Copper Mountain announces 2014 first quarter results

             Copper Mountain announces 2014 first quarter results  PR Newswire  VANCOUVER, May 2, 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: TSX: CUM    VANCOUVER, May 2, 2014 /PRNewswire/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain")  announces sales of 19.8 million pounds of copper, 6,500 ounces of gold and 98,600 ounces of silver tp produce revenues of $61.2 million after pricing adjustments and treatment charges, which is net of a $9.8 million negative pricing adjustment for the three months ended March 31^st, 2014.                    First Quarter 2014 Highlights (100% Basis)   *Total production for the 2014 first quarter at Copper Mountain Mine was     19.1 million pounds of copper, 5,400 ounces of gold and 105,300 ounces of     silver. This represents a 34% increase in copper production from the same     period last year.   *Copper concentrate shipments of 39,100 wmt contained the sale of 19.8     million pounds of copper, 6,500 ounces of gold, and 98,600 ounces of     silver.   *Mill throughput averaged 29,300 tpd which was a 17% improvement from the     same period last year.   *Adjusted EBITDA^1 was $17.1 million for the three months ended March 31^st     2014.   *Adjusted earnings were $6.7 million or $0.07 per share   *Cash flows from operations was $12.4 million for the first quarter of 2014     compared to negative $5.1 million for 2013.   *Site cash costs for the 2014 first quarter were US$1.62 per pound of     copper produced net of precious metal credits.   *Total cash costs for the period US$2.08 per pound of copper sold net of     precious metal credits and after all off-site charges.   *Realized prices on metal sales were $3.19 per pound of copper, $1,293 per     ounce of gold and $20.49 per ounce of silver.  ________________________________ ^1  Adjusted EBITDA removes unrealized gains/ losses on derivative instruments     and foreign exchange gains/ losses  Jim O'Rourke, President and CEO of Copper Mountain, remarked "This quarter marks our 6^th consecutive quarter of improved production. This continued improvement is a result of the mines focus on integrating the three temporary portable crushers into the circuit to pre-crush a portion of the SAG mill feed. These temporary solutions have been successful in increasing throughput and will remain in place until the permanent secondary crusher is installed this summer. The 2014 first quarter production results are in line with our annual production guidance of 80 -90 million pounds of copper, despite some unscheduled downtime in March. The operational highlights for this first quarter include better than expected grade, improved mill availability and steady progress in mill throughput. These combined factors contributed to record production during the quarter".  Mr. O'Rourke continued,"Overall, construction of the secondary crusher is progressing on budget and on schedule for a mid-summer 2014 start-up. Structural steel is being erected and foundations for the new conveyor systems are in progress."                            Summary Financial Results                                                                                                                     Three months ended                                                                      March 31,                                                                                (CDN$, except for cash cost data in US$)             2014           2013                                                            $                 $                                                                       Revenues                                       61,182,272     55,093,821 Cash flow from operations                      12,444,204    (5,138,404) Gross profit                                    1,096,076      8,064,408 Operating income (loss)                       (1,938,146)      6,309,499 Adjusted earnings ^2                            6,724,129      7,844,294 Net loss                                     (15,619,792)    (2,271,910) Loss attributable to shareholders of the                     Company                                         (12,154,340)       (2,274,775) Adjusted earnings per share^3                        0.07           0.08 Loss per share^4                                   (0.10)         (0.02) EBITDA                                        (5,240,729)      7,461,709 Adjusted EBITDA                                17,103,192     17,577,913                                                                       Cash and cash equivalents                      41,151,517      8,738,558 Working capital                                31,541,865     10,078,877 Equity                                        273,740,178    255,103,182                                                                       Copper produced (lbs)                          19,100,000     14,200,000 Gold produced (oz)                                  5,400          5,300 Silver produced (oz)                              105,300         64,200                                                                       Copper sold (lbs)                              19,800,000     15,000,000 Gold sold (oz)                                      6,500          5,800 Silver sold (oz)                                   98,700         69,200 Site cash costs per pound of copper                          produced (net of gold, silver credits) (US$)                                                   1.62              1.62 Total cash costs per pound of copper sold                    (net of gold, silver credits) (US$)                     2.08              2.18  Copper Mountain Mine  During the  period,  the company  completed  a  total of  three  shipments  of  concentrate containing approximately  19.7 million pounds  of copper to  Japan  for smelting  and  recorded  revenues,  net of  smelter  charges  and  pricing  adjustments, of $61.2 million, realizing a gross profit of $1.1 million.  The  total cash cost of copper sold for  the three months ended March 31, 2014  was  US$2.08 per pound of copper after gold and silver by-product credits.  The Copper Mountain Mine achieved record first quarter copper production. Total production for the three months ended March 31^st, 2014 at Copper Mountain Mine was 19.1 million pounds of copper, 5,400 ounces of gold and 105,300 ounces of silver. This represents a 35% growth in copper production from the same period last year.  SAG Mill throughput was improved during the quarter as a result of adding  the  third portable crusher late last  year. Copper production during the  quarter  was in  line  with guidance,  despite  some  unscheduled down  time  in  March  resulting from a ball mill transformer failure. Mill crews completed  repairs  in a timely manner and identified the root cause of the transformer failure. A permanent solution has been identified and will be implemented across all  six  mill transformers  over the  next four  months. During  the quarter  the  mill  averaged 91% availability.  A permanent secondary crusher is being installed at the site at a capital cost of $40  million. Progress  is on  budget  and on  schedule for  a  mid-summer  start-up. This crusher will  replace the three  temporary high cost  portable  crushers and will provide 100% minus 2  inch feed to the SAG mill.  