VANCOUVER, June 20, 2011 /PRNewswire/ --
Capstone Mining Corp. ("Capstone" or the "Company") (TSX: CS) today announced the following changes to its board of directors upon completion of the arrangement (the "Arrangement") with Far West Mining Ltd. and long-term strategic partnership with Korea Resources Corporation ("KORES") for the development of the Santo Domingo project in Chile.
Additions to the Board
Rick Zimmer, P.Eng., M.B.A, was President and CEO of Far West Mining Ltd. He has over 30 years of Canadian and international mining experience, including leadership of operating, development and construction projects in the mining and natural resource sectors.
Hak-Kyun Shin, P. Eng., is the Director General for Business Development/Foreign Investment for KORES and previously was Director for the Coal Business Development/Foreign Investment before becoming the COO at the Toronto Office and a Director for KORES Canada Corp.
Jan Castro is the Chief Executive Officer of Pala Investments AG, the exclusive advisor to Pala Investments Holdings Ltd., a multi-strategy investment company dedicated to investing in, and creating value across, the mining sector in both developed and emerging markets.
Colin Benner and Stephen Quin have tendered their resignations to the board following the completion of the Arrangement.
"We would like to welcome Messrs. Zimmer, Shin and Castro to Capstone's board at this transformational time for the Company," said Darren Pylot, President and CEO of Capstone. "We are looking forward to having their counsel as we advance the company, and particularly the development of the Santo Domingo project."
"I would also like to take this opportunity to thank Colin and Stephen for their substantial contributions to the development of Capstone," continued Mr. Pylot. "Colin was Chairman of the board of both Capstone and its predecessor, Sherwood Copper. Stephen co-founded Sherwood Cooper, which under his leadership put the Minto mine into production and acquired the Kutcho project. Both Colin and Stephen were instrumental in leading the Sherwood team through the merger with Capstone and have continued to provide invaluable direction as we have grown Capstone."
About Capstone Mining Corp.
Capstone Mining Corp. is a TSX listed Canadian mining company with two producing copper mines in the Americas: the Cozamin copper-silver-zinc-lead mine located in Zacatecas State, Mexico and the Minto copper-gold-silver mine in Yukon, Canada.
Using its operations as a springboard, Capstone aims to grow organically and through acquisitions in politically stable, mining-friendly jurisdictions, with a focus in the Americas: organic growth through continued mineral resource and reserve expansions as well as expanding operations at its operating mines, development of its large 70% owned Santo Domingo copper-iron-gold project in Chile in partnership with Korea Resources Corporation, development of its Kutcho copper-zinc-gold-silver project in British Columbia and exploration at properties in Chile, British Columbia and Australia. Capstone's cash flow and strong balance sheet provide the platform to enhance that growth profile. Capstone is included in the S&P/TSX Composite Index and S&P/TSX Global Mining Index. Additional information is available at http://www.capstonemining.com .
This document may contain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). These forward-looking statements are made as of the date of this document and Capstone does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Capstone to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
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SOURCE Capstone Mining Corp.