Web Site: www.CuMtn.com
TSX: CMMC

VANCOUVER, Aug. 8, 2017 /PRNewswire/ - Copper Mountain Mining Corporation (TSX: CMMC) (the "Company" or "Copper Mountain") announces second quarter revenues of $67.1 million after pricing adjustments and treatment charges from the sale of 21.1 million pounds of copper equivalent, including 17.6 million pounds of copper, 6,300 ounces of gold, and 62,700 ounces of silver.  Total cash cost for the quarter ended June 30, 2017 was US$1.74 per pound of copper sold, net of precious metals credits.

Jim O'Rourke, President and CEO of Copper Mountain, remarked "During the second quarter of 2017, Copper Mountain completed the SAG mill bull gear change ahead of schedule resulting in an average  87.1% mill operating time for the first half of 2017, a slight improvement over plan. Mill throughput for May and June averaged 43,500 and 41,000 tpd respectively, above forecast and well in line to meet our 2017 guidance. The coarser grind from the higher tonnage results in a lower recovery, but copper production remains on target.With the additional maintenance behind us in the first half of 2017 an improved performance is projected for the second half of 2017".  Mr. O'Rourke continued, "We remain bullish on global copper markets and with our production on target we are well positiond to benefit from an upswing in the copper price.  We will continue to focus on cost control and operational improvements to further strengthen the Company's balance sheet."

Copper Mountain Mine

During the quarter, the Company completed a total of three shipments of copper concentrate containing approximately 17.6 million pounds of copper, 6,300 ounces of gold, and 62,700 ounces of silver which generated $67.1 million in revenue net of treatment and refining charges and pricing adjustments.  Site cash costs were US$1.31 per pound of copper produced and total cash costs were US$1.74 per pound sold, net of precious metal credits for the three months ended June 30, 2017; compared to site cash costs of US$1.17 per pound of copper produced and total cash costs of US$1.58 per pound of copper sold, net of precious metal credits for the three months ended June 30, 2016.  The increase in revenue is a result of stronger copper prices being realized as compared to the same period last year. 

Mining activities continued from the Pit 2, Saddle and Oriole Pit areas.  A total of 18.2 million tonnes of material was mined, including 6.3 million tonnes of ore and 11.9 million tonnes of waste, resulting in a strip ratio of  1.89 to 1.  High equipment mechanical availability was maintained during the quarter which helped contribute to the above average mining rates being achieved of 199,800 tonnes per day moved, well above our 2017 mining guidance rate of 180,000 tonnes per day moved.  Mining costs per tonne during the quarter were $1.77 per tonne moved. 

The mill successfully completed the planned replacement of the SAG mill bull gear in April, ahead of schedule. Downtime for this job was factored into our annual production guidance of 75M-85M lbs of copper. Mill tonnage following the shutdown averaged 43,482 tpd, and 41,057 tpd for the months of May and June respectively.

During the quarter, 3.2 million tonnes of ore were milled at an average rate of 35,674 tpd, with 82.4% operating time. Copper recovery for the period was 77.5% treating an average grade of 0.31% copper. 

Listed below is a summarized balance sheet and income statement as well as details for our conference call schedule:

Exploration Update:

The Company began a summer 10,000m exploration drilling program at the Copper Mountain Mine.  The 2017 program is targeting to further extend Pit 2 to the West and to follow up on the pre-2012 drilling that intersected significant mineralization below Pit 2.

Previous drilling by the Company in the Pit 2 Eastern zone intersected a 128m interval grading 1.01% Cu and 0.25g/t Au (including 39m grading 2.33% Cu and 0.38g/t Au) beginning approximately 90m below the current pit bottom in hole 10SD-64.  In addition, hole number 10SD-68 intersected 173m interval grading 0.43% Cu and 0.15g/t Au, while hole number 12P2-19 intersected 123m interval grading 0.52% Cu and 0.27g/t Au. The exploration drilling is designed to better determine the trend and continuity for high-grade mineralization at depth under Pit2.  

Results of this program are expected in Q3 of 2017 and with the strengthening of the commodity price over the last year and the mine's improved financial position, the Company will continue to allocate funds towards exploration drilling at the mine site.

2017 Guidance:

The 2017 guidance remains unchanged at production of 75 million – 85 million Lbs copper plus precious metal credits.  

About Copper Mountain Mining Corporation:

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 Corporation who owns 25% of the mine. The Copper Mountain mine has a large resource of copper that remains open laterally and at depth. This significant exploration potential will be explored over the next few years in order to fully appreciate the property's full development potential. Additional information is available on the Company's web page at www.CuMtn.com.

On behalf of the Board of

COPPER MOUNTAIN MINING CORPORATION

"Rod Shier"

Rodney A. Shier, CPA,CA
Chief Financial Officer

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.

SOURCE Copper Mountain Mining Corporation