Copper Mountain announces third quarter 2013 results

 ____________________________________________________________________
|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, Oct. 30, 2013 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) 
(the "Company" or "Copper Mountain") announces revenues of $67.6 million after 
pricing adjustments and treatment charges for the three months ended September 
30, 2013. 
 _____________________________________________________________________
|                    Third Quarter 2013 Highlights (100% Basis)       |
|_____________________________________________________________________|
|    --  Total production for the 2013 third quarter at Copper        |
|        Mountain Mine (100%) was 17.7 million pounds of copper, 6,400|
|        ounces of gold and 79,300 ounces of silver.                  |
|    --  Revenues of $67.6 million for the quarter after pricing      |
|        adjustments and treatment charges.                           |
|    --  Copper concentrate shipments contained approximately 16.6    |
|        million pounds of copper, 6,300 ounces of gold, and 77,100   |
|        ounces of silver during the quarter.                         |
|    --  Mining activities continued at a steady rate of 154,300      |
|        tonnes per day mined during the third quarter of 2013.       |
|    --  Milling activities continued to improve - Average throughput |
|        rate was 29,130 tonnes per day (tpd) in the third quarter of |
|        2013, as compared to 26,000 tpd for the first half of the    |
|        year.                                                        |
|    --  Copper Recoveries were 87.2% in the third quarter as compared|
|        to 85.0 % for the first half of the year.                    |
|    --  EBITDA(1 )and Adjusted EBITDA(2 )were $29.5 million and $14.8|
|        million for the quarter respectively.                        |
|    --  Net income attributable to the shareholders of the Company   |
|        were $11.2 million or $0.11 per share                        |
|    --  Site cash costs were US$1.68 per pound of copper produced net|
|        of precious metal credits.                                   |
|    --  Total costs were US$2.22 per pound of copper sold net of     |
|        precious metal credits and after all off site charges.       |
|    --  Average realized copper price for the period US $3.22 per    |
|________pound._______________________________________________________| 
__________________________
(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 
Jim O'Rourke, President and CEO of Copper Mountain, remarked "we are very 
pleased with the progress that is being made at the site. SAG Mill 
throughput has continued to improve with our recently implemented short term 
improvements which will continue while the longer term permanent secondary 
crusher is installed. September was an excellent month with mill availability 
exceeding budget and mill throughput averaging 31,925 tpd, a 22.8 percent 
increase over the 26,000 tpd average for the first half of the year. 
Production of 6.8 million pounds copper has been our best month of production 
since start up. We are cash flow positive and we will be continuing to 
improve the operation as we further increase the amount of minus 2 inch ore 
being fed to the SAG Mill". 
Mr. O'Rourke continued,"Looking forward, management's efforts are fully 
focused on the installation of a secondary crusher and we are continuing to 
work with our partner and project banks to get the installation advanced as 
soon as possible." 
Production during the quarter totaled 17.7 million pounds of copper, 6,400 
ounces of gold, and 79,300 ounces of silver. Sales for the quarter were 16.6 
million pounds of copper, 6,300 ounces of gold, and 77,100 ounces of silver, 
generating an EBITDA of $29.5 million for the quarter. The Company ended the 
quarter with $17.1 million in cash which helped eliminate the working capital 
deficit of the previous quarter. Listed in the table below is a summary of 
the financial results: 
Summary Financial Results 


                            Three months ended       Nine months ended 
                 
                                 September  30,          September  30,

(CDN$, except for cash         2013        2012        2013        2012
cost data in US$)
                                  $  (restated)           $  (restated)
                                              $                       $
                                                                       

Revenues                 67,615,718  47,646,402 168,408,043 179,387,350

Gross profit (loss)      16,369,921   4,188,510  22,799,370  45,294,852

Operating income (loss)  15,094,744   2,324,545  18,779,078  39,929,541

Adjusted earnings           447,137 (2,976,392)   9,819,332  33,827,627
(loss)(3)

