Copper Mountain Announces Second Quarter 2012 Concentrate Shipments
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
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