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:

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
  *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
  *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
                                                          $                  $
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
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
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


"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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