Copper Mountain announces 2012 third quarter production and sales results

Web Site: www.CuMtn.com

TSX: CUM

VANCOUVER, Oct. 16, 2012 /PRNewswire/ – Copper Mountain Mining Corporation (TSX: CUM) (the “Company” or “Copper Mountain”) announces production results for the third quarter of 2012 from the
recently opened Copper Mountain mine located in southern British
Columbia.

During the third quarter of 2012 the mine completed a total of three
shipments of copper concentrate, to smelters in Japan, containing
approximately 12.1 million pounds of copper, 3,400 ounces of gold, and
81,800 ounces of silver. Gross sale value, based on provisional pricing
is estimated at $48.3 million prior to pricing adjustments. Production
from the mill during the quarter was 12.5 million pounds of copper,
4,315 ounces of gold, and 77,166 ounces of silver, the higher gold
content is the result of increased ore from Pit #2.

As previously announced on September 17(th) the ramp up to full production has taken longer than expected. Mill
operating time was negatively impacted during the third quarter due to
SAG mill grate replacements and extensive tailings line maintenance,
both of which are now complete.  Following the planned mill maintenance
shutdown at the start of August; whereby the recently received newly
designed grates were installed in the SAG mill, and electrical
modification to the ball mill motors were made, as well as repairs to
the tailings line, unscheduled downtime has been decreased providing
confidence that the mill can operate at the planned 92 percent
availability. Subsequent to the planned maintenance shut down in early
August, the Company has attained design mill throughput.

From a mining 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. Mining in
Pit 2 has been accelerated to be developed in parallel with Pit 3, as
part of the new mine optimization plan. Mine production is continuing
above the planned rate of 160,000 tpd.

In addition, during the quarter the Company continued with 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 two
diamond drills on the property which are focused on mineralization at
depth in the southern end of Pit 3 and around Pit 2.  Results will
continue to be released as drilling progresses.

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” 

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