Copper Mountain Mining Corporation (TSX: CUM) (the “Company” or “Copper Mountain”) announces production results for the first quarter of 2014 from the Copper Mountain mine located in southern British Columbia.
In the first three months of 2014 the mine shipped 39,000 wmt of concentrate, an increase of nine per cent over the prior quarter. The shipments contained approximately 19.7 million pounds of copper, 6,500 ounces of gold, and 98,600 ounces of silver generating an estimated $69.6 million in gross revenue.
Copper production for the first quarter of 2014 totaled 19.1 million pounds of copper, a 34 per cent increase as compared to the first quarter of 2013, setting a new production record for the mine. The concentrate also included 5,400 ounces of gold and 105,300 ounces of silver. During the quarter the mill processed a total of 2.6 million tonnes of ore at an average grade of 0.394 per cent Copper.
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 down time in March resulting from a ball mill transformer failure. Mill crews completed repairs in a timely manner. During the quarter the mill averaged 91 per cent availability.
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 projected life of mine strip ratio is 2 to 1 but higher in the early years. The mine moved an average of approximately 160,000 tonnes of material per day.