Copper Mountain Mining Corporation (TSX:CMMC | ASX:C6C) (“Copper Mountain” or the “Company - http://www.commodity-tv.net/c/search_adv/?v=298239) announces Q3 2018 production results for its Copper Mountain Mine, located in southern British Columbia. All results are reported on a 100% basis.
Production for the third quarter 2018 was 18.3 million pounds of copper, 7,500 ounces of gold and 64,900 ounces of silver, which was in line with expectations. The Company guided that third quarter 2018 copper production would be approximately 10% lower than the second quarter due to lower copper grades being mined. Actual copper production was 8.5% lower than the second quarter. Fourth quarter copper production is expected to be the strongest quarter of 2018. The Company remains on track to achieve 2018 annual production guidance of 80 million pounds of copper (+/-5%).
Copper equivalent production was 22.0 million pounds and was down only 4.8% compared to the second quarter due to higher gold production as a result of increased gold grade and recovery after the installation of a flash flotation circuit in the concentrator.
The mine continued with the next pushback on Pit#2 west, which commenced in the second quarter. The strip ratio in the third quarter was 2.3 to 1, lower than the second quarter. Mill throughput averaged 41,300 tonnes per day, with copper recovery of 79.1% and average feed grade of 0.28% copper. Grade was lower in the third quarter but was as guided and in line with the mine plan.
“Copper Mountain Mine operated on plan and as expected this quarter,” commented Gil Clausen, Copper Mountain’s President and CEO. The fourth quarter will be our strongest quarter this year and we are on track to achieve our production guidance. Copper Mountain continues to demonstrate predictability and consistency.”
Q3 2018 Financial and Operating Results Conference Call and Webcast
Copper Mountain will release Q3 2018 financial and operating results before the market opens on Wednesday, October 31, 2018. The Company will hold a conference call on Wednesday, October 31, 2018 at 7:30 am (Pacific Standard Time) for management to discuss the Q3 2018 financial and operating results.
Live Dial-in information
Toronto and international: 647-427-7450
North America (toll-free): 1-888-231-8191
To participate in the webcast live via computer go to:
https://event.on24.com/wcc/r/1833337/29A6E0EF562FD710672ED8952756F33F
Replay call information
Toronto and international: 416-849-0833 Passcode: 9499185
North America (toll-free): 1-855-859-2056 Passcode: 9499185
The conference call replay will be available from 10:30 am (PST) on October 31, 2018 until 20:59 pm PST on November 7, 2018. An archive of the audio webcast will also be available on the company’s website at http://www.cumtn.com.
About Copper Mountain Mining Corporation:
Copper Mountain’s flagship asset is the 75% owned Copper Mountain mine located in southern British Columbia near the town of Princeton. The Copper Mountain mine produces about 90 million pounds of copper equivalent per year with a large resource that remains open laterally and at depth. Copper Mountain also has the permitted, development stage Eva Copper Project in Queensland, Australia and an extensive 4,000 km2 highly prospective land package in the Mount Isa area. Copper Mountain trades on the Toronto Stock Exchange under the symbol “CMMC” and Australian Stock Exchange under the symbol “C6C”.
Additional information is available on the Company’s web page at www.CuMtn.com.
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.
Production for the third quarter 2018 was 18.3 million pounds of copper, 7,500 ounces of gold and 64,900 ounces of silver, which was in line with expectations. The Company guided that third quarter 2018 copper production would be approximately 10% lower than the second quarter due to lower copper grades being mined. Actual copper production was 8.5% lower than the second quarter. Fourth quarter copper production is expected to be the strongest quarter of 2018. The Company remains on track to achieve 2018 annual production guidance of 80 million pounds of copper (+/-5%).
Copper equivalent production was 22.0 million pounds and was down only 4.8% compared to the second quarter due to higher gold production as a result of increased gold grade and recovery after the installation of a flash flotation circuit in the concentrator.
The mine continued with the next pushback on Pit#2 west, which commenced in the second quarter. The strip ratio in the third quarter was 2.3 to 1, lower than the second quarter. Mill throughput averaged 41,300 tonnes per day, with copper recovery of 79.1% and average feed grade of 0.28% copper. Grade was lower in the third quarter but was as guided and in line with the mine plan.
“Copper Mountain Mine operated on plan and as expected this quarter,” commented Gil Clausen, Copper Mountain’s President and CEO. The fourth quarter will be our strongest quarter this year and we are on track to achieve our production guidance. Copper Mountain continues to demonstrate predictability and consistency.”
Q3 2018 Financial and Operating Results Conference Call and Webcast
Copper Mountain will release Q3 2018 financial and operating results before the market opens on Wednesday, October 31, 2018. The Company will hold a conference call on Wednesday, October 31, 2018 at 7:30 am (Pacific Standard Time) for management to discuss the Q3 2018 financial and operating results.
Live Dial-in information
Toronto and international: 647-427-7450
North America (toll-free): 1-888-231-8191
To participate in the webcast live via computer go to:
https://event.on24.com/wcc/r/1833337/29A6E0EF562FD710672ED8952756F33F
Replay call information
Toronto and international: 416-849-0833 Passcode: 9499185
North America (toll-free): 1-855-859-2056 Passcode: 9499185
The conference call replay will be available from 10:30 am (PST) on October 31, 2018 until 20:59 pm PST on November 7, 2018. An archive of the audio webcast will also be available on the company’s website at http://www.cumtn.com.
About Copper Mountain Mining Corporation:
Copper Mountain’s flagship asset is the 75% owned Copper Mountain mine located in southern British Columbia near the town of Princeton. The Copper Mountain mine produces about 90 million pounds of copper equivalent per year with a large resource that remains open laterally and at depth. Copper Mountain also has the permitted, development stage Eva Copper Project in Queensland, Australia and an extensive 4,000 km2 highly prospective land package in the Mount Isa area. Copper Mountain trades on the Toronto Stock Exchange under the symbol “CMMC” and Australian Stock Exchange under the symbol “C6C”.
Additional information is available on the Company’s web page at www.CuMtn.com.
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.
