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trate sales receivables, and $10.2 million of
concentrate inventory waiting at the port
to be shipped. The company will continue
to focus on cost control and operational
improvements to further strengthen the
balance sheet.
As with any mining operation, each day
of mining is one day closer to the end of the
mine life. When the company began opera-
tions, a 17-year mine life was forecast using
a copper price of US $1.80/lb. However,
thanks to successful ongoing exploration
programs, there are still many years of
metal production in the future – 28 years if
inferred resources are included. Exploration
drilling has confirmed continuity of min-
eralization between the three pits enabling
them to be merged into a 'Super Pit'. This
new Super Pit is open to the north, south-
east, northwest and at depth.
Proven and probable reserves (at a
0.18% copper cut-off) stand at 145 mil-
lion tonnes grading 0.34% copper, 1.38
g/t silver and 0.12 g/t gold, for 1,080,000
lbs copper, 6.42 million oz silver and 0.54
million oz gold. During Q2, mining was
focused in Pit #2 and the Virginia pit areas.
Any mining operation needs the local
community onside, that is, social license.
Frank Armitage, Mayor of Princeton, said,
"Copper Mountain Mining is a great cor-
porate citizen in our community. With a
payroll in excess of $45 million, they are a
major contributor to our local and regional
economy. President Jim O'Rourke and Vice
President of Mining Don Strickland have
developed a great relationship with the
Town of Princeton.
The Copper Mountain Mine annually
hosts a major celebration with the Mining
Association of BC, here in Princeton, and
makes many donations to various groups
and activities in our community. We are
very privileged to have Copper Mountain
Mine operating in Princeton."
n
mining operations in #2 pit where the
Komatsu 8000 shovel loads a Komatsu haul
truck. photo courtesy Copper mountain
mining Corp.
