Replay call information
Toronto and international: 416-849-0833,passcode 5689618
North America (toll-free): 1-855-859-2056,passcode 5689618
The conference call replay will be available from 10:30 am (PDT) on November 20, 2017, until 11:59 pm PST on December 4, 2017. Participant audio webcast will also be available on the Company's website at
About Copper Mountain Mining Corporation
CMMC's principal asset is the 75% owned large open pit Copper Mountain Mine located in southern British Columbia near the town of Princeton. CMMC has a strategic alliance with Mitsubishi Materials Corporation which owns 25% of the Copper Mountain Mine and purchases 100% of the copper concentrate produced under a life of mine offtake agreement. CMMC is on track to achieve production guidance for 2017 of 75-85 million pounds of copper. The Copper Mountain mine has a large resource of copper that remains open laterally and at depth. This significant exploration potential is being evaluated over the next few years in order to fully appreciate the property's development potential. Additional information is available on CMMC's web page at .
About Altona Mining Limited
Altona's principal asset is the Cloncurry Copper Project in Queensland, Australia found within a dominant 3,970 sq km land package in the highly prospective Mt. Isa inlier. It is envisaged that a 7 million tonnes per annum open pit copper-gold mine and concentrator will be developed. The development is permitted with proposed annual production of 39,000 tonnes of copper and 17,200 ounces of gold for a minimum of 14 years. The Definitive Feasibility Study was refreshed in August 2017.
Competent Person's Statement: Cloncurry Project
The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves for the Cloncurry Project is based on information compiled by Dr Alistair Cowden, BSc (Hons), PhD, MAusIMM, MAIG and Mr Roland Bartsch, BSc (Hons), MSc, MAusIMM. Dr Cowden and Mr Bartsch are full time employees of Altona and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Cowden and Mr Bartsch consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Please note that full JORC 2012 disclosure of Resources and Reserves is provided in the ASX release of 2 August 2017 entitled "The Cloncurry Project: JORC 2012 Disclosure" and accompanying release revised on 27 September 2017 entitled "Updated DFS Delivers Bigger and Better Cloncurry Project".
Competent Person's Statement: Copper Mountain Mine
The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves for the Copper Mountain Mine is based on information compiled from public disclosure by TSX listed Copper Mountain Limited (CMMC) by Dr Alistair Cowden, BSc (Hons), PhD, MAusIMM, MAIG and Mr Roland Bartsch, BSc (Hons), MSc, MAusIMM. Dr Cowden and Mr Bartsch are full time employees of Altona and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Cowden and Mr Bartsch consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Please note that Canadian Mineral Resource and Reserve estimates as adopted by listed entities in Canadian Securities Exchanges are classified according to the CIM Definition Standards in the manner of the JORC Code and NI 43-101 disclosure corresponds to that required by the JORC Code.Disclosure by CMMC in the most recent NI 43-101 report complies with the CIM Guidelines, which are closely related to the JORC Code in their key definitions.The CMMC resources and reserves can therefore be quoted as 'qualifying foreign estimates' according to ASX Listing rules. The most recent disclosure of resources and reserves can be found on SEDAR at .The most recent disclosure by CMMC is in the CMMC Annual Information Form dated 30 March 2017.
The qualifying foreign estimates have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the foreign estimates as mineral resources or ore reserves in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration word that the foreign estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code.
Qualified Persons
Mr Peter Holbek, P.Geo. and Vice President Exploration of CMMC, is the Qualified Person who has reviewed and approved CMMC's mining technical information included in this news release.
Dr Alistair Cowden, BSc (Hons), PhD, MAusIMM, MAIG and Mr Roland Bartsch, BSc (Hons), MSc, MAusIMM are full time employees of Altona in the positions of Managing Director and General Manager, Exploration for Altona, are the Qualified Persons who have reviewed and approved Altona's mining technical information included in this news release.
