VANCOUVER, July 3, 2012 /PRNewswire/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces production results for the second quarter of 2012 from the recently opened Copper Mountain mine located in southern British Columbia.
During the second quarter of 2012 the mine completed a total of three shipments of copper concentrate, to smelters in Japan, containing approximately 18.1 million pounds of copper, 5,600 ounces of gold, and 124,000 ounces of silver, an increase in shipped copper of approximately 14.8% over the first quarter of 2012. Gross sale value, based on provisional pricing is estimated at $74 million.
From an operational point of view, the addition of the extra mining equipment announced earlier this year has assisted in increasing the mining capacity and has also allowed flexibility in mine planning. The Company is presently reviewing its 2012 mine plane with a view of further optimization to maximize copper production. Mill production has been improving modestly during the quarter; however, operational challenges continue to hamper reaching design capacity on a consistent basis. As a result the Company has agreed to extend its completion guarantees with the project banks until June 30, 2013 or until project banking completion has been achieved.
In addition, during the quarter the Company also commenced its 2012 exploration program which forms the first part of a larger three year exploration strategy for the property. The objectives of the exploration program are threefold: determination of the potential long-term pit limits, conversion of resources to reserves in order to assist with near to mid-term mine planning and continued exploration of outlying or new areas of mineralization. There are currently three drills on the property (2 diamond drills and 1 percussion drill) which are working on a number of the target areas. Drilling has been focused along the western and northern edges of the Pit 2, partly to expand the pit limits, test mineralization at depth and to infill gaps within the resource model. Additional drilling has been undertaken along the outlying Alabama trend, and will also test mineralization at depth below the southern end of Pit 3.
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
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