VANCOUVER, April 17, 2012 /PRNewswire/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces production results for the first quarter of 2012 from the recently opened Copper Mountain mine located in southern British Columbia.
The mine produced 13.7 million pounds of copper, 4,200 ounces of gold, and 96,400 ounces of silver during the first three months of operations in 2012. Copper production is directly related to the mill throughput which continued to improve during the quarter. Since startup of production in September 2011 the mine had been averaging one shipment of concentrate per month to the smelters in Japan. During the first three months of 2012 the mine completed a total of four shipments containing approximately 15.8 million pounds of copper, 5,800 ounces of gold, and 125,000 ounces of silver generating an estimated $69 million in gross revenue.
The mill treated a total of 2.1 million tonnes of ore at an average grade of 0.377 %Cu during the first three months of operation of 2012. The Company has continued to experience higher than predicted precious metal production. Production during the quarter continued to improve as SAG Mill operating time increased towards the end of the quarter reaching an average of 89.3% availability in March as compared to a budgeted availability of 92%. The Company continues its focus to reach the 35,000 tonnes per day design capacity rate on a consistent basis in the near term and reach the Company's production target of 85 to 90 million pounds of copper for 2012.
Mining activities averaged approximately 140,000 tonnes per day in the first quarter of 2012. The Company's recent addition to the fleet of equipment of five 260 ton haul trucks, one Hitachi EX5500 Hydraulic Shovel with a 27 m3 (35.5 cubic yard) bucket, one Pit Viper 351 Drill, and a Komatsu D375 dozer are now all fully operational as of the end of the first quarter. The addition of the extra mining equipment has assisted in increasing the mining capacity to the 160,000 tonne per day rate by the end of the quarter. The Company is presently reviewing its 2012 mine plane with a view of further optimization to maximize copper production.
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