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.      | 


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    |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  
-0- May/02/2014 09:30 GMT
 
 
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