Net Income (loss)        15,086,632   9,837,744     731,073  38,335,134

Earnings (loss)          11,228,008   7,021,854   (441,356)  27,544,900
attributable to
shareholders of the
Company 

Adjusted earnings                 0      (0.03)         0.1        0.34
(loss) per share(4)

Earnings (loss) per            0.11        0.07        0.00        0.28
share(5)

EBITDA                   29,450,061  17,259,395  33,906,978  63,856,900

Adjusted EBITDA          14,810,566   4,445,259  42,995,237  59,349,393
                                                                       

Cash and cash            17,111,172  20,382,828  17,111,172  20,382,828
equivalents

Working capital          12,770,023  24,716,985  12,770,023  24,716,985

Equity                  264,430,692 255,077,339 264,430,692 255,077,339
                                                                       

Copper produced (lbs)    17,679,000  12,543,000  47,617,000  42,809,000

Gold produced (oz)            6,400       4,300      17,400      13,000

Silver produced (oz)         79,300      77,200     214,500     287,000
                                                                       

Copper sold (lbs)        16,630,000  12,081,000  46,349,000  45,936,000

Gold sold (oz)                6,300       3,400      17,600      14,700

Silver sold (oz)             77,100      81,800     212,600     330,400

Site cash costs per            1.68        2.32        1.71        1.61
pound of copper
produced (net of gold,
silver credits) (US$)

Total cash costs per           2.22        2.83        2.24        2.15
pound of copper sold
(net of gold, silver
credits) (US$)

__________________________
(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 unrealized foreign currency gains/losses.
(4) Calculated based on weighted average number of shares outstanding under 
the basic method based on adjusted earnings.
(5) 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 16.6 million pounds of copper to Japan for smelting 
and recorded revenues, net of smelter charges and pricing adjustments, of 
$67.6 million, realizing a gross profit of $16.4 million. The total cash 
cost of copper sold for the three months ended September 30, 2013 was US$2.22 
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 13.3 million tonnes of material was mined, including 3.9 million 
tonnes of ore and 9.4 million tonnes of waste at an average mining rate of 
154,300 tpd moved during the third quarter of 2013. The ore grade averaged 
0.34% Copper for the third quarter. Site cash costs were $1.68 per pound of 
copper after gold and silver by-product credits.

The mine exited the quarter on a positive note with the mill availability 
averaging 94.2% and copper production of 6.8 million pounds for the month of 
September. Mine production was 17.7 million pounds of copper, 6,400 ounces of 
gold, and 79,300 ounces of silver during the three months of operations ended 
September 30, 2013. This brought production for the nine months to 47.6 
million pounds of copper, 17,400 ounces of gold and 214,500 ounces of silver.

Production improvements can be attributed to the increased average mill 
throughput rate made possible with the short term secondary crushing 
strategies that have been implemented and improved in late July. These short 
term strategies include: utilizing an increased powder factor in the blasting 
of ore to create more fines; continuing with a contract portable crusher to 
crush plus 5,000 tpd of ore to minus two inches; and the introduction of the 
Company's own small portable crusher that was purchased and installed at the 
coarse ore stockpile during the quarter. The combination of these three 
activities is designed to create between 12,000 tpd and 13,000 tpd of minus 
two inch ore feed for the SAG mill. These short term measures have had 
positive results towards increasing mill throughput.

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

Summarized Balance Sheet
                                          September 30, December 31,
                                                   2013         2012
                                                      $ (restated) $

Assets                                                              

Cash                                         17,111,172   24,300,790

Accounts Receivable and prepaids             16,810,572   15,352,990

Inventory                                    28,297,830   20,874,291

Property, plant and equipment               535,813,979  541,607,854

Other Assets                                 40,238,370   29,684,388
                                            638,271,923  631,820,303

Liabilities                                                         

Current liabilities                          49,449,551   49,851,807

Decommissioning and restoration provision     6,348,755    6,997,883

Interest rate swap liability                  7,462,642   10,980,888

Long-term debt                              304,163,284  304,178,343

Deferred tax liability                        6,416,999    2,754,880
                                            373,841,231  374,763,801

