UPDATE: Copper Mountain Down 2% Although Returns To Q4 Profit; CEO's Mill Comments May Be Weighing

Copper Mountain Mining Corporation (CUM.TO) reported adjusted earnings for the fourth quarter of $7.4 million or $0.08 per share compared to a loss of $1.9 million or $0.02 a year earlier. Revenues were $50.1 million compared to $44.7 million.

Jim O'Rourke, President and CEO of Copper Mountain, saaid: "We have been challenged with mill availability and throughput tonnage in the mill for a majority of 2012, but are very pleased to report that our efforts are paying off. Although we ended the year with an 82% availability in the mill for 2012, we have since seen significant improvements in availability as we achieved 93% availability in February 2013. The mill is still challenged to consistently make designed tonnage when receiving only Pit#3 ore as it is very hard, and we are now testing additional explosives to increase fragmentation of the ore and are evaluating the installation of a secondary crusher to pre-crush the ore entering the SAG Mill. In doing so this would allow for a consistent size of finer ore going into the SAG Mill to optimize the operation. Initial estimates indicate that improved fragmentation or pre-crushing would result in ensuring the plant meets the original design capacity with potential for the grinding capacity of the SAG to be increased to the 40,000 tonnes per day range. This expansion would further strengthen the Copper Mountain Mine and ensure that it forms a strong and consistent base for the company's future."

Copper Mountain's flagship asset is the 75% owned 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 the remaining 25%. The Copper Mountain mine commenced production in the summer of 2011, and has continued to improve its operations during the year; and attained design capacity in the summer of 2012. The 18,000 acre site has a resource of approximately 5 billion pounds of copper and remains open laterally and at depth. The mine has significant exploration potential that will need to be explored over the next few years to fully appreciate the properties full development potential

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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