Copper Mountain announces third quarter 2013 results

             Copper Mountain announces third quarter 2013 results

PR Newswire

VANCOUVER, Oct. 30, 2013

This release should be read with the unaudited financial statements and
management's discussion and analysis available at and filed on 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:

VANCOUVER, Oct. 30, 2013 /PRNewswire/ - 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
  *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

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$, except for cash cost           2013        2012        2013        2012
data in US$)                             $  (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 (loss)^3         447,137 (2,976,392)   9,819,332  33,827,627
Net Income (loss)               15,086,632   9,837,744     731,073  38,335,134
Earnings (loss) attributable    11,228,008   7,021,854   (441,356)  27,544,900
to shareholders of the
Adjusted earnings (loss) per             0      (0.03)         0.1        0.34
Earnings (loss) per share^5           0.11        0.07        0.00        0.28
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 equivalents       17,111,172  20,382,828  17,111,172  20,382,828
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 pound of          1.68        2.32        1.71        1.61
copper produced (net of gold,
silver credits) (US$)
Total cash costs per pound of         2.22        2.83        2.24        2.15
copper sold (net of gold,
silver credits) (US$)

^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) $
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
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
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 ended
                                   September 30,                 September 30,
                            2013          2012           2013           2012
                                 $     (restated              $ (restated note
                                         note 3)                            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 (loss)     16,369,921     4,188,510     22,799,370     45,294,852
Other income and                                                          
   General and        (1,249,714)   (1,052,319)    (3,978,854)    (3,455,690)
   Share based           (25,463)     (811,646)       (41,438)    (1,909,621)
Operating income        15,094,744     2,324,545     18,779,078     39,929,541
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 interest       (279,510)
rate swap
Foreign exchange         6,636,035     8,988,290   (10,145,810)      7,530,574
(loss) gain
Income (loss) before    19,401,247     9,932,017      4,740,372     39,384,168
Current resource tax     (817,615)      (94,273)    (1,235,040)    (1,049,034)
recovery (expense)
Deferred income tax    (3,497,000)             -    (2,774,259)              -
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
                       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 outstanding      98,619,427    98,547,377     98,619,427     98,547,377
at end of the period

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

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

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:

Live Dial-in information
Toronto and international:  416-764-8688
North America (toll-free): 888-390-0546
To participate in the webcast live via your computer go to:

Replay call information
Toronto and international:  416-764-8677, passcode 284484
North America (toll-free): 888-390-0541, passcode 284484

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

On behalf of the Board of


"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, 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 or
Rod Shier, Chief Financial Officer 604-682-2992 ext.222
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