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Copper Mountain Mining Corporation

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  Suite 1700 – 700 West Pender Street
Vancouver, B.C.
Canada V6C 1G8
Tel No.: 604-682-2992 Ext 238
Fax No.: 604-682-2993
Toll Free No.: 1-877-451-2662
Web Site: www.cumtn.com
E-mail: dan@cumtn.com
Contact Person: Dan Gibbons
Position: Investor Relations


Company Data

Traded Market: TSX / USA
Traded Symbol: CMMC / CPPMF
Outstanding Shares: 134 million
Public Float: 127.17 million
52 Week High: $ 1.85
52 Week Low: $ 0.72
CMMC Range over Life: C$ 0.33 - $ 8.00
Present Price: Click Here


Introduction

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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 is being 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.


Projects in Hand

Copper Mountain Mine, Southern British Columbia

Mine Highlights

  • Ownership: 75% Copper Mountain Mining Corporation / 25% Mitsubishi Materials Corporation
  • Location: 20 km south of Princeton, BC
  • Infrastructure: Road Accessible. Located only 300 km east of the Port of Vancouver
  • Deposit Type: Porphyry (Alkalic)
  • Mine Type: Open Pit
  • Expected Mine Life: 17 Years
  • Secondary Metals: Gold, Silver approximately15- 20% of Revenue
  • Resources: 5 billion pounds of Cu with precious metal credits
  • Process: Floatation
  • End Product: Cu/Au/Ag Concentrate
  • Strong strategic financial partner: Mitsubishi Materials Corp. purchased 25% of the Copper Mountain Mine
  • Low-Cost Debt In Place
  • Cash-flow-positive mine
  • LOM – Offtake Agreement
    • 100% of concentrate shipped to Japan
    • Mitsubishi buy 100% of Copper, Gold, and Silver Concentrate at LME pricing
  • Employs approximately 430 direct employees on site

2017 Production

  • Production: 88.3 M Lbs Copper Equivalent
    • 75.8M lbs Copper
    • 23,600 oz Gold
    • 277,000 oz Silver
  • Mill Throughput:
    • Averaged 38,592 tpd*
    • Operating time: yearly average 90.3%*
      *Takes into account SAG Bull Gear Change
  • Copper Grade: average 0.317%

2017 4th Quarter Production

  • Production: 22.3 M Lbs Copper Equivalent
    • 19.5 M Lbs Copper
    • 5,200 oz Gold
    • 70,400 oz Silver
  • Mill Throughput: averaged 40,130 tpd
  • Mining: 19 million tonnes of material mined

2017 Mining Activities

  • Mining activities have been focused on Pit #2, the Saddle Zone and Oriole Pit during 2017.
  • A total of 72.6 million tonnes of material was mined in 2017 (including 26 million tonnes of ore and 46 million tonnes of waste for a strip ratio of 1.76:1).

Investment Highlights

  • Cash Flow Positive
    Performance
    • Production: 88.3 M Lbs CuEq. ( 2017 )
    • $ 45 million cash at end of 2017
    • Total cash cost for 2017 was US$1.81 per pound of copper sold, net of precious metals credits
    • Cash flows from operations before changes in working capital items for 2017 were $102.8-million.
  • Production Growing
    • Copper Mountain mine operating above design capacity, still optimizing tonnage
    • Q4 2017 Mill Throughput averaged 40,130 tpd
    • Mature operation
    • Strong operating and development team
  • Significant Exploration Upside
    18,000 Acre Property
    • Large Copper Resource
    • Long life mine potential
    • Drill Programs initiated for 2017
    • Drilling New Ingerbelle deposit. Not currently in mine plan. Potential to add 10 years to mine life
      • Positive Drill Results Advance New Ingerbelle Deposit
    • Results from the fourteen completed drill holes, totalling 4,750m are summarized in the table below. The drill program was successful as follows:
  1. Validated and confirmed historical data and therefore resources that are currently classified as Inferred can now be upgraded to categories based on mineralization continuity and data density;
  2. Drilling intersected mineralization peripheral to the block model indicating potential for the expansion of resources both laterally, and at depth;
  3. Drill hole assays confirmed the high gold tenor of the Ingerbelle mineralization estimated from historical production data to average 0.66 g/t Au for every 1% of copper grade.
    • Drill hole locations were designed so as to intersect the historically defined mineralization in an evenly distributed pattern to the extent that topography, and water or backfilled areas would allow. Historical drill data in the Ingerbelle deposit consisted of 582 drill-holes totalling 80,500m, approximately half of which are below the previously mined area. The 35 significant drill intersections from the current program, as tabulated below, have an average CuEq grade of 0.48% ( 0.34% Cu, 0.70 g/t Ag and 0.22 g/t Au).

