Capstone Mining Reports Record 2016 Production
VANCOUVER, Jan. 11, 2017 /CNW/ - Capstone Mining Corp. ("Capstone") (TSX: CS) today announced production results for the three and twelve months ended December 31, 2016. Combined production totalled 29,900 and 114,600 tonnes of copper in the fourth quarter and year-to-date periods, respectively, with additional by-products of zinc, molybdenum, lead, silver and gold.
2016 Copper Production (tonnes)
|Q1||Q2||Q3||Q4||YTD 2016||2016 Guidance (2)|
|Total copper production (1)||24,600||28,100||32,000||29,900||114,600||108,000|
|Totals may not add due to rounding. (1) Total production includes copper in concentrate and cathode production. (2) Total copper production guidance of 108,000 tonnes (+/- 5%) reflects guidance provided on January 18, 2016. Production guidance at Pinto Valley and Minto was increased, offsetting reduced Cozamin guidance on July 26, 2016.|
"Capstone's 2016 consolidated copper production exceeded guidance, driven primarily by outperformance at Pinto Valley and Minto," said Darren Pylot, President and CEO of Capstone. "Record setting production at both these operations contributed to a year of exceptional operating performance."
- Copper production at Pinto Valley exceeded expectations, with throughput above plan for the quarter and year. Throughput averaged 56,800 tonnes per day ("tpd") and 56,200 tpd for the fourth quarter and full year, respectively. The operation continued to demonstrate the mine's potential, achieving a new daily throughput record of over 64,000 tpd in December.
- At Cozamin, the average grade for the quarter of 1.63% copper offset lower than planned mill throughput, with production ending the year at the previously lowered guidance target. Development rates continued to improve through the fourth quarter.
- At Minto, copper production for the quarter met expectations while full year throughput, grade and recoveries all exceeded plan. In the fourth quarter the mill processed stockpiles, supplemented by underground mining, which continued through the quarter.
Q4 and Full Year 2016 Operating Details
|Contained Production (1)|
|- Copper (tonnes)||17,051||68,850||4,001||14,307||8,801||31,426|
|- Zinc (tonnes)||-||-||1,100||4,193||-||-|
|- Molybdenum (Mo tonnes)||6||83||-||-||-||-|
|- Lead (tonnes)||-||-||37||130||-||-|
|- Silver (ounces)||94,585||377,091||265,251||1,000,659||100,088||355,210|
|- Gold (ounces) (2)||761||1,944||-||-||15,632||39,506|
|Payable Copper Production (1) (tonnes) (in concentrate and cathode)||16,469||66,527||3,844||13,732||8,515||30,404|
|- Ore (tonnes) – open pit||6,191,498||23,435,302||-||-||-||1,505,651|
|- Waste (tonnes)||5,145,618||19,507,016||-||-||-||5,584,619|
|- Ore (tonnes) – underground||-||-||258,315||995,911||69,229||245,674|
|- Tonnes processed||5,225,712||20,565,133||258,916||1,001,350||355,398||1,491,266|
|- Tonnes processed per day||56,801||56,189||2,814||2,736||3,863||4,074|
|- Copper grade (%)||0.37 (3)||0.37 (3)||1.63||1.51||2.64||2.21|
|- Zinc grade (%)||-||-||0.65||0.66||-||-|
|- Molybdenum grade (%)||0.006||0.006||-||-||-||-|
|- Lead grade (%)||-||-||0.06||0.07||-||-|
|- Silver grade (g/t)||*||*||43||43||10||8|
|- Gold grade (g/t)||*||*||-||-||2.04||1.23|
|- Copper (%)||86.7 (3)||87.6 (3)||95.0||94.8||93.9||95.2|
|- Zinc (%)||-||-||65.6||63.0||-||-|
|- Lead (%)||-||-||22.6||18.7||-||-|
|- Silver (%)||*||*||74.6||72.4||92.0||87.8|
|- Gold (%)||*||*||-||-||67.1||67.0|
|- Copper concentrate (dmt)||58,869||234,702||14,711||53,744||18,225||70,349|
|- Zinc concentrate (dmt)||-||-||2,335||8,866||-||-|
|- Molybdenum concentrate (dmt)||12||174||-||-||-||-|
|- Lead concentrate (dmt)||-||-||59||222||-||-|
|Payable Copper Shipped (tonnes)||16,540||67,003||3,283||13,966||9,735||29,481|
|(1) Adjustments based on final settlements will be made in future periods. (2) Pinto Valley gold production reaches payable levels from time to time. Any payable gold production will be reported in the period revenue is received. At Minto, final gold production is not available since assaying is conducted off-site, but is estimated above. (3) Grade and recoveries were estimated based on concentrate production. *Silver and gold have not been estimated in the Pinto Valley resource model. Only recovered silver and payable gold is reported for this mine.|
2017 Operating and Capital Guidance
Capstone expects to provide 2017 operating and capital guidance during the week of January 16, 2017.
Financial Results Timing
Capstone will report 2016 financial results on Wednesday, February 15, 2017 after market close, followed by a conference call and webcast for investors and analysts on Thursday, February 16, 2017 at 11:30 am Eastern Time (8:30 am Pacific Time).
Conference Call and Webcast Details
|Date:||Thursday, February 16, 2017|
|Time:||11:30 am Eastern Time (8:30 am Pacific Time)|
|Dial in:||North America: 1-888-390-0546, International: +416-764-8688|
|Replay:||North America: 1-888-390-0541, International: +416-764-8677|
The conference call replay will be available until Thursday, February 23, 2017. The conference call audio and transcript will be available on Capstone's website within 48 hours of the call at http://capstonemining.com/investors/events-and-presentations/default.aspx.
About Capstone Mining Corp.
Capstone Mining Corp. is a Canadian base metals mining company, focused on copper. We are committed to the responsible development of our assets and the environments in which we operate. Our three producing mines are the Pinto Valley copper mine located in Arizona, US, the Cozamin copper-silver mine in Zacatecas State, Mexico and the Minto copper mine in Yukon, Canada. In addition, Capstone has two development projects; the large scale 70% owned copper-iron Santo Domingo project in Region III, Chile, in partnership with Korea Resources Corporation, and the 100% owned Kutcho copper-zinc project in British Columbia, Canada, as well as exploration properties in Chile and US. Capstone's strategy is to focus on the optimization of operations and assets in politically stable, mining-friendly regions, centred in the Americas. Our headquarters are in Vancouver, Canada and we are listed on the Toronto Stock Exchange (TSX). Further information is available at www.capstonemining.com.