Tuesday, October 16, 2007 10:07:07 AM
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2007) - Capstone Mining Corp. (TSX:CS) -
HIGHLIGHTS
- An updated resource estimate has been completed for the Cozamin mine, as of August 31st, 2007.
- At a 1% cut-off grade:
- The resource update yields a 47% increase in tonnage with a 51% increase in contained copper and 54% in contained silver.
- The Measured and Indicated categories increase to 5.5 million tonnes containing 287 million pounds of copper, 131 million pounds of zinc, 47 million pounds of lead and 15.2 million ounces of silver.
- The Inferred category increases to 3.1 million tonnes containing 170 million pounds of copper, 80 million pounds of zinc, 16 million pounds of lead and 8.7 million ounces of silver.
- The resource reflects the tonnes mined as of August 31, 2007.
UPDATED COZAMIN RESOURCE YIELDS INCREASED TONNAGE
This new resource estimate significantly increases both the tonnage and contained metal within all of the resource categories, while maintaining its high grade. The following table shows the break down of resources at a 1% copper cut-off.
--------------------------------------------------------------------------
Tonnes Million
Resource (1% Cu Cu Ag Zn Pb Au Million lbs(i) ozs(i)
Category Cut-off) (%) (g/t) (%) (%) (g/t) Cu Zn Pb Ag
--------------------------------------------------------------------------
Measured 2,900,000 2.34 85.85 1.09 0.47 0.04 149.6 69.7 30.1 8.0
--------------------------------------------------------------------------
Indicated 2,585,000 2.41 86.92 1.07 0.30 0.04 137.4 61.0 17.1 7.2
--------------------------------------------------------------------------
Measured &
Indicated 5,485,000 2.36 86.04 1.08 0.39 0.04 287.0 130.6 47.2 15.2
--------------------------------------------------------------------------
Inferred 3,124,000 2.47 86.37 1.16 0.23 0.04 170.2 79.9 15.9 8.7
--------------------------------------------------------------------------
Note: (i) 1 kilogram equals 2.2 lbs.; 31.103 grams equals 1 oz. Troy
This new resource estimate has been completed by qualified person Michelle Stone, P.Geo., Ph.D., of Capstone Mining Corp., Vancouver, B.C. This estimate is based on an updated 3D geologic model integrating an additional 26,266 metres of diamond drilling including 5,828 assays from 5 surface and 70 underground NQ-core drill holes and 6,954 underground chip channel samples collected in 2006 and 2007. These data augmented the 25,325 meters of drilling in 37 surface and 66 underground core holes and 1,103 underground chip channels samples used in the 2006 resource estimate. Grades for the model were estimated using the inverse distance squared (ID2) method from 2 metre composited intervals within the copper sulphide zone, and the mineralized hangingwall and footwall.
Resource tables and drill intercepts locations related to the above totals for the updated Cozamin resource estimate will be available on the Company's website www.capstonemining.com.
A technical report on the Cozamin Mine Project will be filed with SEDAR within 45 days.
The Company has already commenced a program of underground infill drilling to upgrade the inferred resources. In addition, the Company plans to undertake both surface and underground drilling in 2008 to explore along strike and down dip of the updated resources.
Hugh Willson, Vice President of Exploration for Capstone and a qualified person under NI 43-101, has reviewed 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 81.7 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Capstone Mining Corp.
Chris Tomanik
(604) 684-8894
(604) 688-2180 (FAX)
Email: ctomanik@capstonemining.com
Website: www.capstonemining.com
Source: CCN Matthews (October 15, 2007 - 5:46 PM EST)
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