Equity                                                              

Share capital                               158,110,551  157,942,209

Contributed surplus                           9,657,971    9,469,280

Retained earnings (deficit)                  17,854,400   18,025,756

Non-controlling interest                     79,077,770   71,619,257

Total equity                                264,430,692  257,056,502
                                            638,271,923  631,820,303

Summarized Income Statement
                         Three months ended                 Nine months
                              September 30,         ended September 30,
                          2013         2012          2013          2012
                             $    (restated             $     (restated
                                    note 3)                     note 3)
                                          $                           $
                                                                       

Revenue             67,615,718   47,646,402   168,408,043   179,387,350

Cost of sales     (51,245,797) (43,457,892) (145,608,673) (134,092,498)

Gross profit        16,369,921    4,188,510    22,799,370    45,294,852
(loss)
                                                                       

Other income and                                                       
expenses

  General and      (1,249,714)  (1,052,319)   (3,978,854)   (3,455,690)
  administration

  Share based         (25,463)    (811,646)      (41,438)   (1,909,621)
  compensation

Operating income    15,094,744    2,324,545    18,779,078    39,929,541
(loss)
                                                                       

Finance income                      310,828                   1,256,603
                        30,649                    216,073

Finance expense    (2,080,671)  (1,763,226)   (6,383,667)   (6,072,661)

Unrealized gain                      71,580     2,274,698   (3,259,889)
(loss) on            (279,510)
interest rate
swap

Foreign exchange     6,636,035    8,988,290  (10,145,810)     7,530,574
(loss) gain
                                             

Income (loss)       19,401,247    9,932,017     4,740,372    39,384,168
before tax
                                                                       

Current resource     (817,615)     (94,273)   (1,235,040)   (1,049,034)
tax recovery
(expense)

Deferred income    (3,497,000)            -   (2,774,259)             -
tax recovery
(expense)
                                             

Net income (loss)   15,086,632    9,837,744       731,073    38,335,134
and comprehensive
income (loss)
                                             

Net income (loss)                                                      
and comprehensive
income (loss)
attributable to:

  Shareholders of   11,228,008    7,021,854     (441,356)    27,544,900
  the Company

  Non-controlling    3,858,624    2,815,890     1,172,429    10,790,234
  interest
                                             
                    15,086,632    9,837,744       731,073    38,335,134

Earnings per                                                           
share:

  Basic                   0.11         0.07          0.00          0.28

  Diluted                 0.11         0.07          0.00          0.26
                                                                       

Weighted average    98,618,383   98,509,366    98,618,383    98,506,469
shares
outstanding,
basic and diluted
                                             

Shares              98,619,427   98,547,377    98,619,427    98,547,377
outstanding at
end of the period

The full set of financial statements and accompanying MD&A are posted on 
Sedar.com.

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 latter 
half of 2011, and has continued to improve its operations during the year. 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.

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


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|Live Dial-in information                                                                                                
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|Toronto and international:   416-764-8688                                                                               
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|North America (toll-free):  888-390-0546                                                                                
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|To participate in the webcast live via your computer go to:                                                             
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|http://www.newswire.ca/en/webcast/detail/1238125/1363961|
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|Replay call information                                                                                                 
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|Toronto and international:   416-764-8677,  passcode  284484                                                            
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|North America (toll-free): 888-390-0541,  passcode  284484                                                              
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|The conference call replay will be available from 10:30  am (PST) on October 30th, 2013, until 11:59 pm PST on 
November 6(th), 2013           |
|Participant audio webcast will also be available on the company's website                                               
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|http://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 
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 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/October2013/30/c8333.html 
CO: Copper Mountain Mining Corporation
ST: British Columbia
NI: MNG ERN CONF  
-0- Oct/30/2013 11:00 GMT
 
 
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