Copper Mountain announces 2013 year end results

               Copper Mountain announces 2013 year end results

PR Newswire

VANCOUVER, Feb. 20, 2014

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, Feb. 20,  2014 /PRNewswire/  - 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
  *EBITDA^1 and Adjusted EBITDA^2 were $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$, except for cash cost            2013       2012        2013        2012
data in US$)
                                          $ (restated)           $  (restated)

                                                     $                       $
Revenues                         64,714,231 50,086,260 233,122,274 229,473,610
Gross profit (loss)               8,234,296 10,327,657  31,033,666  55,622,509
Operating income (loss)           6,719,364  8,985,058  25,498,442  48,914,599
Adjusted earnings (loss)^3        4,724,691  7,156,459  14,544,023  40,984,085
Net Income (loss)               (4,145,430)  2,138,226 (3,414,357)  40,473,360
Earnings (loss) attributable to (2,803,695)  2,020,058 (3,245,051)  29,564,958
shareholders of the Company
Adjusted earnings (loss) per           0.05       0.07        0.15        0.42
Earnings (loss) per share^5          (0.03)       0.02      (0.03)        0.30
EBITDA                            6,594,093 10,803,652  40,501,071  74,660,552
Adjusted EBITDA                  15,464,214 15,821,885  58,459,451  75,171,277
Cash and cash equivalents                             42,281,137  24,300,790
Working capital                                       42,649,596  10,676,254
Equity                                               288,500,630 257,056,502
Copper produced (lbs)            18,600,000 13,780,000  66,200,000  56,600,000
Gold produced (oz)                    4,300      5,800      21,600      18,900
Silver produced (oz)                105,800     66,700     320,400     354,000
Copper sold (lbs)                18,492,000 13,185,000  64,841,000  59,122,000
Gold sold (oz)                        6,600      5,200      24,200      19,900
Silver sold (oz)                     89,000     71,600     301,300     402,000
Site cash costs per pound of           1.68       1.65        1.70        1.59
copper produced (net of gold,
silver credits) (US$)
Total cash costs per pound of          2.19       2.13        2.22        2.09
copper sold (net of gold,
silver credits) (US$)

^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) $
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
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
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       2012^6          2013        2012^9
                                    $            $             $             $
Revenues                   64,714,231   50,086,260   233,122,274   229,473,610
Cost of sales^7          (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                                                          
General and               (1,514,514)    (797,283)   (5,493,368)   (4,252,973)
Share based compensation        (418)    (545,316)      (41,856)   (2,454,937)
Operating income            6,719,364    8,985,058    25,498,442    48,914,599
Pricing adjustments on      (185,387)    1,878,416     1,031,760     1,641,593
concentrate and metal
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 tax          602,290    (252,186)     (632,750)   (1,301,220)
Deferred income and         (192,813)  (1,453,660)   (2,967,072)   (1,453,660)
resource tax recovery
Adjusted earnings^8         4,724,691    7,156,459    14,544,023    40,984,085
Pricing adjustments on        185,387  (1,878,416)   (1,031,760)   (1,641,593)
concentrate and metal
Unrealized gain (loss)       (57,270)    (394,705)     2,217,428   (3,654,594)
on interest rate swap
Unrealized gain (loss)    (8,998,238)  (2,745,112)  (19,144,048)     4,785,462
on foreign exchange
Net income (loss) and     (4,145,430)    2,138,226   (3,414,357)    40,473,360
comprehensive income
(loss) for the period
Net income (loss) and                                                     
comprehensive income
(loss) attributable to:
Shareholders of the       (2,803,695)    2,020,058   (3,245,051)    29,564,958
Non-controlling interest  (1,341,735)      118,168     (169,306)    10,908,402
                         (4,145,430)    2,138,226   (3,414,357)    40,473,360
Earnings (loss) per            (0.03)         0.02        (0.03)          0.30
Adjusted earnings per            0.05         0.07          0.15          0.42

^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

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 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:

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

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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