Business
Capstone Receives Quartz Mining License Amendment for Minto Mine
VANCOUVER , Sept. 22, 2014 /CNW/ - Capstone Mining Corp. ("Capstone") (TSX: CS) today an...
About this update from Capstone Copper Corp.
[{"type":"text","content":"\n\n\nVANCOUVER, Sept. 22, 2014 /CNW/ - Capstone Mining Corp. (\"Capstone\")\n (TSX: CS) today announced that it has received an amended Quartz Mining\n License for the Minto North Deposit as outlined in the Phase V/VI\n Pre-Feasibility Study. It has not, however, received its Water Use\n License (\"WUL\") amendment, which the Yukon Water Board believes is\n required in order to commence pre-stripping of Capstone's Minto North\n pit.\n\n\nUnderground mining and milling operations are not affected and\n production guidance at Minto for 2014 is unchanged. The mill will\n process underground ore and stockpile for the remainder of the year as\n planned. The 2014 mine plan submitted in the license applications did\n however call for pre-stripping of the Minto North open pit, starting in\n September 2014. The delay in starting the pre-stripping of Minto North\n has resulted in a revised mine plan which will bring forward fully\n permitted underground ore from Area 118, starting later this month, to\n maintain full mill production and partially offset the 2015 shortfall\n in ore from the Minto North open pit. Production in 2015 is not\n expected to be materially different than 2014, however the most\n significant production from Minto North will shift from 2015 to 2016.\n\n\nAs a result of the delay in pre-stripping, the surface mining contractor\n will be downsizing its crew at Minto, affecting approximately 50\n people. This downsizing is in addition to the 44 jobs affected with the\n surface mining contractor in January 2014, when Minto slowed open pit\n mining to better align with the expected permitting timeline. Following\n the downsizing by the surface mining contractor, total direct and\n contract employment at Minto is approximately 250 people. Capstone's\n 171 employees and present underground mining contract employees are not\n affected. Support contractor positions will be evaluated based on the\n reduction of personnel for the mining contractor.\n\n\n\"We are pleased to have received our Quartz Mining License amendment,\n however we believe the most prudent course of action is to delay the\n Minto North pre-stripping until we receive our WUL,\" said Darren Pylot,\n Capstone's President and CEO. \"There is no change to our copper\n production guidance at Minto for 2014 and no material difference\n expected in 2015.\"\n\n\n\...