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Copper Mountain Mine

Overview

The Copper Mountain mine is located about 20 km south of Princeton, British Columbia and 300 km east of the port of Vancouver. The Copper Mountain mineral claims cover approximately 18,000 acres and consist primarily of 135 crown grants, 176 mineral claims and 14 mining leases. The property is accessible by a combination of highways and paved roads and is close to the port of Vancouver that provides service for shipment of copper concentrates.

The Copper Mountain mine is a conventional open pit, truck and shovel operation. The mine utilizes a conventional crushing, grinding and flotation circuit to produce copper concentrates with gold and silver credits. The Company has an offtake agreement with Mitsubishi Material Corporation (MMC), where MMC purchases 100% of the mine’s concentrate at LME spot rates at the time of settlement.

Based on reserves only, the mine’s current mine life is approximately 14 years and average annual production is approximately 90 million pounds of copper equivalent. Further potential exists through exploration and the potential integration of the Company’s nearby New Ingerbelle Project. The Company is evaluating operational alternatives to incorporate New Ingerbelle into the Copper Mountain mine plan.

Project Snapshot

Ownership 75% Copper Mountain Mining Corporation
25% Mitsubishi Materials Corporation (MMC)
Location 20 km south of Princeton, B.C. (Canada)
Deposit Type Copper/Gold Porphyry
Mine Type Conventional Open Pit
Process Conventional Crush, Grind, Flotation
Expected Mine life 14+ years (based on reserves only)
2018 Production Guidance 80 million lbs of copper (+/- 5%)
End Product Copper Concentrate (with Gold and Silver)

Mineral Reserve and Mineral Resources

Copper Mountain Mine’s Mineral Reserve increased to 210 million tonnes when compared to the December 31, 2017 Mineral Reserve. The Mineral Reserve is included in the Mineral Resource and the effective date of the Mineral Reserve and Mineral Resource is September 1, 2018. The Copper Mountain Mine Mineral Resource does not include the New Ingerbelle Mineral Resource. A summary of the Mineral Reserve and Mineral Resource is provided below.

Copper Mountain Mine Mineral Reserves

(as at September 1, 2018)

  Tonnes
(‘000s)
Copper Grade
(%)
Gold Grade
(g/t)
Silver Grade
(g/t)
Copper
(M lbs)
Gold
(M oz)
Silver
(M oz)
Proven 79,108 0.33 0.09 1.26 580 0.233 3.195
Probable 130,971 0.22 0.06 0.66 629 0.271 2.786
Proven and Probable 210,079 0.26 0.08 0.89 1,209 0.504 5.981

Mineral Reserve Notes:
1. JORC and CIM Definition Standards were followed for Mineral Reserves.
2. Mineral Reserves were generated using the September 1, 2018 mining surface.
3. Mineral Reserves are reported at a 0.13% Cu cut-off.
4. Mineral Reserves are reported using long-term copper, gold, and silver prices of US$2.75/lb, US$1,250/oz, and US$16.50/oz, respectively.
5. An average copper process recovery of 79%, gold process recovery of 68%, and silver process recovery of 71% is based on geo-metallurgical domains.
6. The Alabama deposit at the Copper Mountain Mine has a 5% NSR.
7. Average bulk density is 2.78 t/m3.

Copper Mountain Mine Mineral Resources

(as at September 1, 2018)

  Tonnes
(‘000s)
Copper Grade
(%)
Gold Grade
(g/t)
Silver Grade
(g/t)
Copper
(M lbs)
Gold
(M oz)
Silver
(M oz)
Measured 113,670 0.31 0.09 1.4 767 0.32 5.13
Indicated 209,085 0.23 0.08 0.86 1,057 0.55 5.76
Measured & Indicated 322,755 0.26 0.08 1.05 1,824 0.87 10.89
Inferred 112,339 0.21 0.08 0.58 526 0.29 2.09

The Mineral Resource is as of September 1, 2018. JORC and CIM Definition Standards were followed for Mineral Resources.
The Mineral Resource is inclusive of the Mineral Reserve. The Mineral Resource used in the study has been constrained within a US$3.50 per pound Whittle pit shell. Numbers may not add due to rounding, contained metal calculated at 3 significant figures.

Technical Report

Copper Mountain Mine NI 43-101 Technical Report (2018)

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