Copper Mountain announces first quarter 2013 results

             Copper Mountain announces first quarter 2013 results

PR Newswire

VANCOUVER, May 14, 2013

This release should be read with the unaudited financial statements and
management's discussion and analysis available at www.cumtn.com and filed on
www.sedar.com. Our financial results are prepared in accordance with IFRS and
expressed in Canadian dollars, unless otherwise noted. Sales and production
volumes for the Company's 75%-owned Copper Mountain mine are presented on a
100% basis unless otherwise indicated.

Web Site: www.CuMtn.com
TSX: CUM

VANCOUVER, May 14, 2013 /PRNewswire/ - Copper Mountain Mining Corporation
(TSX: CUM) (the "Company" or "Copper Mountain")  announces revenues of $55.1
million after pricing adjustments and treatment charges for the three months
ended March 31, 2013.

                  First Quarter 2013 Highlights (100% Basis)
  *Gross profit for the quarter was $8.1 million.
  *Copper concentrate shipments totalled approximately 26.8 DMT during the
    first quarter of 2013.
  *Concentrate contained approximately 15.0 million pounds of copper, 5,800
    ounces of gold, and 69,000 ounces of silver.
  *Total production for the 2013 first quarter at Copper Mountain Mine (100%)
    was 14.2 million pounds of copper, 5,300 ounces of gold and 64,200 ounces
    of silver.
  *Mining activities continued at a steady rate of 172,000 tonnes per day
    moved during the first quarter of 2013.
  *Milling activities continued to improve - Operating time in particular,
    improved by approximately 5% to 85.9% in the first quarter of 2013
    (including 93.3% in February) as compared to the 2012 average of 82.1%.
  *EBITDA^1 and Adjusted EBITDA^2 were $7.5 million and $17.6 million
    respectively.
  *Adjusted earnings^3 ^4 were $7.8 million or $0.08 per share.
  *Site cash costs were US$1.62 per pound of copper produced net of precious
    metal credits.
  *Total costs were US$2.18 per pound of copper sold net of precious metal
    credits and after all off site charges.
  *Average realized copper price for the period US $3.56 per pound.

Jim O'Rourke, President and CEO of Copper Mountain, remarked, "although
concentrator operating time has challenged us longer than we anticipated
following the start-up period, we are confident that the major issues causing
unscheduled downtime of: SAG mill grates, ball mill motor programing, tailing
line wear repairs and water level in the tailings management facility have
been addressed and are behind us. The resolution to these design and supply
issues provide a significant step forward towards us achieving our production
goals."

Mr. O'Rourke continued,"Looking forward, management's efforts are fully
focused on optimizing mine and mill operations which include finalizing the
review work on the installation of secondary crushing at the mine site. The
test that was completed in March, with pre-crushed ore to the SAG Mill, was
extremely enlightening and demonstrated that with pre-crushing the
concentrator can achieve throughput rates above the designed capacity of
35,000 tpd. Following this test with pre-crushed ore, a second test was
completed with ore blasted with high energy explosives to create increased
fragmentation to enhance SAG Mill capacity. This test was also successful in
demonstrating increased mill throughput. In the immediate and short term, we
plan to continue to utilize high energy blasting and continue with a
contractor to crush up to 10,000 tpd of minus 2 inch ore to meet our tonnage
goals. Long term we are focused on finalizing our plans for the installation
of a secondary crusher to consistently achieve mill tonnage above our 35,000
tpd design capacity."

Production during the quarter totaled 14.2 million pounds of copper, 5,300
ounces of gold, and 64,200 ounces of silver. Sales for the quarter were 15
million pounds of copper, 5,800 ounces of gold, and 69,200 ounces of silver,
generating a gross profit of $8.1 million for the quarter. Listed in the
table below is a summary of the financial results:

                          Summary Financial Results
                                                           
                                                        Three months ended
                                                                     March 31,
(CDN$, except for cash cost data in US$)             2013           2012
                                                           $        (restated)
                                                                             $
                                                                     
Revenues                                       55,093,821     71,019,733
Gross profit (loss)                             8,064,408     29,168,059
Operating income (loss)                         6,309,499     27,698,266
Adjusted earnings (loss)^5                      7,844,294     19,248,195
Net Income                                    (2,271,910)     30,666,929
Earnings (loss) attributable to                             
shareholders of the Company                        2,274,775        22,602,857
Adjusted earnings (loss) per share^6                 0.08           0.20
Earnings (loss) per share^7                        (0.02)           0.23
EBITDA                                          7,461,709     39,631,757
Adjusted EBITDA                                17,577,913     28,213,023
                                                                     
Cash and cash equivalents                       8,738,558     23,982,788
Working capital                                10,078,877     43,517,691
Equity                                        255,103,182    244,889,185
                                                                     
