VANCOUVER, June 10 /CNW/ - Capstone Mining Corporation (CS: TSX) today
reported that, effective July 15, 2009, Kevin Weston, Vice President
Operations (Canada) will be leaving Capstone. In the transition period, Mr.
Weston will continue to focus on optimizing the operations at the high grade
Minto copper-gold mine in the Yukon and, after July 15, be available to
provide continued input into Capstone's Canadian operational activities.
Robert Barnes, Vice President Operations (Mexico) will assume responsibility
for all of Capstone's mining operations.
"Over the past 18 months, Kevin Weston has made a tremendous contribution
to Capstone and its predecessor, Sherwood Copper, steering the Minto Mine
through the successful commissioning of the Phase II and Phase III expansions,
and we wish him every success in his future endeavours," said Stephen Quin,
President & COO of Capstone Mining Corp. "Bob Barnes brings considerable
operations experience to the Minto Mine, most recently overseeing the very
successful series of expansions at Capstone's Cozamin Mine in Mexico and prior
to that over 8 years as general manager of the open pit Wharf Mine and Golden
Reward Mine in South Dakota. Mr. Barnes will continue with Capstone's
optimization and expansion of the Minto Mine."
About Capstone Mining
Capstone Mining Corp. owns and operates two high grade copper mines and
has an advanced high grade development project. The Cozamin Mine is a high
grade, relatively shallow mechanized underground copper mine in Zacatecas,
Mexico, with significant by-product credits of zinc, lead and silver. The
Minto Mine is one of the world's highest grade open pit copper-gold mines, and
is located in Yukon, Canada. Both mines have recently undergone significant
production expansions and the mines are forecast to produce a total of 95-105
million pounds of copper in 2009 at a total cash cost of approximately US$1.00
per pound, net of by-product credits. In addition, Capstone owns the high
grade Kutcho Copper Project in British Columbia, Canada, which is being
advanced towards a production decision, and could produce significant
by-products of zinc, silver and gold. Financially, Capstone is well positioned
and its operations are supported by a robust hedge book that totaled 105
million pounds of copper forward sold at an average of US$2.52 per pound as of
December 31, 2008, most of which is deliverable in 2009-2011.
Additional information on Capstone can be obtained on Capstone's website
The TSX does not accept any responsibility for the adequacy or accuracy
of this press release.
This document may contain "forward-looking statements" within the meaning
of Canadian securities legislation and the United States Private Securities
Litigation Reform Act of 1995. These forward-looking statements are made as of
the date of this document and Capstone Mining Corp. (the "Company") does not
intend, and does not assume any obligation, to update these forward-looking
Forward-looking statements relate to future events or future performance
and reflect management of the Company's expectations or beliefs regarding
future events and include, but are not limited to, statements with respect to
the estimation of mineral reserves and resources, the realization of mineral
reserve estimates, the timing and amount of estimated future production, costs
of production, capital expenditures, success of mining operations,
environmental risks, unanticipated reclamation expenses, title disputes or
claims and limitations on insurance coverage. In certain cases,
forward-looking statements can be identified by the use of words such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate",
or "believes", or variations of such words and phrases or statements that
certain actions, events or results "may", "could", "would", "might" or "will
be taken", "occur" or "be achieved" or the negative of these terms or
comparable terminology. By their very nature forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such factors include,
among others, risks related to actual results of current exploration
activities; changes in project parameters as plans continue to be refined;
future prices of resources; possible variations in ore reserves, grade or
recovery rates; accidents, labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing or in the
completion of development or construction activities; as well as those factors
detailed from time to time in the Company's interim and annual financial
statements and management's discussion and analysis of those statements, all
of which are filed and available for review on SEDAR at www.sedar.com.
Although the Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from
those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward looking
For further information:
For further information: about Capstone, please contact: Darren Pylot,
Vice Chairman & CEO, Stephen Quin, President & COO, or Investor Relations'
Mark Patchett at (604) 684-8894 or (866) 684-8894, firstname.lastname@example.org