Thursday, January 17, 2008 9:41:44 AM
Thursday January 17, 7:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jan 17, 2008 -- Capstone Mining Corp. ("Capstone") (Toronto:CS.TO - News) is pleased to report its 2008 expansion and exploration plans and budgets for the Cozamin mine located in Zacatecas State, Mexico. All dollar amounts are stated in U.S. dollars unless otherwise stated.
ADVERTISEMENT
[Blocked Ads]
MINE EXPANSION
Capstone is pleased to report it has started the expansion of the Cozamin mine from the current rate of 2,200 tonnes per day ("tpd") or 750,000 tonnes per year ("tpy") to 3,000 tpd or approximately 1 million tpy, a 36% increase in production. This expansion is expected to be completed by September 2008 at a total budgeted cost of $9.5 million (including a 15% contingency). The major areas of the expansion include the following; a new larger production ramp will be driven from surface down to the internal level 8 decline ramp within the mine (approximately 1,400m). The internal ramps from level 8 to 12 level will be enlarged and the underground crusher will be moved to a new dump pocket at level 11.5. This larger production ramp will provide the required additional ore haulage capacity and will compliment the 2,000 tpd shaft as well as allowing larger sized trucks to transport ore to surface. The cost of the ramp and equipment is estimated to be $4.0 million. A new 115kV high tension power line and substation will be constructed to supply up to 7.5mW to the mine. A 1.5mW generator will also be added to provide additional power to the mine before power line completion and will be used as an emergency power supply in the future when power outages occur. The upgrade in power is estimated to cost $3.6 million. Modifications within the plant include increasing belt sizes within the crushing area and larger floatation cells to handle the increase in concentrates. This is estimated to cost $1.2 million. An additional 6m lift will be added to the tailings dam at a cost of $700,000.
PRODUCTION FORECAST
As a result of the expansion to 3,000 tpd, Capstone is revising upward its 2008 and 2009 metal production forecast as follows;
------------------------------------------------
2008F 2009F
------------------------------------------------
------------------------------------------------
Tonnes milled 850,000 1,000,000
------------------------------------------------
------------------------------------------------
Copper (payable lbs) 30,000,000 40,000,000
------------------------------------------------
Silver (payable ozs) 1,300,000 1,500,000
------------------------------------------------
Zinc (payable lbs) 9,000,000 10,000,000
------------------------------------------------
Lead (payable lbs) 5,100,000 5,000,000
------------------------------------------------
EXPLORATION
A total of 18,000m of underground drilling and 650m of underground drifting are planned within the Cozamin mine. This drilling will be to upgrade existing inferred resources to the measured and indicated categories as well as to continue to explore to depth. This 2008 program is budgeted to cost $2.5 million (including a 15% contingency).
An additional 6,500m will be drilled from surface to explore the Mala Noche vein along strike and outside of the current resource area. The program is budgeted at $1.7 million (including a 15% contingency).
Robert B. Barnes, P.Eng, Vice President of Operations for Capstone and a qualified person under NI 43-101, has reviewed and approved the contents of this news release.
ABOUT CAPSTONE
Capstone is a Canadian based mining company currently operating the 100% owned Cozamin copper-silver-lead-zinc mine located in Zacatecas State, Mexico. Capstone has approximately 81.4 million shares outstanding and is well financed with no bank debt. More information is available online at: www.capstonemining.com.
This press release contains "forward-looking information" that is based on Capstone's current expectations, estimates, forecasts and projections. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Capstone's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: projected sales or production rates; uncertainties related to drilling results; the ability to raise sufficient capital to fund exploration; changes in economic conditions or financial markets; changes in prices for costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters.
This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Capstone disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Contact:
Contacts:
Capstone Mining Corp.
Chris Tomanik
(604) 684-8894
Email: ctomanik@capstonemining.com
Capstone Mining Corp.
