Canaccord Genuity Initiates Coverage on Copper Mountain with Buy Rating - Video Posted on

Vancouver, British Columbia--(Newsfile Corp. - May 22, 2013) - Canaccord Genuity has initiated coverage on Copper Mountain Mining (TSX: CUM). Analyst Adam Gofton gives the company a buy rating and one-year price target of $3.00, a 97% premium to the $1.52 price the day the report was issued. has produced a "video news alert" about Copper Mountain based on this research report. If this link is not enabled, please visit www.InvestmentPitch.comand enter "Copper Mountain" in the search box.

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Copper Mountain's flagship asset is the 75% owned Copper Mountain open-pit mine, located in southern British Columbia, near the town of Princeton. The company has a strategic alliance with Mitsubishi Minerals Corporation, who owns the remaining 25% of the mine.

The 18,000 acre site has a resource of approximately 5 billion pounds of copper and remains open laterally and at depth.

During the quarter ending March 31, 2013, the company completed 3 shipments of concentrate containing approximately 15 million pounds of copper to Japan for smelting. The company recorded revenues, net of smelter charges and pricing adjustments, of $55.1 million, realizing a gross profit of $8.1 million. The total cash cost of copper sold during the quarter was $2.18 US per pound of copper after gold and silver by-product credits, and after all off site charges.

Jim O'Rourke, CEO, stated, "Our focus remains to optimize the Copper Mountain mine through exploration and operational improvements to maximize cash flow. In addition, we will continue to take an opportunistic approach to acquisitions that can increase shareholder value."

Canaccord stated that the Copper Mountain mine was restarted by Copper Mountain in mid-2011, but has struggled to achieve nameplate capacity on a consistent basis.

They expect operating improvement in the 2nd half of 2013 as contractor pre-crushing should prove to be a capital-light process modification to debottleneck the SAG mill.

Analyst Adam Gofton stated, "With a permanent solution to processing hard ore in place, we expect the mine to revert back to higher ore grades and a lower stripping ratio, further lowering costs and entrenching the mine as an asset that can operate through the commodity price cycle. We forecast 2013 to 2015 estimated copper production of 60 million pounds, 73 million pounds, and 87 million pounds."

The shares are currently trading at $1.75, and with 98.6 million shares outstanding, the company is capitalized at $172 million. As we stated, this $1.75 price is well below Canaccord Genuity's target price of $3.00.

For more information, please visit the company's website or contact Galina Meleger at 604-682-2992 ext 224 or email

For more information about Canaccord Genuity or to obtain a copy of their research report, contact your nearest Canaccord Genuity office. Their branches are listed on their website at

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Barry Morgan, CFO