Cautionary Forward-Looking Statements
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflect management's expectations regarding CMMC's future growth, results of operations (including, without limitation, future production and capital expenditures), performance (both operational and financial) and business prospects (including the timing and development) and opportunities. Wherever possible, words such as "plans", "indications", "potential", "estimates", "predicts", "forecasts", "anticipate" or "does not anticipate", "believe", "intend", "ability to" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward looking information. Specific forward-looking statements in this news release include completion of the Scheme, CMMC's listing on the ASX, projected production profile, anticipated growth in copper resources and reserves particularly at Cloncurry, re-rating of the combined entity, the completion of construction of the Cloncurry Copper Project, potential to explore other target areas close to the Cloncurry Copper Project, and the estimated combined market capitalization of CMMC and Altona. Although the forward-looking information contained in this news release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, CMMC cannot be certain that actual results will be consistent with such forward looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain all requisite approvals, including that of the CMMC and Altona shareholders, the Australian court, the TSX and the Foreign Review Board, the accuracy of mineral reserve and mineral resource estimates, copper prices, exchange rates, energy costs, future economic conditions, anticipated future estimates of cash flow and courses of action. CMMC cautions you not to place undue reliance upon any such forward-looking statements.
The risks and uncertainties that may affect forward-looking statements include, among others: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities, the actual results of reclamation activities; integration results of the CMMC and Altona management and operating teams, conclusions of economic evaluations; fluctuations in the value of the Canadian dollar relative to the United States dollar and the Australian dollar and vice versa; changes in project parameters as plans continue to be refined; changes in labour costs other costs of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, cave-ins, pit-wall failures, flooding, rock bursts and other acts of God or unfavourable operating conditions and losses, detrimental events that interfere with transportation of concentrate or the smelters ability to accept concentrate, including declaration of Force Majeure events, insurrection or war; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, and the factors discussed in the section entitled "Risk Factors" in the CMMC Annual Information Form dated March 30, 2017, and in other filings of CMMC with securities and regulatory authorities which are available at . CMMC does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Nothing in this report should be construed as either an offer to sell or a solicitation to buy or sell CMMC securities.
This press release is dated as of the date on the first page. All references to CMMC include its subsidiaries unless the context requires otherwise.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.
Annexures
Annexure A: Copper Mountain Mine: Resources and Reserves
Annexure B: Cloncurry Copper Project: Resources and Reserves
ANNEXURE A: Copper Mountain Mine - Resources and Reserves
(Source: Annual Information Form, Copper Mountain Mining Corporation, for the year ended 31 December 2016 (Dated as of March 2017))
Resources
Cut Off Category
Tonnage
(Mt) Copper
Grade
(%)
Gold
Grade
(g/t) Silver
Grade
(g/t)
Contained
Copper
(tonnes) Contained
Copper
(Mlbs)
Contained
Silver
(Moz) Contained
Gold
(Moz)
0.18% copper Measured and Indicated
221 0.33
0.10 1.30
719,397 1586
9.21 0.74
Inferred 228
0.27 0.14a
0.79a 815,558
1373 5.81
1.04
0.12% copper Measured and Indicated
350 0.26
0.09 1.01
815,558 2013
11.40 0.98
Inferred 426
0.21 0.11a
0.63a 815,558
2022 8.69
1.56
Reserves
Cut Off Category
Tonnage
(Mt) Copper
Grade
(%)
Gold
Grade
(g/t) Silver
Grade
(g/t)
Contained
Copper
(tonnes) Contained
Copper
(Mlbs)
Contained
Silver
(Moz) Contained
Gold
(Moz)
0.18% copper Proved
53b 0.36
0.11 1.43
189,601 418
2.44 0.18
Probable 69
0.30 0.11
1.15 208,199
459 2.57
0.23
Total 122b
0.32 0.11
1.27 397,800
860 4.98
0.42
0.12% copper Proved
74 0.30
0.09 1.18
219,992 485
2.78 0.22
Probable 110
0.24 0.09
0.92 269,434
594 3.27
0.31
Total 184
0.27 0.09
1.02 489,426
1080 6.05
0.53
Low Grade Stockpile 34
0.16
54,431
120
Reserves and Resources as of 31 December 2016.
Mineral Resources have been reported as inclusive of Ore Reserves.
The resource and reserve estimation was completed by Copper Mountain mine and exploration staff under the supervision of Peter Holbek, P.Geo. Vice President of Exploration and a Qualified Person under National Instrument 43-101. Mr. Holbek has verified the methods used to determine grade and tonnage in the geological model, and mine plan.Numbers may not add due to rounding. aInferred resources includes mineralization in the Ingerbelle deposit where gold and silver grades have been estimated based on correlation to copper grades from historical production data; these grades are significantly lower for Ag and higher for Au when compared to Copper Mountain grades. bDoes not include an approximate 4Mt stockpile at an estimated 0.21% Cu grade.
