{"id":389368,"date":"2020-11-30T07:18:28","date_gmt":"2020-11-30T12:18:28","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=389368"},"modified":"2020-11-30T07:18:28","modified_gmt":"2020-11-30T12:18:28","slug":"copper-mountain-announces-new-life-of-mine-plan-including-proposed-65000-tpd-mill-expansion","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/copper-mountain-announces-new-life-of-mine-plan-including-proposed-65000-tpd-mill-expansion\/","title":{"rendered":"Copper Mountain Announces New Life of Mine Plan, Including Proposed 65,000 tpd Mill Expansion"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n VANCOUVER, BC<\/span>, Nov. 30, 2020<\/span> \/PRNewswire\/ –\u00a0Copper Mountain Mining Corporation <\/b>(TSX: CMMC) (ASX: C6C) (the “Company” or “Copper Mountain”) is pleased to announce a new life of mine plan, which includes a proposed mill expansion to 65,000 tonnes per day (“65ktpd Expansion”), for its 75% owned Copper Mountain Mine, located in southern British Columbia<\/span>. The new life of mine plan increases Copper Mountain’s after-tax Net Present Value (NPV) by over 60% to US$1.0 billion<\/span>, on higher annual production and lower costs, when compared to the previously published 2019 Technical Report. The 65ktpd Expansion builds upon the 45ktpd mill expansion currently underway. <\/p>\n

Copper Mountain has filed a NI 43-101 Technical Report (“2020 Technical Report”) for the new life of mine plan for the Copper Mountain Mine on SEDAR (www.sedar.com<\/a>). The 2020 Technical Report work was completed at a Pre-feasibility Study level. All Dollars in this press release are United States Dollars.<\/b> All metrics are shown on a 100% basis.<\/p>\n

\n Highlights: <\/u>\n <\/p>\n

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\u00a0<\/p>\n

\n
\n Metric<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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\u00a0<\/p>\n

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\n Unit<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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\n 2020<\/b>
\n <\/span>\n <\/p>\n

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\n \u00a0Technical Report<\/b>
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\n After-tax NPV (8%)(1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n $M<\/span>\n <\/p>\n<\/td>\n

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\n $1,010<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

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\n Average Annual Copper Equivalent Production(1,2)<\/sup><\/span>\n <\/p>\n<\/td>\n

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\n Mlbs<\/span>\n <\/p>\n<\/td>\n

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\n 139<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

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\n Average Annual Copper Production(2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n lbs<\/span>\n <\/p>\n<\/td>\n

\n

\n 106<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

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\n Average Annual Gold Production(2)<\/sup><\/span>\n <\/p>\n<\/td>\n

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\n koz<\/span>\n <\/p>\n<\/td>\n

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\n 60<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

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\n C1 Cash Costs(1,2)<\/sup><\/span>\n <\/p>\n<\/td>\n

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\n ($\/lb)<\/span>\n <\/p>\n<\/td>\n

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\n 1.19<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

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\n (1)<\/i>
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\n Based on $3.15 per pound copper, $1,700 per ounce gold and $22 per ounce silver and a C$1.30 to US$1.00 exchange rate. <\/i>
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\n (2)<\/i>
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\n For the first ten years, starting in 2021<\/i>
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\n “The 65ktpd Expansion, which moves the Copper Mountain Mine to about a billion dollars of asset value, clearly underscores the mine’s quality, and our team’s ability to potentially grow reserves and value further,” stated Gil Clausen<\/span>, Copper Mountain’s President and CEO. “This mill expansion study builds upon the growth projects that are already underway and illustrates the immense potential that the Copper Mountain Mine provides. In two years, we have more than doubled the mine life, grown the mine’s productive capacity, increased net asset value and significantly decreased cash costs. Following the completion of this 2020 Technical Report, we will further refine the capital estimates of this project in preparation for a development decision.” <\/i>\n <\/p>\n

\n Mr. Clausen added, “All of the deposits at the Copper Mountain Mine remain open and have significant exploration potential to add to our reserve and resource. \u00a0We are steadily working to unlock the unrealized value and low risk growth potential at the Copper Mountain Mine and we expect to fund this production growth with the mine’s internal cash flow.”<\/i>\n <\/p>\n

\n Mining & Processing <\/b>\n <\/p>\n

The Copper Mountain mill flowsheet is currently a conventional two-stage crushing, SAG, pebble crusher, ball milling, and sulphide flotation circuit design. The current capacity supports 40,000 tonnes per day of ore processing.\u00a0 The 45ktpd Expansion that is currently underway will add a third ball mill in parallel with the two existing ball mills.\u00a0 The 65ktpd Expansion Plan includes the installation of a High Pressure Grinding Roll (HPGR) circuit, the addition of a fourth ball mill, a regrind verti-mill, additional rougher and cleaner flotation circuit capacity, and electrical system upgrades. The existing SAG mill will be retired. The fourth ball mill, a 22 ft by 38 ft mill, will be installed adjacent to the third ball mill within the existing building. With the addition of the fourth ball mill, the ball milling line will comprise four mills operating in parallel. Two identical 24 ft x 30 ft mills, and two identical 22 ft x 38 ft mills. (See Appendix 2 for the Proposed 65ktpd Process Flowsheet). \u00a0This work will allow for increased throughput and a grind size P80 of 165 \u00b5m. \u00a0The 65ktpd Expansion Technical Report assumes construction to be completed at the end of 2023 for commissioning in the beginning of 2024.\u00a0\u00a0 <\/p>\n

The 65ktpd Expansion is a planned plant-wide improvement that increases throughput in addition to: <\/p>\n