VANCOUVER, Nov. 8, 2018 /CNW/ - Capstone Mining Corp.
("Capstone" or the "Company") (TSX:CS) today made reductions to its
organizational structure, including changes to its senior executive
team. This is designed to improve financial and operating
performance by further empowering mine general managers and their
teams to deliver profitable, safe and sustainable production within
their respective business units.
Capstone has eliminated 35% of positions from its head office in
Vancouver and expects to reduce
annual corporate general and administrative expenses by
approximately US$5 million per
year.
"We are committed to seeing our portfolio of assets achieve
their full potential and deliver industry leading returns for our
shareholders," said Darren Pylot,
President and Chief Executive Officer of Capstone. "These changes
will help us streamline support to our operating teams as well as
drive a sense of ownership, with each operation functioning as an
independent business unit. The corporate team will focus on the
significant organic growth opportunities within our
portfolio."
As a part of the Company's executive leadership transition,
Gregg Bush, Senior Vice President
and Chief Operating Officer will retire from the Company at the end
of the year. At this time Capstone does not anticipate filling the
role of Chief Operating Officer in this decentralized operating
model.
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 two
producing mines are the Pinto Valley copper mine located in
Arizona, US and the Cozamin
polymetallic mine in Zacatecas State, Mexico. In addition, Capstone has the large
scale 70% owned copper-iron Santo
Domingo development project in Region III, Chile, in partnership with Korea Resources
Corporation, the Minto copper mine
in Yukon, Canada currently on care
and maintenance, as well as a portfolio of exploration properties.
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.
Cautionary Note Regarding Forward-Looking Information
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.
Forward-looking statements relate to future events or future
performance and reflect our expectations or beliefs regarding
future events. Forward-looking statements include, but are not
limited to, statements with respect to the projected cost savings.
In certain cases, forward-looking statements can be identified by
the use of words such as "plans", "expects", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", "believes" or
variations of such words and phrases, or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. In this document certain
forward-looking statements are identified by words including
"designed". By their very nature, forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause our actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, amongst others, risks related to
inherent hazards associated with the operation and closure of
mining projects, future prices of copper and other metals, changes
in general economic conditions, and other risks of the mining
industry as well as those factors detailed from time to time in the
Company's interim and annual financial statements and management's
discussion and analysis of those statements, all of which are filed
and available for review under the Company's profile on SEDAR at
www.sedar.com. Although the Company has attempted to identify
important factors that could cause our actual results, performance
or achievements to differ materially from those described in our
forward-looking statements, there may be other factors that cause
our results, performance or achievements not to be as anticipated,
estimated or intended. There can be no assurance that our
forward-looking statements will prove to be accurate, as our actual
results, performance or achievements could differ materially from
those anticipated in such statements. Accordingly, readers should
not place undue reliance on our forward-looking statements.
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SOURCE Capstone Mining Corp.