Mark Patchett
(604) 684-8894
(604) 688-2180 (FAX)
Email: mpatchett@capstonemining.com
Website: www@capstonemining.com
Recent CS News
- Capstone Copper Announces 2024 Annual General and Special Meeting Results • Business Wire • 05/03/2024 09:30:00 PM
- Capstone Copper Reports First Quarter 2024 Results • Business Wire • 05/02/2024 08:15:00 PM
- Capstone Copper Provides MVDP Commissioning Update; First Quarter 2024 Results to be Released on May 2, 2024 • Business Wire • 04/09/2024 09:00:00 PM
- Credit Suisse Announces Expected Coupon Payments on Credit Suisse X-Links® Exchange Traded Notes (the "ETNs") • PR Newswire (US) • 04/05/2024 12:30:00 PM
- Orion Undertakes A$593 Million Sale of Capstone CDIs on the ASX • Business Wire • 04/05/2024 11:07:00 AM
- Credit Suisse Announces Expected Coupon Payments on Credit Suisse X-Links® Exchange Traded Notes (the "ETNs") • PR Newswire (US) • 03/06/2024 01:30:00 PM
- Capstone Copper Reports Fourth Quarter 2023 Results • Business Wire • 02/22/2024 11:00:00 AM
- Capstone Copper and Orion Announce Closing of C$431 Million Bought Deal • Business Wire • 02/08/2024 02:03:00 PM
- Capstone Copper Commences Trading on the Australian Securities Exchange • Business Wire • 02/02/2024 11:00:00 PM
- Capstone Copper Announces Time Change for Fourth Quarter Results Conference Call on February 22, 2024 • Business Wire • 01/29/2024 11:00:00 PM
- Capstone Copper Provides 2024 Guidance and Announces 2023 Production Results • Business Wire • 01/24/2024 11:00:00 AM
- Capstone Copper Announces Commissioning Activities Underway at MVDP and Provides Corporate Update • Business Wire • 12/21/2023 01:33:00 AM
- Capstone Copper Publishes 2022 Sustainability Report • Business Wire • 12/04/2023 12:00:00 PM
- Capstone Copper Reports Third Quarter 2023 Results • Business Wire • 11/03/2023 10:00:00 AM
- Credit Suisse Announces the Acceleration at its Option of its Previously Delisted VelocityShares™ ETNs • PR Newswire (US) • 10/19/2023 12:15:00 PM
- Capstone Copper to Release Third Quarter Results on November 3, 2023 • Business Wire • 10/05/2023 09:00:00 PM
- Credit Suisse Announces Coupon Amount on its Credit Suisse S&P MLP Index ETN (ticker symbol "MLPO") • PR Newswire (US) • 10/04/2023 12:30:00 PM
- Capstone’s Chilean Operations Awarded the Copper Mark • Business Wire • 09/28/2023 11:00:00 AM
- Capstone Copper Expands Revolving Credit Facility to $700 Million and Extends Maturity to September 2027 • Business Wire • 09/25/2023 11:58:00 AM
- Credit Suisse Announces Expected Coupon Payments on Credit Suisse X Links® Exchange Traded Notes (the "ETNs") • PR Newswire (US) • 09/07/2023 12:30:00 PM
- Credit Suisse Announces Coupon Payments and Expected Coupon Payments on Credit Suisse X-Links® Exchange Traded Notes (the "ETNs") • PR Newswire (US) • 08/04/2023 12:30:00 PM
- Capstone Copper Reports Second Quarter 2023 Results • Business Wire • 08/02/2023 10:00:00 AM
- Credit Suisse Announces Coupon Amount on its Credit Suisse S&P MLP Index ETN (ticker symbol "MLPO") • PR Newswire (US) • 07/11/2023 12:30:00 PM
- Credit Suisse Announces Coupon Payments and Expected Coupon Payments on Credit Suisse X-Links® Exchange Traded Notes (the "ETNs") • PR Newswire (US) • 07/11/2023 12:30:00 PM
- Capstone Copper to Release Second Quarter Results on August 2, 2023 • Business Wire • 07/10/2023 09:00:00 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM