VANCOUVER, June 4, 2012 /CNW/ - Capstone Mining Corp. ("Capstone") (TSX: CS) today announced that Mr. Kalidas Madhavpeddi has been appointed to Capstone's board of directors, effective June 1, 2012.
Mr. Madhavpeddi is the President of Azteca Consulting LLC, an investment and advisory firm and the CEO of Forex Investment Group, an acquisition group for a Hong Kong private equity firm. He was previously Overseas CEO for China Molybdenum Inc. and prior to that he spent over 20 years in senior executive roles at Phelps Dodge Corp., which was the world's largest publicly traded copper company with 14,000 employees and operations in 14 countries prior to its acquisition by Freeport-McMoRan in 2007. His roles at Phelps Dodge included Senior Vice President of Business Development, President of Phelps Dodge Wire and Cable, Senior Vice President of Phelps Dodge Sales Company and various technical and engineering positions. He has worked in the Americas, Australia, Asia, Africa and the Middle East evaluating copper, gold and various specialty metals projects.
Kalidas currently serves as Director, Technical and EHS Chair on the board of NovaGold Resources; Director and Chair of Compensation Committee, Namibia Rare Earths. He holds an M.S., Industrial Management and Engineering from the University of Iowa, and a B.S., Civil Engineering from the Indian Institute of Technology in Madras, India and completed the advanced management program at Harvard Business School.
"We welcome Kalidas to Capstone's board," said Darren Pylot, President and CEO of Capstone. "His technical expertise and significant executive experience with one of the world's largest copper producers will expand the capability of our board and complement the existing skills of our directors as we more than triple our copper production to a projected 300 million pounds per year by 2016."
About Capstone Mining Corp.
Capstone Mining Corp. is a Canadian base metals mining company with two producing copper mines, the Cozamin copper-silver-zinc-lead mine located in Zacatecas State, Mexico and the Minto copper-gold-silver mine in Yukon, Canada. In addition, Capstone has two development projects, the large scale 70% owned Santo Domingo copper-iron-gold project in Chile in partnership with Korea Resources Corporation and the 100% owned Kutcho copper-zinc-gold-silver project in British Columbia, as well as exploration at properties in Australia, Canada, Chile and Mexico. Using its cash flow and strong balance sheet as a springboard, Capstone aims to grow organically through continued mineral resource and reserve expansions and through acquisitions in politically stable, mining-friendly regions. Additional information is available at www.capstonemining.com.
This document may contain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). These forward-looking statements are made as of the date of this document and Capstone does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. 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 Capstone to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
For further information:
Cindy Burnett, VP, Investor Relations