Copper Mountain announces 2014 first quarter 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, May 2, 2014 /CNW/ - 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 EBITDA1was $17.1 million for the three months ended |     |        March 31st2014.                                              |     |    --  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                        2014                      2013     US$)                                        $                         $                                                                                 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 share3                               0.07                      0.08     Loss per share4                        (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 sales5                         (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 earnings6                        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  Sedar.com.  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  www.CuMtn.com.     ________________________________________________________________________________________________________________________ _______  |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:                                                                     |     |http://www.newswire.ca/en/webcast/detail/1332255/1472383|     |                                                                                                                                |     |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                                                       |     |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/May2014/02/c6353.html  CO: Copper Mountain Mining Corporation ST: British Columbia NI: MNG ERN CONF