Business
Capstone Completes Acquisition of Far West Mining and Transactions with Korea Resources Corporation
Jun. 17, 2011 (Canada NewsWire Group) -- VANCOUVER, June 17, 2011 /CNW/ - Capstone Mining Cor...
About this update from Capstone Copper Corp.
[{"type":"text","content":"\n\n\n Jun. 17, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nVANCOUVER, June 17, 2011 /CNW/ - Capstone Mining Corp. ("Capstone" or\n the "Company") (TSX: CS) has completed the previously announced\n arrangement (the "Arrangement") with Far West Mining Ltd. ("Far West")\n (formerly TSX: FWM) pursuant to which Capstone has acquired all of the\n issued and outstanding common shares of Far West.  Far West is now held\n through a newly-formed subsidiary of Capstone, owned 70% by Capstone\n and 30% by Korea Resources Corporation ("KORES").\n\n\nCapstone has also formed a long-term strategic partnership with KORES\n for the development of the Santo Domingo project. Concurrent with the\n completion of the Arrangement, KORES (through affiliated companies) (i)\n acquired a 30% interest in the entity that owns the Santo Domingo\n project for cash consideration of approximately C$195 million to\n Capstone, and (ii) subscribed for approximately 40.2 million common\n shares of Capstone, representing an approximate 11% interest in\n Capstone, at a price of C$4.35 per share, for aggregate cash\n consideration of approximately C$175 million.\n\n\n"We are extremely excited about the prospects for the new Capstone,"\n said Darren Pylot, President and CEO of Capstone.  "The acquisition of\n the Santo Domingo asset in Chile and agreement with KORES give us the\n opportunity to more than double our copper production in 201...