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Capstone Mining 2013 First Quarter Financial Results Demonstrate Solid Progress And Growth

Stocks in this article: CS

VANCOUVER, British Columbia, May 8, 2013 /PRNewswire/ --

-- Operating Cash Flow of $20.1 million, Net Earnings of $6.9 million or $0.02 per share (All amounts in US$ unless otherwise specified)

Capstone Mining Corp. ("Capstone") (TSX: CS) today announced its financial results for the three months ended March 31, 2013. Net earnings for the quarter were $6.9 million and operating cash flow before changes in working capital (1) was $20.1 million. Capstone ended the quarter with cash on hand of $485.4 million, a $200 million credit facility and no long-term debt. Copper production for the quarter at Capstone's two operating mines, Cozamin and Minto, totalled 18.6 million pounds in concentrates (17.9 million pounds of payable copper) at a C1 cash cost (1) of $1.72 per payable pound of copper produced.

Capstone will hold a conference call and webcast on Wednesday, May 8, 2013 at 11:30 am Eastern time ( 8:30 am Pacific time) to discuss these results; call-in details are provided at the end of this release. This release should be read in conjunction with Capstone's unaudited condensed interim consolidated financial statements and management's discussion and analysis ("MD&A") for the three months ended March 31, 2013, which are available on Capstone's website at: and on SEDAR. An updated corporate presentation, including results to March 31, 2013, will also be available at

                                                               Q1 2013 Q1 2012
    Revenue ($ millions)                                        57.7    70.4

    Copper in concentrates produced (million lbs)               18.6    18.6

    Payable copper produced (million lbs)                       17.9    17.9
    C1 cash cost per payable pound of copper produced(1) ($)    1.72    1.45

    Copper sold (million lbs)                                   15.1    16.2
    Recognized copper price per pound ($)                       3.51    4.02

    Net earnings ($ millions)                                    6.9    15.7
    Net earnings per common share ($)                           0.02    0.04

    Adjusted net earnings(1) ($ millions)                        6.1    22.3
    Adjusted net earnings(1) per common share ($)               0.02    0.06

    Operating cash flow before changes in working capital(1)
    ($ millions)                                                20.1    28.7
    Operating cash flow before changes in working capital per
    common share(1) ($)                                         0.05    0.08

    Cash and cash equivalents ($ millions)                      485.4   501.7

(1) These are alternative performance measures; please see "Alternative Performance Measures" at the end of this release.

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