Copper Mountain announces 2013 year end 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, Feb. 20, 2014 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM)  (the "Company" or "Copper Mountain") announces revenues of $233.1 million  after pricing adjustments and treatment charges for the year ended December  31, 2013 from the sale of 64.8 million pounds of copper, 24,200 ounces of  gold, and 301,300 ounces of silver.      _____________________________________________________________________     |                        Year End 2013 Highlights (100% Basis)        |     |_____________________________________________________________________|     |    --  Total production for the 2013 fiscal year at Copper Mountain |     |        Mine (100%) was 66.2 million pounds of copper, 21,600 ounces |     |        of gold and 320,400 ounces of silver. This represents a 17%  |     |        growth in copper production and a 14% growth in gold         |     |        production from 2012.                                        |     |    --  Gross profit for the year was $31.0 million.                 |     |    --  Mining activities continued to improve during the year,      |     |        exiting 2013 at a rate of 165,600 TPD mined.                 |     |    --  Milling activities continued to improve - Average throughput |     |        rate was nearly 33,000 tonnes per day (tpd) and mill         |     |        availability was 95% for the month of December 2013          |     |    --  EBITDA1and Adjusted EBITDA2were $40.5 million and $58.5      |     |        million for the fiscal year respectively.                    |     |    --  Adjusted earnings per share were $14.5 million or $0.15 per  |     |        share                                                        |     |    --  Site cash costs for the year was US$1.70 per pound of copper |     |        produced net of precious metal credits.                      |     |    --  Total cash costs for the year was US$2.22 per pound of copper|     |        sold net of precious metal credits and after all off- site   |     |        charges.                                                     |     |    --  Realized prices on metal sales for 2013 was $3.25 per pound  |     |        of copper, $1,340 per ounce of gold and $21.75 per ounce of  |     |________silver.______________________________________________________|  ____________________________ (1) EBITDA represents earnings before interest, income taxes and depreciation (2) Adjusted EBITDA removes unrealized gains/ losses on derivative instruments  and foreign exchange gains/ losses  Jim O'Rourke, President and CEO of Copper Mountain, remarked "The mine  achieved record production in 2013 and ended the year on a strong note. Copper  production grew by 17% from the prior year and was within guidance. The mine  delivered improving operational results quarter over quarter in production,  throughput, and mill availability."  Mr. O'Rourke continued, "Looking forward, we see the next twelve months as a  period of growth. We are forecasting a 25% growth in copper production in 2014  with the installation of the secondary crusher in mid summer. I am confident  that we will exit 2014 a much stronger company as we focus on operational  improvements and delivering strong results as we rebuild our credibility to  prepare for exciting future developments."                                              Summary Financial Results                                  Three months ended                    Year ended                                  December 31,                  December 31,     (CDN$, except          2013          2012           2013           2012     for cash cost     data in US$)              $    (restated)              $     (restated)                                             $                             $                                                                                 Revenues         64,714,231    50,086,260    233,122,274    229,473,610     Gross profit      8,234,296    10,327,657     31,033,666     55,622,509     (loss)     Operating         6,719,364     8,985,058     25,498,442     48,914,599     income (loss)     Adjusted          4,724,691     7,156,459     14,544,023     40,984,085     earnings     (loss)3     Net Income      (4,145,430)     2,138,226    (3,414,357)     40,473,360     (loss)     Earnings        (2,803,695)     2,020,058    (3,245,051)     29,564,958     (loss)     attributable     to     shareholders     of the     Company     Adjusted               0.05          0.07           0.15           0.42     earnings     (loss) per     share4     Earnings             (0.03)          0.02         (0.03)           0.30     (loss) per     share5     EBITDA            6,594,093    10,803,652     40,501,071     74,660,552     Adjusted         15,464,214    15,821,885     58,459,451     75,171,277     EBITDA                                                                                 Cash and cash                                 42,281,137     24,300,790     equivalents     Working                                       42,649,596     10,676,254     capital     Equity                                       288,500,630    257,056,502                                                                                 Copper           18,600,000    13,780,000     66,200,000     56,600,000     produced     (lbs)     Gold produced         4,300         5,800         21,600         18,900     (oz)     Silver              105,800        66,700        320,400        354,000     produced (oz)                                                                                 Copper sold      18,492,000    13,185,000     64,841,000     59,122,000     (lbs)     Gold sold             6,600         5,200         24,200         19,900     (oz)     Silver sold          89,000        71,600        301,300        402,000     (oz)     Site cash              1.68          1.65           1.70           1.59     costs per     pound of     copper     produced (net     of gold,     silver     credits)     (US$)     Total cash             2.19          2.13           2.22           2.09     costs per     pound of     copper sold     (net of gold,     silver     credits)     (US$)  ____________________________ (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 year, the company completed twelve shipments of concentrate  containing approximately 64.8 million pounds of copper to Japan for smelting  and recorded revenues, net of smelter charges and pricing adjustments, of  $233.1 million, realizing a gross profit of $31.0 million.  The total cash  cost of copper sold for the year ended December 31, 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 areas throughout 2013.  A  total of 56.7 million tonnes of material was mined, including 16.6 million  tonnes of ore and 40.1 million tonnes of waste at an average mining rate of  165,600 tpd moved during 2013.  The ore grade averaged 0.35% Copper for the  year.  Site cash costs were $1.72 per pound of copper after gold and silver  by-product credits.  The mine exited the year on a positive note with the mill availability  averaging 95% and copper production of 6.9 million pounds for the month of  December. Mine production was 18,600 million pounds of copper, 4,300 ounces of  gold, and 105,800 ounces of silver during the three months of operations ended  December 31, 2013.  This brought production for the twelve months ended  December 31, 2013 to 66.2 million pounds of copper, 21,600 ounces of gold and  320,400 ounces of silver.  Mill throughput from the 35,000 tpd designed concentrator was improved  significantly during 2013.  During the first quarter of 2013 SAG mill  throughput was averaging just over 24,900 tpd, and by year end had increased  to an average of 32,767 tpd during the month of December 2013.  This  improvement in mill throughput tonnage during the year was a direct result of  the resolution of a number of supplier related equipment issues that saw plant  availability improve from a low of 86% in early 2013 to a high of 95% for the  month of December 2013.  However, the main reason for the increased SAG mill  throughput and mill production is a result of the temporary portable crushing  measures taken by the Company during the year. At the start of the year the  Company increased the powder factor in the blasting of ore to increase the  fragmentation and create more fines in the feed to the SAG Mill.  By year end,  the Company had added three independent portable crushing plants along the  conveyor route to the SAG Mill at a cost of approximately $1.3 million per  month.  By year end these facilities collectively were able to crush  approximately 10,000 tpd of ore to minus 2 inch size for the SAG Mill feed and  resulted in increased mill throughput and copper production for the year.   Copper production increased from 14.2 million pounds of copper in the first  quarter to 18.6 million pounds of copper in the last quarter of 2013.  Listed below are a summarized balance sheet and income statement as well as  conference call in details:     Summarized Balance Sheet                                                     December 31, December 31,                                                       2013         2012                                                          $ (restated) $     Assets                                                                  Cash                                        42,281,137   24,300,790     Accounts Receivable and prepaids            17,953,700   15,352,990     Inventory                                   26,789,416   20,874,281     Property, plant and equipment              531,890,214  541,607,854     Other Assets                                44,166,934   29,684,388                                                663,081,401  631,820,303     Liabilities                                                             Current liabilities                         44,374,657   49,851,807     Decommissioning and restoration provision    6,245,963    6,997,883     Interest rate swap liability                 6,364,019   10,980,888     Long-term debt                             311,241,671  304,178,343     Deferred tax liability                       6,354,461    2,754,880                                                374,580,771  374,763,801     Equity                                                                  Share capital                              186,291,105  157,942,209     Contributed surplus                          9,662,977    9,469,280     Retained earnings (deficit)                 15,292,029   18,537,080     Non-controlling interest                    77,254,519   71,107,933     Total equity                               288,500,630  