VANCOUVER, April 18, 2017 /CNW/ - Copper Mountain Mining Corporation (TSX: CMMC) (the "Company" or "Copper Mountain") is pleased to announce production results for Q1 2017 from the Copper Mountain Mine, located in southern British Columbia.
First Quarter 2017 Production Highlights:
- Production on track: Production totaled 21.2 million pounds of copper equivalent which included 18.1 million pounds of copper, 5,900 ounces of gold, and 64,300 ounces of silver during the first quarter.
- Gold and Silver: Gold and silver production continues to provide a favourable contribution to the operation.
- Mill throughput: The average milling rate for Q1 2017 was 37,350 tpd for the quarter, in line with our 2017 guidance of 38,000tpd. Total tonnes milled during the period was 3.4 million, with an operating time of 91.8%. The average head grade was 0.31% copper for the period.
- Mining production strong: Open pit mining averaged more than 199,000 tonnes of material per day during the first quarter, above our 180,000 tpd guidance.
Mining activities continued from the Pit 2 and Saddle areas during the quarter. A total of 18 million tonnes of material was mined, including 5.7 million tonnes of ore and 12.3 million tonnes of waste, resulting in a strip ratio of 2.16 to 1. High equipment mechanical availability was maintained during the quarter which helped contribute to the above average mining rates being achieved.
Mill head grade was slightly above guidance for the quarter, while copper recoveries were slightly below plan as a result of processing some fine grained ore in the saddle area. This is a small area of the pit that has now been mined and recoveries returned back in line with the plan. Throughput for the first half of the year is expected to be lower than the second half of the year due to some planned maintenance down time. The Copper Mountain's guidance for 2017 of 75 to 85 million pounds of copper, based on a mill throughput rate of 38,000 tpd and a mill feed grade of 0.30% copper remains unchaged.
Mr. Jim O'Rourke, President and Chief Executive Officer of Copper Mountain Mining, said "The mine continued to operate at rates within our guidance during the quarter. A large maintenance job is scheduled in the mill during the second quarter which will affect production in the first half of the year. The plan includes processing higher grade ore from the satellite Oriole deposit during the second half of 2017 which will provide the higher production to meet guidance. The team continues to focus on cost control and building cash on the balance sheet".
Financial Results Timing
Copper Mountain will hold a conference call on Tuesday, April 25th, 2017 at 7:30 am (Pacific Standard Time) for management to discuss the Q1 2017 Financial and Operating Results. Results will be released before the market opens on Tuesday, April 25, 2017.
Conference Call and Webcast Details
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 has a large resource of copper that remains open laterally and at depth. This significant exploration potential will be explored over the next few years in order to fully appreciate the property's 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
For further information: Dan Gibbons, Investor Relations, 604-682-2992 ext. 238, Email: Dan@cumtn.com; Rod Shier, Chief Financial Officer, 604-682-2992 ext.222, Email: Rod@CuMtn.com; Website: www.CuMtn.com
RELATED LINKS http://www.CuMtn.com