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  
-0- Feb/21/2014 00:21 GMT
 
 
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