257,056,502                                                663,081,401  631,820,303                                      Summarized Income Statement                                    Three months ended                  Year ended                                    December 31,                December 31,     (CDN$)                    2013        20126          2013         20129                                  $            $             $             $     Revenues            64,714,231   50,086,260   233,122,274   229,473,610     Cost of sales7    (56,479,935) (39,758,603) (202,088,608) (173,851,101)     Gross profit         8,234,296   10,327,657    31,033,666    55,622,509                                                                                 Other income and                                                            expenses     General and        (1,514,514)    (797,283)   (5,493,368)   (4,252,973)     administration     Share based              (418)    (545,316)      (41,856)   (2,454,937)     compensation     Operating income     6,719,364    8,985,058    25,498,442    48,914,599                                                                                 Pricing              (185,387)    1,878,416     1,031,760     1,641,593     adjustments on     concentrate and     metal sales     Finance income         171,365      314,886       387,438     1,571,489     Finance expense    (2,390,128)  (2,316,055)   (8,773,795)   (8,388,716)     Current resource       602,290    (252,186)     (632,750)   (1,301,220)     tax expense     Deferred income      (192,813)  (1,453,660)   (2,967,072)   (1,453,660)     and resource tax     recovery     Adjusted             4,724,691    7,156,459    14,544,023    40,984,085     earnings8                                                                                 Pricing                185,387  (1,878,416)   (1,031,760)   (1,641,593)     adjustments on     concentrate and     metal sales     Unrealized gain       (57,270)    (394,705)     2,217,428   (3,654,594)     (loss) on     interest rate     swap     Unrealized gain    (8,998,238)  (2,745,112)  (19,144,048)     4,785,462     (loss) on foreign     exchange     Net income (loss)  (4,145,430)    2,138,226   (3,414,357)    40,473,360     and comprehensive     income (loss) for     the period                                                                                 Net income (loss)                                                           and comprehensive     income (loss)     attributable to:     Shareholders of    (2,803,695)    2,020,058   (3,245,051)    29,564,958     the company     Non-controlling    (1,341,735)      118,168     (169,306)    10,908,402     interest                        (4,145,430)    2,138,226   (3,414,357)    40,473,360                                                                                 Earnings (loss)         (0.03)         0.02        (0.03)          0.30     per share     Adjusted earnings         0.05         0.07          0.15          0.42     per share  ____________________________ (6) 2012 comparatives have been adjusted for application of IFRIC 20 and  change in accounting policy related to inventory cost allocation. (7) Cost of sales consists of direct mining and milling costs (which include  mine site employee compensation and benefits, mine site general and  administrative costs, non-capitalized stripping costs, maintenance and repair  costs, operating supplies and external services), depreciation and offsite  transportation costs. (8) Adjusted earnings (loss) is a non-GAAP financial measure which excludes  unrealized gains/losses on derivative instruments, changes in fair value of  financial instruments, foreign currency gains/losses, pricing adjustments  related to metal sales and non-recurring transactions.  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 Friday, February 21st, 2014 at 10:30 a.m. Eastern Time (7:30 a.m.  Pacific Time) |        |to discuss the 2013 year end 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:                                                                     |     |http://www.newswire.ca/en/webcast/detail/1299285/1433551|     |                                                                                                                                |     |Replay call information                                                                                                         |     |Toronto and international:   416-764-8677,  passcode  050882                                                                    |     |North America (toll-free):   888-390-0541,  passcode  050882                                                                    |     |                                                                                                                                |   |The conference call replay will be available from 10:30 am (PST) on February 21st, 2014, until 11:59 pm PST on  February 28th,  |        |2014                                                                                                                            |     |Participant audio webcast will also be available on the company's website                                                       |     |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/February2014/20/c6221.html  CO: Copper Mountain Mining Corporation ST: British Columbia NI: MNG ERN CONF