Fourth Quarter and Full Year 2011 Highlights

• Construction of the Copper Mountain Mine was completed on schedule (June 30, 2011) and operational commissioning commenced during the second half of 2011.
• The official mine opening was celebrated on August 10, 2011 with 1,700 guests in attendance.
• The mine delivered its inaugural shipment of concentrate to Japan totalling 11,200 wet metric tonnes in September 2011 and then maintained steady monthly shipments thereafter.
• Revenues for 2011 were $66.5 million from the sale of 17.3 million pounds of copper, 6,934 ounces of gold, and 131,080 ounces of silver. Revenues for the fourth quarter of 2011 were $44.7 million from the sale of 11.6 million pounds of copper, 4,372 ounces of gold and 86,431 ounces of silver.
• Gross profit for 2011 was $16.2 million.
• EBITDA1 and Adjusted EBITDA2 for the fourth quarter of 2011 were $20.9 million and $10.6 million respectively.
• Adjusted34 earnings for 2011 were $2.9 million or $0.03 per share.
• Net loss for the year ended was $14.7 million or $0.13 per share as a result of changes in foreign exchange rates that produced a loss of $8.3 million on the Company's long-term debt denominated in U.S. dollars and an unrealized loss of $9.3 million on the interest rate swap derivative required under the Company's project debt agreements resulting in a net loss for the year of 14.7 million.
• Earnings for the quarter ended December 31, 2011 was $8.1 million.
• Site cash costs for the year were US$1.26 per pound of copper produced net of precious metal credits.
• Total cash costs for the year after all off site charges were US$1.71 per pound of copper sold net of precious metal credits.
• Average realized copper price for the year ended December 31, 2011 was US$3.555 per pound of copper which realized a cash margin of US$1.84 per pound of copper sold.

Jim O'Rourke, President and CEO of Copper Mountain, remarked, "We are very proud of the company's achievements in 2011. The most significant milestone was bringing the Copper Mountain Mine into production. In a short 4 ½ years, we met all our targets. The Copper Mountain mine forms a strong base for the company's future."

Mr. O'Rourke continued, "Our operating team has been working very hard to ensure the ramp up of the operation to meet our operating goals. Looking to 2012, we will remain fully focused on continuing to optimize the Copper Mountain mine to maximize the copper production target. We are planning an exploration program to expand the resource to extend the mine life beyond our 17 year mine plan or upgrade the resource to increase production," Mr. O'Rourke concluded.