Hole ID

From (m)

To (m)

Interval (m)

Cu %

Au g/t

Ag g/t

CuEq %

17IG-01*

3.0

161.0

158.0

0.29

0.22

0.49

0.42

Incl

3.0

75.0

72.0

0.42

0.30

0.62

0.60

17IG-02*

32.6

57.0

24.2

0.40

0.41

0.66

0.65

90.6

212.3

121.7

0.36

0.16

1.00

0.46

Incl

90.6

188.1

97.5

0.54

0.26

1.61

0.71

17IG-03*

90.5

185.0

94.5

0.27

0.20

0.52

0.39

249.0

267.3

18.3

0.29

0.25

0.61

0.44

17IG-04*

17.4

54.0

36.6

0.25

0.17

0.54

0.36

78.3

118.0

39.7

0.39

0.31

0.86

0.58

145.4

194.2

48.8

0.39

0.28

0.68

0.56

212.5

252.1

39.6

0.57

0.36

0.86

0.79

270.4

367.9

97.5

0.24

0.21

0.38

0.37

17IG-05

172.8

218.6

45.8

0.19

0.08

0.29

0.24

367.8

389.2

21.4

0.24

0.14

0.26

0.33

17IG-06

258.2

282.6

24.4

0.43

0.43

0.93

0.69

337.4

361.8

24.4

0.35

0.25

0.59

0.50

17IG-07

81.4

121.0

39.6

0.27

0.07

0.60

0.32

227.7

316.1

88.4

0.40

0.3

0.77

0.58

364.9

401.4

36.5

0.19

0.11

0.39

0.26

17IG-08

239.9

264.3

24.4

0.26

0.23

0.27

0.40

17IG-09

44.8

63.1

18.3

0.37

0.06

1.29

0.41

178.9

200.3

21.4

0.48

0.07

1.65

0.53

386.2

541.6

155.4

0.30

0.24

0.48

0.45

17IG-10

60.1

105.8

45.7

0.33

0.12

1.18

0.41

17IG-11

38.7

96.6

57.9

0.47

0.21

1.01

0.60

105.8

142.3

36.5

0.51

0.16

0.46

0.61

17IG-12

75.3

163.7

88.4

0.28

0.18

0.62

0.39

197.2

230.7

33.5

0.46

0.32

0.84

0.66

246.0

261.2

15.2

0.34

0.24

0.57

0.49

270.4

313.0

42.6

0.24

0.25

0.59

0.39

17IG-14

108.8

148.4

39.6

0.29

0.15

0.86

0.39

188.1

252.1

64.0

0.36

0.25

0.85

0.51

17IG-15

60.1

114.9

54.8

0.49

0.29

0.52

0.67

136.3

188.1

51.8

0.16

0.11

0.34

0.23

322.2

340.5

18.3

0.40

0.27

0.78

0.57

*Results previously released
17IG-13 was abandoned in overburden.

  • Copper Mountain announced Altona Mining Ltd. Acquisition. Plans to build a mine, doubling copper production in 2020. Huge land package, will add 4,000 sq. km of ground in world class mining region.
  • Attractive Valuation
    High Leverage to Copper
    • 2016 Revenue $278 million
    • Only 134 million shares issued
  • Accretive Growth
    Capitalize on Strengths for Growth
    • Altona Mining Ltd. acquisition offer accretive on a number of fronts
    • Construction successes on budget
    • Operational and cost efficiencies
    • Financing capabilities
  • Safe Mining Jurisdiction
    • Princeton, BC
    • Mining-friendly jurisdiction
    • Close to Shipping Port
  • Strategic partnership with Mitsubishi Materials Corporation (25% partner)
  • Strategic, friendly debt package; no hedging in place


Management

Management and Directors

Gilmour (Gil) Clausen, P.Eng., President and Chief Executive Officer, Director

Mr. Clausen has more than 30 years’ experience in the areas of management, finance, development and operations in the base metals and precious metals industry. Mr. Clausen was the Chief Executive Officer of Brio Gold Inc.

James C. (Jim) O'Rourke, P.Eng., OBC., Chairman and Director

Mr. O'Rourke has more than 40 years of hands–on experience in mine evaluations, development, project financing, marketing and operations in Canada, the United States, South America and the Philippines. In 2013 Mr. O'Rourke was inducted into the Canadian Mining Hall of Fame.

Don Strickland, P.Eng., Vice-President of Operations and Chief Operating Officer

Mr. Strickland is a senior executive with proven leadership with a record of success. As general manager and vice-president of the Copper Mountain mine, he has lead the team since April, 2013. Mr. Strickland has over 25 years mine operational experience. Mr. Strickland has gained extensive experience in mineral processing, project development and mine management while working with Placer Dome, Barrick Gold Corp. and Yukon Zinc at operations in Canada and internationally.

Rodney A. (Rod) Shier, CPA, CA, Chief Financial Officer and Director

Mr. Shier has over twenty years experience as a corporate officer and director to a number of publicly–traded mining companies, and has experience in raising over $1 billion in debt and equity financing transactions. In 2013 recipient of the Edgar A. Scholz Medal for Excellence In Mine Development in British Columbia.

Peter Holbek, BSc. (Hons), M.Sc., P.Geo., Vice President Exploration

Mr. Holbek holds a Masters of Science in Economic Geology (1988) and has 30 years experience in mineral exploration and mine development.

William (Bill) Mracek, P.Eng., Vice President Mining

Mr. Mracek has 40 years of practical and management experience in both underground and surface mines across Canada.

Richard J. Joyes, BSc. Geo., Senior Exploration Geologist

With a particular focus on 3D modeling, mineral inventory and deposit estimation and database administration, Mr. Joyes brings a wide variety of both field and computer based skills to the exploration team.

John Tapics, P.Eng., Director

Marin Katusa, BSc., Director

Al Cloke, Director

Carl L. Renzoni, BSc. (Hons), Director

Bruce Aunger, CA, Director

Robert J. (BOB) Young, BSc. Geo., Advisor

Roman Shlanka, PhD Geo., Advisor

Please refer to Copper Mountain Mining Corporation's website www.cumtn.com for complete biographies.


News Update

On September 27, 2018, Copper Mountain Mining Corp. announced robust Preliminary Economic Assessment results for its New Ingerbelle property. All dollars are in U.S. dollars unless otherwise indicated.

Highlights from the New Ingerbelle PEA are summarized below:

After-tax net present value (NPV) (8%): US$394-million
After-tax internal rate of return (IRR): 65 per cent
Average annual life of mine copper equivalent (CuEq) production (years 1-5): 112 million pounds (Mlb)
Average annual copper production (years one to five): 85 Mlb
Average annual gold production (years one to five): 61,000 oz (koz)
Mine life: 12 years

On September 21, 2018, Copper Mountain Mining Corp. announced new mineral resource for its New Ingerbelle property.

Highlights from the New Ingerbelle mineral resource are:

  • More than one billion pounds of copper and one million ounces of gold in measured and indicated mineral resource at a cut-off grade of 0.12 per cent copper;
  • Measured and indicated mineral resource of 151 million tonnes grading 0.29 per cent copper and 0.18 gram per tonne gold (0.41 per cent copper equivalent) at a cut-off grade of 0.16 per cent copper;
  • Inferred mineral resource of 69 million tonnes grading 0.27 per cent copper and 0.16 gram per tonne gold (0.38 per cent copper equivalent) for contained metal of 405 million pounds of copper and 360,000 ounces of gold at a 0.16-per-cent cut-off copper grade.

On September 19, 2018, Copper Mountain Mining Corp. announced that it has completed phase 2 of its three-phase drilling program at the New Ingerbelle property, and results continue to be positive.

