VANCOUVER, April 16, 2018 /PRNewswire/ - Copper Mountain Mining Corporation (TSX: CMMC) (the "Company" or "Copper Mountain") is pleased to announce production results for Q1 2018 from the Copper Mountain Mine, located in southern British Columbia.
First Quarter 2018 Production Highlights:
- Production on track: Production totaled 23.2 million pounds of copper equivalent during the quarter which included:
- 19.9 million pounds of copper (a 10% increase over Q1-2017)
- 6,070 ounces of gold
- 77,900 ounces of silver
- Gold and Silver: Gold and silver production continues to provide a favourable contribution to the operation.
- Mill throughput: The average milling rate for Q1 2018 was 38,800 tpd for the quarter. Total tonnes milled during the period was 3.5 million tonnes at an average head grade of 0.328% copper.
- Mining production: Open pit mining averaged 184,300 tonnes of material per day during the first quarter, within 3% of our 190,000 tpd guidance with the slight decrease related to the abnormal high snow fall.
Mining activities continued from the Pit 2, Saddle and Oriole areas during the quarter. A total of 16.6 million tonnes of material was mined, including 6.5 million tonnes of ore and 10.1 million tonnes of waste, resulting in a strip ratio of 1.54 to 1.
Mr. Jim O'Rourke, President and Chief Executive Officer of Copper Mountain Mining, said "The operation performed well during the quarter despite the abnormally high snow fall causing some challenges in the pit and a minor disruption in power supply. These challenges were handled well by the crew which has kept us on track to meet our 2018 production guidance of 80 million pounds copper."
Copper Mountain will hold a conference call on Friday April 27, 2018 at 7:30 am (Pacific Standard Time) for management to discuss the Q1 2018 Financial and Operating Results. Results will be released before the market opens on Friday, April 27, 2018.
Conference Call and Webcast Details
Live Dial-in information
Toronto and international: 647-427-7450
North America (toll-free): 1-888-231-8191
To participate in the webcast live via your computer go to: event.on24.com/r.htm
Replay call information
Toronto and international: 416-849-0833 Passcode: 1590898
North America (toll-free): 1-855-859-2056 Passcode: 1590898
The conference call replay will be available from 10:30 am (PST) on April 27t, 2018, until 20:59 pm PST on May 15th, 2018.
Participant audio webcast will also be available on the company's website at www.cumtn.com
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. Recently, Copper Mountain shareholders approved the acquisition of Altona Mining Limited which brings with it approximately A$30M cash, the Cloncurry project with development-ready Eva Copper Project and a massive exploration potential in the acquired ~ 4,000 square km (379,000 hectare) mineralized land package within the highly prospective Mt. Isa inlier area in Queensland, Australia.
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.