Copper Mountain announces results for third quarter

During the third quarter of 2012 the mine completed a total of three shipments of copper concentrate

During the third quarter of 2012 the mine completed a total of three shipments of copper concentrate, to smelters in Japan, containing approximately 12.1 million pounds of copper, 3,400 ounces of gold, and 81,800 ounces of silver.  Gross sale value, based on provisional pricing is estimated at $48.3 million prior to pricing adjustments. Production from the mill during the quarter was 12.5 million pounds of copper, 4,315 ounces of gold, and 77,166 ounces of silver, the higher gold content is the result of increased ore from Pit #2.

As previously announced on September 17th  the ramp up to full production has taken longer than expected. Mill operating time was negatively impacted during the third quarter due to SAG mill grate replacements and extensive tailings line maintenance, both of which are now complete.  Following the planned mill maintenance shutdown at the start of August; whereby the recently received newly designed grates were installed in the SAG mill, and electrical modification to the ball mill motors were made, as well as repairs to the tailings line, unscheduled downtime has been decreased providing confidence that the mill can operate at the planned 92 percent availability. Subsequent to the planned maintenance shut down in early August, the Company has attained design mill throughput.

From a mining point of view, the addition of the extra mining equipment announced earlier this year has assisted in increasing the mining capacity and has also allowed flexibility in mine planning. Mining in Pit 2 has been accelerated to be developed in parallel with Pit 3, as part of the new mine optimization plan. Mine production is continuing above the planned rate of 160,000 tpd.

In addition, during the quarter the Company continued with its 2012 exploration program which forms the first part of a larger three year exploration strategy for the property. The objectives of the exploration program are threefold: determination of the potential long-term pit limits, conversion of resources to reserves in order to assist with near to mid-term mine planning and continued exploration of outlying or new areas of mineralization.  There are currently two diamond drills on the property which are focused on mineralization at depth in the southern end of Pit 3 and around Pit 2.  Results will continue to be released as drilling progresses.


Just Posted

Princeton loses senior town manager

Infrastructure director Michael Mazurek departs suddenly

Dispute over tractor leads to explosive threats

He wanted to “blow up his house by putting a pipe bomb near the propane tank.”

Suspected overdose, poisoning calls jump in Okanagan

BCEHS statistics show calls rose last year in Kelowna, Penticton and Vernon

Princeton rock hound makes history with fossil find

Paleontologist Dr. Bruce Archibald says Princeton is becoming famous for giving up rare fossils

Okanagan Falls winery showing international photo project

Liquidity Wines will be sole Canadian show of National Geographic’s Photo Ark

Princeton skaters create ‘magic’ on ice

Between donations at the door, a raffle, and a 50-50 draw about $4,000 was collected.

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

Kamloops landlord dealing with aftermath of firebombing

Kamloops landlord claims tenant to be a nightmare

‘Not well thought out:’ Arizona family slams B.C. speculation tax

American family spends half the year in vacation home on Vancouver Island

Family of B.C. wildfire victim wants better emergency preparedness for vulnerable people

Williams Lake’s David Jeff “fell through the cracks”

Senate backs bill to legalize recreational marijuana

Justin Trudeau reminded senators that his government was elected on a promise to legalize pot

Vernon police search van possibly connected to bear spray incident

Police searched a yellow cube van, Thursday afternoon, at Vernon Auto Towing

Where Canadians buy real estate abroad: report

Hot Spots: Top 30 home-buying destinations for Canadians in the Americas

Most Read