Copper produced (lbs)                          14,243,000     13,709,034
Gold produced (oz)                                  5,300          4,196
Silver produced (oz)                               64,200         96,423
                                                                     
Copper sold (lbs)                              15,000,000     15,748,009
Gold sold (oz)                                      5,800          5,871
Silver sold (oz)                                   69,000        124,546
Site cash costs per pound of copper                         
produced (net of gold, silver credits)
(US$)                                                   1.62              1.22
Total cash costs per pound of copper sold                   
(net of gold, silver credits) (US$)                     2.18              1.71
                                                           

_____________________________
^1 EBITDA represents earnings before interest, income taxes and depreciation
^2 Adjusted EBITDA removes unrealized gains/ losses on derivative instruments
and foreign exchange gains/losses
^3 Adjusted earnings (loss) and adjusted earnings (loss) per share are non
GAAP financial measures which remove unrealized gains/losses on interest rate
swaps and foreign currency gains/ losses
^4 Calculated based on weighted average number of shares outstanding under the
basic method based on earnings attributable to shareholders
^5 Adjusted earnings (loss) and adjusted earnings (loss) per share are
non-GAAP financial measures which remove unrealized gains/losses on interest
rate swaps and unrealized foreign currency gains/losses.
^6 Calculated based on weighted average number of shares outstanding under the
basic method based on adjusted earnings.
^7 Calculated based on weighted average number of shares outstanding under the
basic method based on earnings attributable to shareholders.

Copper Mountain Mine

During the  quarter,  the company  completed  three shipments  of  concentrate 
containing approximately 15.0 million pounds  of copper to Japan for  smelting 
and recorded  revenues, net  of smelter  charges and  pricing adjustments,  of 
$55.1 million, realizing a gross profit of $8.1 million. The total cash  cost 
of copper sold for the three months ended March 31, 2013 was US$2.18 per pound
of copper after gold and silver by-product credits.

Mining activities continued in the Pit #3 and Pit#2 area during the  quarter. 
A total of 14.5  million tonnes of material  was mined, including 4.3  million 
tonnes of ore and 10.2  million tonnes of waste at  an average mining rate  of 
172,000 tonnes of per  day moved during  the first quarter  of 2013. The  ore 
grade averaged 0.35% Copper for the first quarter. Site cash costs were $1.62
per pound of copper after gold and silver by-product credits.

The mill achieved a 93.3% availability during February and after a planned
shutdown in early March, the mill achieved above budget availability of 92% to
the end of the month as compared to an availability of 85.9% averaged during
the first quarter. Mill throughput improved after the scheduled maintenance
shutdown in early March to an average of 31,000 tpd but 11% below our target
tonnage. Prior to the shutdown in early March a contractor was engaged to
crush a 70,000 tonne sample of our hardest Pit 3 ore to minus two inch. Upon
starting up on March 8^th the mill treated the finely crushed sample and
demonstrated that with pre-crushing ore to minus two inches, the SAG mill can
achieve throughput rates above the designed 35,000 tpd. The test confirmed
that secondary crushing is an option to pursue to ensure stable and consistent
increased long term mill throughput rates for ore from all pit areas.
Immediately following the fine crush sample test, another test was completed
with ore from high energy blasting This test also successfully demonstrated
increased mill throughput and has provided a path for short term tonnage
improvements, however, an evaluation of alternatives confirms that the longer
term solution would be the installation of a secondary crushing unit to ensure
consistency in the SAG Mill feed size. Plans are to continue to utilize high
energy blasting that creates more fines in the SAG Mill feed and continue with
a contractor to crush up to 10,000 tpd of minus 2inch SAG mill feed for the
short term. Management will continue to evaluate the pre crush solutions for
a final decision as to the long term plan by mid-year.

The Company ended the quarter with a working capital of $10.1 million, as
compared with a working capital of $10.7 million at December 31, 2012. Cash
at the end of the quarter totaled $8.7 million as compared to $24.3 at the end
of the previous quarter as a result timing of the last shipment of the quarter
which occurred on March 31, 2013. This shipment had a value of $16.2 million,
of which the 90% provisional payment was received on April 3, 2013 bringing
cash resources to $23.3 million.

During the quarter the Company was required to adopt IFRIC 20, Stripping Costs
in the Production Phase of a Surface Mine. The Company applied the
requirements to production stripping costs incurred after January 1, 2012, in
accordance with the transitional provisions of IFRIC 20. Readers are directed
to note 3 of the financial statements for the three months ended March 31,
2013 for additional information.