Currently  the mill is operating at the planned capacity of 32,000 tpd with about 35%  of  the mill feed being crushed to the 2 inch size range.  Mining activities continued to shift more towards Pit 3 during the quarter and mining in the Pit 2 area shifted  more towards the southwest end of the  Pit.  During the  quarter a  total of  13.6 million  tonnes of  material was  mined,  including 4.1 million tonnes of ore and 9.5 million tonnes of waste. The  mine  moved an average  of approximately 160,000  tonnes of material  per day.  The  Komatsu haul fleet continues to have favourable mechanical availability.  _______________________________________ ^2  Adjusted earnings (loss) is a non-GAAP financial measure which removes     unrealized gains/losses on interest rate swaps, pricing adjustments on     concentrate metal sales and foreign currency gains/losses. ^3  Calculated based on weighted average number of shares outstanding under     the basic method based on adjusted earnings. ^4  Calculated based on weighted average number of shares outstanding under     the basic method based on earnings attributable to shareholders.  Listed below are a summarized balance sheet and income statement as well as conference call in details:                             Summarized Balance Sheet                                                                                                          March 31,    December 31,                                                        2014               2013                                                           $                  $ Assets                                                                 Cash                                          41,151,517      42,281,137 Accounts Receivable and prepaids              13,149,336      17,953,700 Inventory                                     27,510,891      26,789,416 Property, plant and equipment                532,093,285     531,890,214 Other Assets                                  48,731,269      44,166,934                                             662,636,298     663,081,401 Liabilities                                                            Current liabilities                           50,269,879      44,374,657 Decommissioning and restoration provision      6,534,508       6,245,963 Interest rate swap liability                   7,009,562       6,364,019 Long-term debt                               319,561,052     311,241,671 Deferred tax liability                         5,521,119       6,354,461                                             388,896,120     374,580,771 Equity                                                                 Share capital                                186,208,461     186,291,105 Contributed surplus                           10,604,961       9,662,977 Retained earnings                              3,137,689      15,292,029 Non-controlling interest                      73,789,067      77,254,519 Total equity                                 273,740,178     288,500,630                                             662,636,298     663,081,401                                                                                      Summarized Income Statement                                                                                                                     Three months ended                                                                     March 31,                                                     2014            2013 (CDN$)                                                    $                  $ Revenues                                      61,182,272      55,093,821 Cost of sales^5                             (60,086,196)    (47,029,413) Gross profit                                   1,096,076       8,064,408                                                                       Other income and expenses                                              General and administration                   (1,627,662)     (1,696,867) Share based compensation                     (1,406,560)        (58,042) Operating income                             (1,938,146)       6,309,499                                                                       Pricing adjustments on concentrate and                      metal sales                                       9,864,933          4,146,749 Finance income                                    22,711          99,481 Finance expense                              (2,058,711)     (2,099,319) Current resource tax expense                   (124,345)       (297,409) Deferred income and resource tax                            recovery (expense)                                  957,687          (314,707) Adjusted earnings^6                            6,724,129       7,844,294                                                                       Pricing adjustments on concentrate and                      metal sales                                     (9,864,933)        (4,146,749) Unrealized gain (loss) on interest rate                     swap                                              (931,894)            289,837 Unrealized loss on foreign exchange         (11,547,094)     (6,259,292) Net loss and comprehensive loss for the                     period                                         (15,619,792)        (2,271,910)                                                                       Net income (loss) and comprehensive                         income (loss) attributable to:                                               Shareholders of the company                 (12,154,340)     (2,274,775) Non-controlling interest                     (3,465,452)           2,865                                            (15,619,792)     (2,271,910)                                                                       Loss per share                                    (0.10)          (0.02) Adjusted earnings per share                         0.07            0.08  ____________________________________ ^5  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. ^6  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  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 25% of  the  mine. The Copper Mountain mine commenced production in the summer of 2011  and  has continued to improve  its operations since startup.  The 18,000 acre  site  has a large resource of copper that  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 web site  at  A conference call and audio webcast will be held on Friday May 2nd, 2014 at 7:30 am (Pacific Standard Time) for management to discuss the 2014 first quarter results. This discussion will be followed by a question-and-answer period with investors.  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 559428 North America (toll-free): 888-390-0541, passcode 559428  The conference call replay will be available from 10:30 am (PST) on May 2nd , 2014, until 11:59 pm PST on May 8th, 2014 Participant audio webcast will also be available on the company's website  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, 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  Contact:  Galina Meleger, Corporate Communications 604-682-2992 ext.224 or Rod Shier, Chief Financial Officer 604-682-2992 ext.222  
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