 1 but higher in the early years.
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 summer of 2011 and has continued to improve its operations during the current year. 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 page at www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
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