Carmen Copper Reports August Production, Shipment

Mandaluyong—(PHStocks)—Carmen Copper Corporation, a wholly owned subsidiary of Atlas Consolidated Mining and Development Corporation (PSE: AT), has reported that total mill throughput for August amounted to 1,324,000 tonnes ore at an average grade of 0.29% Cu. This resulted in the production of 11,582 DMT of copper concentrate with an average grade of 26.69% Cu, 2.27g/t Au and 24.05g/t Ag. Total ore mined of 1,280,816DMT was sourced mainly from the Lutopan Pit with only 9.7% coming from the Carmen Pit.

An aggregate of 59,395,562 pounds of copper metal in concentrate was produced during the first eight months of the current year ending in August as compared to the 45,941,425 pounds produced during the same period in 2011.

Two shipments of 4,878DMT and 4,962DMT of copper concentrate were made for the month, totaling 9,840DMT through MRI Trading AG, which were consigned to Chinese smelters. The shipped concentrate averaged 26.81% Cu, 2.60g/t Au and 22.78g/t Ag. The payable metal content of the concentrate was 5,589, 000 lbs copper and 739 oz of gold.

The estimated value of the shipments was $20.66million based on provisional and hedged prices of $3.48/lb copper, $1,662/oz gold.

During the first eight months of 2012, a total of 58,817,612 pounds of payable copper metal was delivered vis-à-vis the 45,672,604 pounds shipped from January to August of 2011.