Copper Mountain Mining Corporation (CMM) has reached the developmental stage on its Eva copper project, however will not begin construction yet.
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Little Eva is located north of the Dougal River zinc mine and north west of the Ernest Henry copper mine.
The mining company has an existing long-term contract with Glencore Mount Isa Smelter which covers full transportation, smelting and refining costs.
The smelter is 195km west of Eva.
Copper Mountain’s president and CEO Gil Clausen said the results of the Eva Feasibility Study clearly demonstrated the quality and size of this asset.
“Eva has the potential to add significant cash flow to our operating base, at one of the lowest capital intensities for near-term greenfield projects anywhere, in the best mining jurisdiction in the world,” Mr Clausen said.
“Until we have a definitive full funding solution in place, which we expect in the coming months, we will not commence construction.”
According to CMM’s feasibility study released in October this year the expected average annual production will be approximately 90 million pounds of copper and 19,000 ounces of gold.
“The company believes the oxide copper at Eva may be recoverable economically based on preliminary leaching testwork,” Mr Clausen said.
“A metallurgical testwork program is currently underway and we expect to complete our evaluation in early 2019.”
The Eva copper mine project is envisioned to be a conventional open pit with a traditional crush, grind, and flotation circuit, with an expected mine life of 12 years.
The property covers a 4000 km2 area in the Mount Isa region and is accessible by air and road, allowing construction of the processing plant and tailings management facility on site.
The flowsheet consists of crushing, primary and secondary grinding using a SAG-Ball Mill circuit, followed by flotation process to recover copper and gold in concentrate form.
The flotation concentrate will be thickened, filtered and stockpiled for shipping to the Mount Isa smelter.
Copper Mountain’s flagship asset is the 75% owned Copper Mountain mine located in southern British Columbia, near the town of Princeton which produces about 90 million pounds of copper equivalent per year.
