2010 Mining Explorers: Capstone Mining Corp.
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Last updated 10/31/2010 at Noon
CS: TSX
Vice-chairman and CEO: Darren Pylot
President, COO and Director: Stephen Quin
Vice President, Exploration: Brad Mercer, P. Geo.
Capstone Mining Corp., founded in 1987 in British Columbia, is primarily focused on operating, expanding and exploring the company's two producing copper mines, including the Minto copper-gold-silver mine in central Yukon Territory.
Capstone also aims to grow both organically and through mergers and acquisitions: organic growth through continued mineral resource and reserve expansions at its operating mines and through the development of its high-grade Kutcho copper-zinc-gold-silver deposit in northwestern British Columbia, while mergers and acquisitions provide opportunities to accelerate that growth profile.
At Minto, Yukon's only producing mine, Capstone increased its 2010 exploration budget by C$1.5 million, bringing its total exploration commitment to C$7 million, the largest annual exploration budget ever allocated for the operation.
After a successful test of Titan-24 deep penetrating induced polarization survey technology at Minto in 2009 that led to the discovery of the Minto East deposit, Capstone undertook a property-wide survey in early 2010.
The IP survey identified a number of chargeability anomalies in areas untested by previous drilling, including the Wildfire discovery, one of the strongest and most extensive IP anomalies yet identified at Minto.
Based on the survey results, 73 targets were identified for follow-up drill testing, including 19 high priority, 26 medium priority and 28 low priority targets.
Two drills were scheduled for systematic drill testing of Wildfire in August.
In order to advance the Kutcho Project toward a pre-feasibility study, the high-grade Esso deposit, (one of three volcanogenic massive sulphide deposits that comprise the project) is being drilled. At Kutcho, Capstone Sept. 7 reported additional high-grade intercepts from drilling aimed at increasing confidence in the 1.1 million or so metric tons of inferred mineral resources, mostly located in a 60-meter-wide gap in the current resource model, and to provide metallurgical samples, as recommended in a preliminary economic assessment announced July 13.
Cash and short-term deposits: C$151.6 million
(at June 30, 2010)
Working capital: C$142 million (at June 30, 2010)
Market capitalization: C$547.94 million
(Sept. 10, 2010)
9th floor, 999 West Hastings St.
Vancouver, BC Canada V6C 2W2
Tel: 604 639-0394
Fax: 604 688-2180
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