Sherwood Copper Corporation (TSX VENTURE: SWC) and Capstone Mining
Corp. (TSX: CS) are pleased to announce that, at the special
meeting of Sherwood's shareholders held on Friday, November 14,
2008 (the "Meeting"), Sherwood's shareholders voted overwhelmingly
in favour of the previously announced business combination, by way
of Plan of Arrangement (the "Arrangement"), with Capstone.
Additional information concerning the Arrangement is provided in
Sherwood's information circular dated October 15, 2008, which is
available on SEDAR under Sherwood's profile at www.sedar.com.
At the Meeting, a special resolution approving the Arrangement
(the "Arrangement Resolution") was passed by an affirmative vote of
over the required two-thirds of the aggregate votes cast by
Sherwood shareholders present in person and by proxy at the
Meeting. Specifically, 99.93% of the votes cast in respect of the
Arrangement Resolution voted in favour of the Arrangement
Resolution and no notices of dissent were received by Sherwood.
The New Capstone
Combined under the name of Capstone Mining, Sherwood and
Capstone will be a well-funded, low-cost, growth-oriented, copper
company with two producing high grade copper mines in mining
friendly jurisdictions in North America. Both Capstone's Cozamin
and Sherwood's Minto mines have undergone a series of expansions,
recently completed, over the past two years, aimed at maximizing
production and minimizing costs. The benefits of these expansions,
of both resources and copper output, should be evident in 2009 as
the full production capacity of the mines is realized.
Following on extensive in-fill and step out drilling at both
Cozamin and Minto, new resource estimates are in process which are
expected to result in increased reserves, supporting longer mine
lives and, in the case of Minto, potential further increases in
mill capacity. In addition, Sherwood's high grade Kutcho copper
project continues to be redesigned as a smaller, higher grade
project following significant improvements in the continuity of the
high grade copper mineralization in 2008.
Combined, the two companies, their operating mines, expansion
potential, Kutcho development project and a recently enhanced
balance sheet create an attractive base metal production entity,
plus provides a platform for evaluating external growth
opportunities where the new Capstone can lever off its mine
building, operating, financing, exploration and project evaluation
team.
About Capstone Mining
Capstone is a Canadian based mining company currently operating
the 100% owned Cozamin copper-silver-lead-zinc mine located in
Zacatecas State, Mexico. The Cozamin Mine produced 6.7 million
pounds of copper at a total cash cost of US$1.29 per pound in the
three months ended September 30, 2008. Capstone has approximately
80.3 million shares outstanding and is well financed with no bank
debt, and approximately USD $57.4 million in working capital as of
September 30, 2008. Capstone recently completed expanding its mill
capacity to 3,000 tonnes per day, as well as major drill program
focused on upgrading and increasing the mineral resources and
reserves at Cozamin.
Additional information on Capstone and its Cozamin Mine is
available on Capstone's website at
http://www.capstonemining.com.
About Sherwood Copper
Sherwood Copper owns 100% of the Minto copper-gold mine in
Yukon, Canada, one of the highest-grade open pit copper-gold mines
in the world, which was built on budget and ahead of schedule in
2007. The Minto Mine produced 12.8 million pounds of copper at a
total cash cost of C$0.96 per pound in the three months ended June
30, 2008. Sherwood has approximately 53.8 million shares
outstanding and, at June 30, 2008, had approximately $51.7 million
in project related debt, $43.6 million in convertible debentures,
and $8.1 million drawn against a corporate credit facility, after
repaying US$16.9 million in the first six months of 2008. With 140%
growth in mineral resources in two years, followed by a successful
2008 drilling program, Sherwood plans to evaluate options for
further significant production expansions. Sherwood also has a 100%
interest in the high grade Kutcho copper-zinc project in BC,
Canada, which it is advancing towards a production decision.
Additional information on Sherwood and its Minto Mine can be
obtained on Sherwood's website at
http://www.sherwoodcopper.com.
Forward-Looking Statements
This document may contain "forward-looking statements" within
the meaning of Canadian securities legislation and the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date of this document
and Capstone Mining Corp. and Sherwood Copper Corp. (hereinafter
referred to as the "Companies") do not intend, and do not assume
any obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future
performance and reflect management of the Companies' expectations
or beliefs regarding future events and include, but are not limited
to, statements with respect to the estimation of mineral reserves
and resources, the realization of mineral reserve estimates, the
timing and amount of estimated future production, costs of
production, capital expenditures, success of mining operations,
environmental risks, unanticipated reclamation expenses, title
disputes or claims and limitations on insurance coverage. In
certain cases, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "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. 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 the Companies to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to actual results of
current exploration activities; changes in project parameters as
plans continue to be refined; future prices of resources; possible
variations in ore reserves, grade or recovery rates; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; as well as those factors
detailed from time to time in the Companies' interim and annual
financial statements and management's discussion and analysis of
those statements, all of which are filed and available for review
on SEDAR at www.sedar.com. Although the Companies have attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such
statements.
Accordingly, readers should not place undue reliance on forward
looking statements.
Neither the TSX Venture Exchange nor the TSX any accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: Sherwood Copper Corporation Stephen Quin President
& CEO (604) 687-7545 or 1-888-338-2200 Sherwood Copper
Corporation Chris Curran (604) 687-7545 or 1-888-338-2200 Email:
info@sherwoodcopper.com Website: www.sherwoodcopper.com Capstone
Mining Corp. Darren Pylot President & CEO (604) 684-8894 or
1-866-684-8894 Capstone Mining Corp. Chris Tomanik (604) 684-8894
or 1-866-684-8894 Capstone Mining Corp. Mark Patchett (604)
684-8894 or 1-866-684-8894 Email: info@capstonemining.com Website:
www.capstonemining.com
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