Highlights from the remaining 14 drill holes of phase 2 include:

  • Hole 18IG-24 returning 188 metres of 0.55 per cent copper equivalent (CuEq) (0.38 per cent copper, 0.45 gram per tonne silver and 0.25 g/t gold), which includes 114 metres of 0.71 per cent CuEq (0.49 per cent Cu, 0.51 g/t Ag, 0.32 Au g/t);
  • Hole 18IG-26 returning 135 metres of 0.71 per cent CuEq (0.49 per cent Cu, 0.97 g/t Ag, 0.32 g/t Au);
  • Hole 18IG-18 returning 339 metres of 0.37 per cent CuEq (0.27 per cent Cu, 0.53 g/t Ag, 0.14 g/t Au);
  • Hole 18IG-27 returning 96 metres of 0.55 per cent CuEq (0.39 per cent Cu, 0.69 g/t Ag, 0.23 g/t Au);
  • Hole 18IG-28 returning 54 metres of 0.58 per cent CuEq (0.42 per cent Cu, 0.80 g/t Ag, 0.23 g/t Au) and 90 metres of 0.62 per cent CuEq (0.46 per cent Cu, 0.57 g/t Ag, 0.23 g/t Au).

On August 14, 2018, Copper Mountain Mining Corp. has released additional drill results from phase 2 of its three-phase drilling program at the New Ingerbelle property nearby the present operations of the Copper Mountain mine.

Highlights include

  • Hole 18IG-10 returning 102 metres of 0.6 per cent copper equivalent (0.45 per cent copper, 0.52 gram per tonne silver and 0.22 gram per tonne gold);
  • Hole 18IG-08 returning 99 metres of 0.56 per cent copper equivalent (0.38 per cent copper, 0.70 gram per tonne silver and 0.26 gram per tonne gold);
  • Hole 18IG-09 returning 177 metres of 0.47 per cent copper equivalent (0.33 per cent copper, 0.45 gram per tonne silver and 0.20 gram per tonne gold), which includes 84 metres of 0.59 per cent copper equivalent (0.41 per cent copper, 0.57 gram per tonne silver and 0.26 gram per tonne gold);
  • Hole 18IG-13 returning 15 metres of 0.83 per cent copper equivalent (0.54 per cent copper, 0.96 gram per tonne silver and 0.43 gram per tonne gold);
  • Hole 18IG-14 returning 93 metres of 0.49 per cent copper equivalent (0.33 per cent copper, 0.70 gram per tonne silver and 0.23 gram per tonne gold);
  • Hole 18IG-15 returning 24 metres of 0.77 per cent copper equivalent (0.52 per cent copper, 1.07 gram per tonne silver and 0.36 gram per tonne gold).

On August 7, 2018, Copper Mountain Mining Corp. has provided its second quarter 2018 financial results. The Company's financial statements and management discussion and analysis (MD&A) are available at the company's website and at SEDAR.

On July 16, 2018, Copper Mountain Corp. announced that the Company has appointed Letitia Wong as vice-president, corporate development and investor relations, and has appointed Lance Newman as vice-president, project development.

On July 12, 2018, Copper Mountain Mining Corporation announced production results for Q2 2018 from the Copper Mountain Mine, located in southern British Columbia. 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.

On June 7, 2018, Copper Mountain Mining Corp. announced that it has commenced drilling at the New Ingerbelle deposit at the Copper Mountain mine, located in Southern British Columbia. This phase 2, 10,000-metre drill program has been designed to follow up on the successful phase 1, 2017 drilling program.

On June 6, 2018, Copper Mountain Mining Corp. announced that it has confirmed that it will be holding its annual and special meeting of shareholders on Wednesday, June 20, 2018, at 2 p.m. PT. The meeting will be held at the Terminal City Club, 837 West Hastings St., Vancouver, B.C.

On May 24, 2018, Copper Mountain Mining Corp. has approved a $5-million budget for its Cloncurry project located in Queensland, Australia. Planned work programs will include follow-up drilling on discoveries made in 2017, testing of new targets and supporting works for the active full feasibility study on the proposed Eva copper mine, which is compliant with National Instrument 43-101.

