VANCOUVER, Oct. 23, 2012 /CNW/ - Capstone Mining Corp. ("Capstone") (TSX: CS) today announced that Korea Resources Corporation's ("KORES") representative on Capstone's board of directors has changed. Pursuant to formation of the strategic partnership for the development of the Santo Domingo project and Shareholders Agreement for the project between Capstone and KORES dated June 17, 2011, KORES is entitled to appoint one representative to Capstone's board.
KORES has nominated GookHo (G.H.) Lee, MBA, as its new representative. Mr. Lee joined the Capstone board effective October 23, 2012. He has been with KORES since 2011, and is based in the Toronto office where he holds the position of KORES' Executive Advisor. Prior to joining KORES he spent over 30 years at LS-Nikko Copper Inc., LG-Nikko Copper Inc. and LG Metal Co, Ltd., in Marketing and Raw Materials Procurement. His experience in senior level positions includes Senior Executive Vice President, Overseas Business Development Division, Raw Materials Procurement Division at LS-Nikko Copper Inc. Mr. Lee has a B.A. in Economics from Daegu University and a MBA from Yonsei University, both in South Korea, and has completed an advanced management program at Wharton Business School in Pennsylvania.
Mr. Lee replaces Dr. Wook Jin Choi as KORES' board representative, who has resigned from Capstone's board effective October 23, 2012. KORES has 30% ownership of the Santo Domingo project and owns approximately 10.5% of Capstone's outstanding shares.
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.
SOURCE: Capstone Mining Corp.
For further information:
Cindy Burnett, VP, Investor Relations and Communications