Copper Mountain Operational Update
Web Site: www.CuMtn.com
VANCOUVER, Sept. 17, 2012 /PRNewswire/ - Copper Mountain Mining Corporation ("CMMC" or the "Company") announces that operations at the Copper Mountain Mine located in southern BC have continued to improve since operations started.
Copper production guidance for the last quarter of 2012 is 20 million pounds of copper, an increase over prior quarters as a result of improvements to the mill operation. Total copper production for 2012 is forecast to be approximately 60 million pounds of copper. The forecast for the balance of the year from September through December is to operate at an average 35,000 tpd with an average head grade of 0.35% copper.
The mine plan has been under review by the mine engineering team to optimize the mining sequence to maximize copper production. This optimization is progressing well for completion by year end. The short term portion of the plan has been completed and mining in Pit 2 has been accelerated to be developed in parallel with Pit 3. Mine production is continuing at the planned rate of about 160,000 tpd.
Improved blasting techniques, finer crushing, improved ore blending and modified operation procedures, coupled with the more favorable operating time have allowed the mill to operate at its 35,000 tpd design level. The average throughput for the last five days of August was 37,210 tpd.
Following the planned mill maintenance shutdown at the start of August; whereby the recently received newly designed grates were installed in the SAG mill, and electrical modification to the ball mill motor were made, as well as repairs to the tailings line, the Company has experienced above design operating performance from the mill. Mill operating time averaged 97% for the period following the grate change out providing confidence that the excessive down time during the ramp up period has been overcome.
Mill operating time was negatively impacted during the last two months of the second quarter and into July mainly associated with SAG mill grate repairs and extensive tailings line maintenance, both of which are now complete. Ramp up to full production has been longer than expected and very challenging. The Company is extremely pleased with our employee's dedication to achieving the mining and milling goals.
About Copper Mountain Mining Corporation:
Copper Mountain is a Canadian resource company managed by an experienced team of professionals with a solid track record of exploration and development success. The Company's shares trade on the Toronto Stock Exchange under the symbol "CUM". Copper Mountain owns 75% and Mitsubishi Materials Corporation owns 25% of the Copper Mountain Mine. The 18,000 acre mine site is located 20 km south of the town of Princeton in southern British Columbia. The Copper Mountain Mine has a current resource of approximately 5 billion pounds of copper and recently commenced production. Additional information is available on the Company's new web page at www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
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