On April 27, 2018, Copper Mountain Mining Corp.'s president and chief executive officer, James C. O'Rourke, will be retiring on June 1, 2018. Gil Clausen, currently president and CEO and director of Brio Gold Inc., will succeed Mr. O'Rourke as president and chief executive officer and will also join the company's board of directors. Mr. Clausen will complete his current obligations, including the closing of the acquisition of Brio Gold Inc., prior to joining Copper Mountain. Mr. O'Rourke will remain as non-executive chairman and director of the company.

On April 27, 2018, Copper Mountain Mining Corp. had 2018 first quarter revenues of $78-million after pricing adjustments and treatment charges from the sale of 24.8 million pounds of copper equivalent, including 21.7 million pounds of copper, 6,500 ounces of gold and 80,600 ounces of silver. Total cash cost for the quarter ended March 31, 2018, was $1.90 (U.S.) per pound of copper sold, net of precious metals credits.

On April 18, 2018, Copper Mountain Mining Corp. has completed its acquisition of Altona Mining Ltd. As part of the acquisition, the company issued 0.0974 of a Copper Mountain share for each Altona ordinary share, resulting in a total of 53,538,984 Copper Mountain common shares being issued, of which 44,368,605 will trade as CHESS Depository Instruments (CDIs) on the Australian Stock Exchange under the symbol C6C. As a result of the acquisition, the company has now added 100 per cent of Altona's assets to Copper Mountain, which include $30-million in cash, a permitted development project in Queensland, Australia, and a large mineral land tenure position in a highly prospective area in Queensland, Australia, a mining friendly jurisdiction.

On April 16, 2018, Copper Mountain Mining Corp. has released its production results for the first quarter of 2018 from the Copper Mountain mine, located in Southern British Columbia. The production is on track: Production totalled 23.2 million pounds of copper equivalent during the quarter, which included:

  • 19.9 million pounds of copper (a 10-per-cent increase over Q1 2017);
  • 6,070 ounces of gold;
  • 77,900 ounces of silver.

On April 3, 2018, Copper Mountain Corp. announced that the Federal Court of Australia has made orders approving the scheme of arrangement between Altona Mining Ltd. and its shareholders under which Copper Mountain Mining Corp. will acquire all of the shares in Altona.

The Company also announced that it has received approval, subject to the usual conditions, from the Australian Securities Exchange for the admission of Copper Mountain to the official list and to the official quotation of Copper Mountain's CHESS Depository Instruments (CDIs). It is anticipated that trading in Altona's shares on the ASX will be suspended from close of trading on April 4, 2018, and that trading in Copper Mountain CDIs (which have been assigned a stock code of C6C) is expected to commence on a deferred settlement basis on April 5, 2018. It is anticipated that the scheme will be implemented on April 18, 2018, at which time Copper Mountain CDIs will commence trading on the ASX.

On March 26, 2018, Copper Mountain Mining Corp. announced that Copper Mountain Mining Corp. and Altona Mining Ltd. shareholders have respectively voted in favour of the share issuance resolution and the scheme of arrangement, providing for the acquisition of Altona by Copper Mountain, at their special meetings of shareholders.

On March 13, 2018, Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co., two leading independent proxy advisory firms, have recommended that Copper Mountain Mining Corp. shareholders vote for the plan of arrangement, whereby Copper Mountain will acquire all of the issued and outstanding common shares of Altona Mining Ltd., at a special meeting of shareholders to be held on March 26, 2018, at 2 p.m. Pacific Time, at the Terminal City Club (Ceperley-Walker Room), located at 837 West Hastings Street in Vancouver, B.C.

On March 12, 2018, Copper Mountain Mining Corp. announced that is to be featured on CEO Clips on CBC’s Documentary Channel, March 12 – 25, 2018 Monday-Friday between the hours of 6:00am and 12:00am. This CEO Clip, featuring Jim O’Rourke, Copper Mountain CEO, can also be found on Copper Mountain’s website (www.cumtn.com).

On February 20, 2018, Copper Mountain Mining Corporation announced that it had 2017 year-end revenues of $304-million, after pricing adjustments and treatment charges, from the sale of 73.9 million pounds of copper, 23,800 ounces of gold and 264,800 ounces of silver. Total cash cost for the year was US$1.81 per pound of copper sold, net of precious metals credits. The mine had $102.8-million in cash flow from operations and generated $67-million in earnings.


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