Copper Mountain announces 2013 production guidance
VANCOUVER, Dec. 21, 2012
Web Site: www.CuMtn.com
VANCOUVER, Dec. 21, 2012 /PRNewswire/ - Copper Mountain Mining Corporation
(TSX: CUM) (the "Company" or "Copper Mountain") announces production guidance
for the 2013 year from the Copper Mountain mine located in southern British
Copper Mountain is projecting 2013 production of approximately 80 million
pounds of copper, 35,000 ounces of gold, and 315,000 ounces of silver. - Site
cash cost are estimated to be (incl. mining, milling, maintenance, admin, and
engineering) of $1.25 - $1.30 per pound of copper produced net of precious
metal credits. (Calculated based on $ 3.40 /lb Cu, $1,500/oz Au and $28.50/oz
Ag). Total cash costs (incl. site costs, smelting & refining, transportation,
interest and taxes) are estimated to be between $1.80 - $2.00 per pound of
copper produced net of precious metal credits.
The mining rate is projected to continue at a rate of about 175,000 tonnes per
day to provide 35,000 tonnes per day of mill feed. The forecast production is
based on a head grade of approximately 0.35 percent copper. Mine site
operating costs are estimated to total approximately $13.65 per tonne milled
with mining costs projected at $1.48 per tonne mined.
From an operational point of view, the mine plans to continue to mine in both
the Pit 2 and Pit 3 areas. Approximately 16 million tonnes of lower grade
material will be stockpiled for processing towards the end of the mine life.
The Company's goal for 2013 is to continue to optimize performance of the
Copper Mountain Mine, to maximize our copper production.
Management plans to continue the exploration drilling for 2013 which will
build from the 2012 exploration program. The 2012 exploration drilling has
been focused along the western and northern edges of Pit 2, partly to expand
the pit limits, test mineralization at depth and to infill gaps within the
resource model. Exploration staff are continuing to cut the drill core from
the 2012 exploration program and management expects to be in a position to
comment on the second half 2012 exploration results during Q1 of 2013. Plans
for the drill 2013 program will be finalized after the 2012 results are
About Copper Mountain Mining Corporation:
Copper Mountain's flagship asset is the 75% owned 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 the
remaining 25%. The Copper Mountain mine commenced production in the summer of
2011, and has continued to improve its operations during the year; and
attained design capacity in the summer of 2012. The 18,000 acre site has a
resource of approximately 5 billion pounds of copper and remains open
laterally and at depth. The mine has significant exploration potential that
will need to be explored over the next few years to fully appreciate the
properties 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
Cautionary Note Regarding Forward-Looking Information:
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
Galina Meleger, Corporate Communications 604-682-2992 ext.224 Email:Galina
Rod Shier, Chief Financial Officer 604-682-2992 ext.222 Email:Rod@CuMtn.com
Press spacebar to pause and continue. Press esc to stop.