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Copper Mountain Mining Reported Production Results

Copper Mountain Mining Reported Production Results

 

VANCOUVER, BC – Copper Mountain Mining Corporation reported production results for the year ended December 31, 2015, from the Copper Mountain Mine located in southern British Columbia.

In 2015, the mine produced 77.6 million pounds of copper, 29 thousand ounces of gold, and 276 thousand ounces of silver. The mill averaged 91.8% operating time for the year and a total of 12.8 million tonnes of ore was milled at an average grade of 0.335% copper. Production in the fourth quarter totaled 19.4 million pounds of copper, 7.3 thousand ounces of gold, and 60 thousand ounces of silver.

Copper production totaled 77.6 million pounds (95.6 million pounds of copper equivalent) for the 2015 year and was on track within 5% of the Company’s guidance of 80 million pounds of copper. Copper grade for the year was 0.335% Cu, slightly above guidance despite the Company being delayed in receiving the permit amendment to mine the higher grade Virginia pit. Mining in the Virginia area is now underway and ore from this pit is being delivered to the mill. Mill operating time improved during the year and by year end the mill had averaged a 91.8% operating time, compared to the 89.4% averaged during 2014. The original mill design of 35,000 tpd was exceeded by 7% during the third quarter when the mill achieved an average throughput rate of 37,400 tpd, but during the fourth quarter the Company had some planned and unplanned downtime that reduced the years average to 35,083 tpd.

Jim O’Rourke, President and Chief Executive Officer of Copper Mountain said," The mine team have again achieved an outstanding safety performance in 2015 as well as achieving increases in mill throughput above the design capacity while continuing to reduce operating costs.  Further increases in mill throughput and continued cost reductions are our key targets for 2016."

During the 2015 year, mining activities continued from both the Pit 2 and Pit 3 areas averaging approximately 158,000 tonnes per day. A total of 57.7 million tonnes of material was mined, including 22.5 million tonnes of ore and 35.2 million tonnes of waste, resulting in a strip ratio of 1 to 1.56. 

The Company announced production guidance for 2016. Copper production is expected to be in the range of 80 million pounds +/- 5%, based on a mill throughput rate of 37,500 tpd and a mill feed grade of 0.33% Cu, in 2016.  The planned mining rate is 174,000 tonnes per day for the year. The 2016 mine plan calls for the Pit 3, Stage 3 pushback to continue with the majority of ore to come from Pit 2 area and the Virginia Pit.

 

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