Passport Management, LLC reports its control over 5.92% of the securities of Capstone Mining Corporation



    SAN FRANCISCO, Jan. 13 /CNW/ - PASSPORT MANAGEMENT, LLC ("Passport")
announced today that it has filed an early warning report with the Canadian
securities regulatory authorities concerning its control over 9,756,800 common
shares of Capstone Mining Corporation ("Capstone") (TSX: CS), representing
5.92% of the 164,704,900 common shares of Capstone referred to as being issued
and outstanding as per Bloomberg on January 8, 2009.
    Passport is an investment manager with full investment discretion with
regards to various investment funds, including Passport Global Master Fund SPC
Ltd ("Global") Passport Special Opportunities Master Fund, LP ("Special Ops")
and Passport Materials Master Fund, LP ("Materials") (collectively the
"Funds"). On November 24, 2008 Capstone made an additional treasury stock
issuance of common shares. Though the Funds did not have any transactions on
this day, their aggregate ownership was reduced from 12.15% to 5.92% due to
the additional share issuance based on the post issuance outstanding common
shares of 164,704,900 as per Bloomberg on January 8, 2009.
    Passport has purchased and sold common shares and common share purchase
warrants of Capstone on behalf of the Funds over the past several years, for
passive investment purposes and not with a view to influencing management or
the direction of the company. The Funds controlled by Passport may, as
investment conditions warrant, acquire further common shares or dispose of
their respective holdings of common shares of Capstone.

    Passport Management, LLC is located at 30 Hotaling Place, Ste. 300, San
Francisco, CA 94111.





For further information:

For further information: Joanne Cormican at (415) 321-4618 or
joanne@passportcapital.com

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PASSPORT MANAGEMENT, LLC

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