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Capstone Mining 2013 Fourth Quarter And Full Year Production Results

Stocks in this article: CS

VANCOUVER, January 13, 2014 /PRNewswire/ --

2013 production of 113.8 million pounds of copper

Capstone Mining Corp. ("Capstone") (TSX: CS) today announced operating results for the three and twelve month periods ending December 31, 2013 of its three operating mines: Pinto Valley, Cozamin and Minto. Combined production totalled 56.9 and 113.8 million pounds of copper (in concentrates and cathode) in the fourth quarter and full year 2013, respectively, with additional by-products of zinc, molybdenum, lead, silver and gold.

                      2013 Production (millions of pounds)
                                            Q1    Q2    Q3    Q4  2013
    Pinto Valley (for 82 days of ownership)
                  Copper in concentrates   -     -     -    29.6  29.6
                  Copper cathode           -     -     -     1.4   1.4
                  Pinto Valley Total       -     -     -    31.0  31.0
    Cozamin
                  Copper in concentrates  10.1  12.1  11.6  11.6  45.5
    Minto
                  Copper in concentrates   8.5   7.2   7.3  14.3  37.2

    Total Copper production(1)            18.6  19.3  18.9  56.9 113.8

Totals may not add due to rounding. (1) Total production includes copper in concentrate and cathode production.

"Capstone met overall 2013 copper production targets, with outperformance at Pinto Valley and Cozamin comfortably offsetting lower production at Minto," said Darren Pylot, President and CEO of Capstone. "Pinto Valley performed very well in the fourth quarter and is presently operating very close to the targeted mill throughput rate of 50,000 tonnes per day. Cozamin performed better than plan and the grade increase at Minto made a meaningful contribution to the very strong performance for the quarter."

Operational Highlights

  • At Pinto Valley we exceeded our earlier production forecasts as throughput and recoveries trended to targeted sustainable rates through the end of the year.
  • Cozamin performed better than expected in the fourth quarter and posted an excellent result for the year. The mine achieved an annual throughput record in 2013 of 3,305 tonnes per day, with grade and recoveries coming in very close to expectations for the quarter and year.
  • At Minto, November and December were pivotal months with ore grade increasing to over 2% copper and recoveries at high levels. The mill achieved a monthly throughput production record in December of 4,179 tonnes per day.
                            Q4 2013 Operating Details
                        Pinto Valley          Cozamin             Minto
                      Q4 2013
                     (82 days)   2013    Q4 2013   2013     Q4 2013    2013
    Production(1) (contained in concentrates and cathode)
    Copper in
    concentrate
    (000s lbs)          29,618    29,618  11,627    45,515    14,268    37,238
    Copper cathode
    (000s lbs)           1,421     1,421       -         -         -         -
    Zinc (000s lbs)          -         -   4,161    17,825         -         -
    Molybdenum
    (000s lbs)              14        14       -         -         -         -
    Lead (000s lbs)          -         -     277     2,728         -         -
    Silver (ounces)          *         * 432,190 1,682,347    66,459   162,310
    Gold
    (ounces)(2)              -         -       -         -     9,126    18,361
    Mine (tones)
    Ore              4,538,278 4,538,278 315,730 1,208,572 1,186,036 2,012,657
    Waste               10,341    10,341       -         - 1,452,071 9,696,301
    Mill
    Tonnes
    processed        3,730,240 3,730,240 314,746 1,206,383   359,023 1,402,264
    Tonnes
    processed per
    day                 45,490    45,490   3,421     3,305     3,902     3,842
    Copper grade
    (%)                0.42(3)   0.42(3)    1.85      1.86      1.92      1.31
    Zinc grade (%)           -         -    1.13      1.12         -         -
    Molybdenum
    grade (%)             0.01      0.01       -         -         -         -
    Lead grade (%)           -         -    0.10      0.19         -         -
    Silver grade
    (g/t)                    *         *    60.7      61.0      6.90      4.59
    Gold grade
    (g/t)                    -         -       -         -      0.98      0.52
    Recoveries
    Copper (%)         85.0(3)   85.0(3)    90.8      92.1      93.9      92.3
    Zinc (%)                 -         -    53.3      60.1         -         -
    Lead (%)                 -         -    40.6      54.5         -         -
    Silver (%)               *         *    70.3      71.1      83.2      78.5
    Gold (%)                 -         -       -         -      80.6      78.4
    Concentrates(2)
    Copper
    concentrate
    (dmt)               50,235    50,235  21,731    81,351    16,663    46,303
            Copper
            (%)           26.8      26.8    24.3      25.4      38.8      36.5
            Silver
            (g/t)            *         *   582.0     574.3     124.0     109.0
            Gold
            (g/t)            -         -       -         -      17.0      12.3
    Zinc
    concentrate
    (dmt)                    -         -   4,028    16,928         -         -
            Zinc (%)         -         -    46.8      47.8         -         -
    Molybdenum
    concentrate
    (dmt)                   14        14       -         -         -         -
    Lead
    concentrate
    (dmt)                    -         -     272     2,205         -         -
            Lead (%)         -         -    46.3      56.1         -         -
            Silver
            (g/t)            -         -   2,944     2,541         -         -

YTD totals may not add due to rounding. (1) Adjustments based on final settlements will be made in future periods. (2) Final gold production is not available since assaying is conducted off-site, but is estimated as above. *Silver production at Pinto Valley is not yet available since assays are conducted offsite. Capstone will commence reporting of Pinto Valley silver starting in 2014. (3) Grade and recoveries were estimated for the fourth quarter based on concentrate production.

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