ANNEXURE B: Cloncurry Copper Project - Resources and Reserves
Summary of Mineral Resource Estimates for the Cloncurry Copper Project
Deposit Total
Contained Metal
Measured Indicated
Inferred
Tonnes (millions)
Cu (%)
Au (g/t)
Copper (tonnes)
Gold (ounces)
Tonnes (million)
Cu (%)
Au (g/t)
Tonne (million)
Cu (%)
Au (g/t)
Tonnes (million)
Cu (%)
Au (g/t)
Deposit in Mine Plan
Little Eva 105.9
0.52 0.09
546,000 295,000
37.1 0.60
0.09 45.0
0.46 0.08
23.9 0.50
0.10
Turkey Creek 21.0
0.59
123,000
- -
-
17.7
0.59
3.4
0.58 -
Ivy Ann 7.5
0.57 0.07
43,000 17,000
- -
- 5.4
0.60 0.08
2.1 0.49
0.06
Lady Clayre 14.0
0.56 0.20
78,000 85,000
- -
- 3.6
0.60 0.24
10.4 0.54
0.18
Bedford 4.8
0.80 0.21
38,000 32,000
- -
- 2.3
0.95 0.23
2.5 0.66
0.19
Sub-total 153.3
0.54 0.09
828,000 429,000
37.1 0.60
0.09 74.0
0.52 0.07
42.2 0.53
0.11
Other Deposits
Blackard 76.4
0.62 -
475,000 -
27.0 0.68
- 6.6
0.60 -
42.7 0.59
-
Scanlan 22.2
0.65 -
143,000 -
- -
- 18.4
0.65 -
3.8 0.60
-
Longamundi 10.4
0.66 -
69,000 -
- -
- -
- -
10.4 0.66
-
Legend 17.4
0.54 -
94,000 -
- -
- -
- -
17.4 0.54
-
Great Southern 6.0
0.61 -
37,000 -
- -
- -
- -
6.0 0.61
-
Caroline 3.6
0.53 -
19,000 -
- -
- -
- -
3.6 0.53
-
Charlie Brown 0.7
0.40 -
3,000 -
- -
- -
- -
0.7 0.40
-
Sub-total 136.7
0.61 -
840,000 -
27.0 0.68
- 25.0
0.64
84.7
0.59 -
Total 290.0
0.58 0.05
1,668,000 429,000
64.1 0.63
0.05 99.0
0.55 0.05
126.9 0.57
0.04
JORC 2012 Disclosure is provided in ASX Release of 2 August 2017 entitled "The Cloncurry Project: JORC 2012 Disclosure".
Little Eva is reported above a 0.2% copper lower cut-off grade, all other deposits are above 0.3% lower copper cut-off.
Mineral Resources have been reported as inclusive of Ore Reserves.
Summary of Ore Reserves Estimates for the Cloncurry Copper Project
Reserve Classification Tonnes
Copper (%)
Gold (g/t)
Copper (tonnes)
Gold (ounces)
Little Eva
Proved 31,000,000
0.64 0.08
198,200 84,700
Probable 22,100,000
0.50 0.09
109,900 62,600
Turkey Creek Probable
11,300,000 0.46
0 52,100
0
Ivy Ann
Probable 3,500,000
0.59 0.08
21,000 9,100
Lady Clayre
Probable 920,000
0.56 0.27
5,100 8,100
Bedford
Probable 1,350,000
0.85 0.20
11,600 8,500
Total Proved and Probable Reserves (excl.
stockpiles) 70,200,000
0.57 0.08
397,400 173,000
Little Eva Low Grade Stockpile
Probable 15,400,000
0.18 0.06
28,100 30,900
Total (including stockpile) 85,600,000
0.50 0.07
426,000 203,900
See ASX release dated 2 August 2017.
Little Eva and Turkey Creek are reported above a 0.16% copper lower cut-off grade, for Bedford 0.17% copper, for Lady Clayre 0.20% copper and for Ivy Ann 0.22% copper.
All data has been rounded to two significant figures. Discrepancies in summations may occur due to rounding.
SOURCE Copper Mountain Mining Corporation
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