Listed below are a summarized income statement and balance sheet as well as
conference call in details:

Summarized Balance Sheet                                 
                                            March 31,    December 31,
                                                       2013               2012
                                                          $       (restated) $
Assets                                                              
Current assets                              53,860,852      60,528,061
Restricted cash                              6,141,131       6,013,726
Deferred tax asset                           1,598,629       1,301,220
Reclamation bonds                            8,816,500       8,200,500
Property, plant and equipment              539,417,966     541,607,854
Low grade stockpile                         19,416,226      14,168,942
                                          629,251,304     631,820,303
Liabilities                                                         
Current liabilities                         43,781,975      49,851,807
Decommissioning and restoration              7,005,735       6,997,883
provision
Interest rate swap liability                10,718,654      10,980,888
Long-term debt                             309,274,762     304,178,343
Deferred tax liability                       3,366,996       2,754,880
                                          374,148,122     374,763,801
Equity                                                              
Share capital                              158,110,551     157,942,209
Contributed surplus                          9,619,528       9,469,280
Retained earnings (deficit)                 15,750,982      18,025,756
Non-controlling interest                    71,622,121      71,619,257
Total equity                               255,103,182     257,056,502
                                          629,251,304     631,820,303
                                                        

Summarized Income Statement                                
                                                        Three months ended
                                                                     March 31,
                                                   2013            2012
                                                          $       (restated) $
Revenue                                       55,093,821      71,019,733
Cost of sales                                 47,029,413      41,851,674
Gross profit (loss)                            8,064,408      29,168,059
Other income and expenses                                             
      General and administration              1,696,867       1,211,984
      Share based compensation                   58,042         257,809
Operating income (loss)                        6,309,499      27,698,266
                                                                     
Finance income                                    99,481         209,079
Finance expense                              (2,009,319)     (1,844,513)
Unrealized loss (gain) on interest rate          289,837               -
swap
Unrealized loss (gain) on foreign            (6,259,292)       5,278,465
exchange
Income before tax                            (1,659,794)      31,341,297
                                                                     
Current resource tax expense                     297,409         674,368
Deferred income tax expense                      314,707               -
Net income and comprehensive income for      (2,271,910)      30,666,929
the period
                                                                     
Net income and comprehensive income                                   
attributable to:
      Shareholders of the Company           (2,274,775)      22,602,857
      Non-controlling interest                    2,865       8,064,072
                                            (2,271,910)      30,666,929
Earnings per share:                                                   
      Basic                                      (0.02)            0.23
      Diluted                                    (0.02)            0.23
                                                                     
Weighted average shares outstanding           98,616,236      98,481,155
Shares outstanding at end of period           98,619,427      98,504,377
                                                         
   The full set of financial statements and accompanying MD&A are posted on
                                  Sedar.com.

Copper Mountain will host a conference call on Wednesday, May 15th, 2013 at
10:30 a.m. Eastern Time (7:30 a.m. Pacific Time) to discuss the 2013 first
quarter results. The conference call may be accessed by dialing:

Live Dial-in information
Vancouver and international:416-764-8609
North America (toll-free):888-390-0605
To participate in the webcast live via your computer go to:
http://www.newswire.ca/en/webcast/detail/1157485/1264031

Replay call information
Vancouver and international:416-764-8677, passcode 880310
North America (toll-free): 888-390-0541, passcode 880310

The conference call replay will be available from 10:30 am (PST) on May 15th,
2013, until 11:59 pm PST on May 23rd, 2013
Participant audio webcast will also be available on the company's website
http://www.cumtn.com

Exploration Update:

The 2013 exploration program is being reviewed based on the 2012 results. The
2012 exploration program consisted of a total of 18,400m of core drilling in
66 holes and 3,120m of shallow percussion drilling in 110 holes. Exploration
was successful in confirming the continuity of deep mineralization below the
Pit 2 area, extending mineralization to the north and northwest of Pit 2, and
intersecting high grade mineralization below the Super pit bottom in Pit 3.
The most significant results from the drill program were intersections of 123m
grading 0.75% CuEq and 122.8m grading 0.69% CuEq at depths in excess of 150m
below the bottom of the Super pit in the Pit 2 area; an intersection of 102m
grading 0.70% Cu immediately below the bottom of the Super pit in the center
of Pit 3 area; and an intersection of 32m grading 3.03% CuEq in the southern
end of Pit 3.

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 new web page at www.CuMtn.com.

On behalf of the Board of

COPPER MOUNTAIN MINING CORPORATION

"Rod Shier"

Rodney A. Shier, CA.
Chief Financial 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

Contact:

Galina Meleger, Corporate Communications 604-682-2992 ext.224
Email:Galina@CuMtn.com or
Rod Shier, Chief Financial Officer 604-682-2992 ext.222 Email:Rod@CuMtn.com

Website:www.CuMtn.com
 
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