Mr. Gil Clausen reports
COPPER MOUNTAIN ANNOUNCES Q2 2018 PRODUCTION RESULTS
Copper Mountain Mining Corp. has released production results for Q2 2018 from the Copper Mountain mine, located in Southern British Columbia.
Second quarter 2018 production highlights:
Q2 production -- 23.1 million pounds of copper equivalent, which includes 20 million pounds of copper, 6,500 ounces of gold and 68,400 ounces of silver;
First half 2018 production -- 46 million pounds of copper equivalent, which includes 39.9 million pounds of copper, 12,600 ounces gold and 146,300 ounces silver;
On track for 2018 production guidance -- Copper Mountain's 2018 guidance for copper production remains unchanged at 80 million pounds (plus or minus 5 per cent);
Mining production -- open-pit mining averaged 214,500 tonnes per day, 13 per cent above guidance of 190,000 tonnes per day;
Mill throughput -- milling averaged 37,000 tonnes per day; total tonnes milled during the period was 3.4 million tonnes at an average head grade of 0.335 per cent copper and recovery of 80.5 per cent.
Gil Clausen, president and chief executive officer of Copper Mountain, said: "The operation performed well during the quarter, with production higher year over year. Copper Mountain is demonstrating consistent and solid production, and we are on track to achieve annual guidance."
Production in the second quarter of 2018 was 23.1 million pounds of copper equivalent (which includes 20 million pounds of copper, 6,500 ounces of gold and 68,400 ounces of silver), which was 13 per cent higher than the second quarter of 2017 and in line with the first quarter of 2018. The company expects production in the second half of the year to be stronger than the first half of the year as production was marginally impacted in the second quarter by a reduction in mill throughput as a result of the replacement of two mill transformers and a SAG (semi-autogenous grinding) mill liner change. Higher-grade ore was processed during this period of time to offset this impact. The company remains on track to achieve 2018 production guidance of approximately 80 million pounds of copper.
During the quarter, the company accelerated the installation of two oil-filled transformers for the SAG mill, which are expected to be commissioned by the end of July, 2018. The mine will therefore have two spare dry transformers for the remaining four ball mill transformers in service. The company plans to replace the remaining four dry transformers with four oil-filled transformers systematically during planned maintenance periods over the next year.
Mining activities continued from the Pit 2, Saddle and Pit 3 areas during the second quarter of 2018. A total of 19.5 million tonnes of material were mined, including four million tonnes of ore and 15.5 million tonnes of waste, resulting in a strip ratio of 3.8 to 1. The increased strip ratio was planned as the mining area between the pits is being expanded as the next pushback on Pit 2 West has now begun.
Q2 2018 financial and operating results conference call and webcast
Copper Mountain will release Q2 2018 financial and operating results before the market opens on Tuesday, Aug. 7, 2018. The company will hold a conference call on Tuesday, Aug. 7, 2018, at 7:30 a.m. Pacific Standard Time for management to discuss the Q2 2018 financial and operating results.
Live dial-in information
Toronto and international number: 647-427-7450
Call replay information
Toronto and international number: 416-849-0833
North America (toll-free) number: 1-855-859-2056
The conference call replay will be available from 10:30 a.m. PST on Aug. 7, 2018, until 8:59 p.m. PST on Aug. 14, 2018. A participant audio webcast will also be available on the company's website.
About Copper Mountain Mining Corp.
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 Corp., which owns 25 per cent of the mine. Copper Mountain's Cloncurry project in Queensland, Australia, includes the development-ready Eva copper project and an extensive exploration potential within the company's 379,000-hectare highly prospective land package within the Mount Isa area.
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