Capstone Reports Board Change
VANCOUVER, May 14, 2012 /PRNewswire/ --
Capstone Mining Corp. ("Capstone") (TSX: CS) today announced that Korea Resources Corporation's ("KORES") representative on Capstone's board of directors has changed. Pursuant to formation of the strategic partnership for the development of the Santo Domingo project and Shareholders Agreement for the project between Capstone and KORES dated June 17, 2011, KORES is entitled to appoint one representative to Capstone's board.
KORES has nominated for appointment Dr. Wook Jin Choi, P. Geol., P. Eng., as its new representative. Dr. Choi joins Capstone's board effective May 9, 2012. He is KORES' Director, Americas Business and has been with KORES since 1991, starting in exploration before moving to the Overseas Mineral Resources team in 1997 where he provided technical reviews, project evaluation and project financing management. From 2009 to 2011, Dr. Choi led KORES' Jakarta office before moving into the lead role in the Americas Business Department, responsible for project management. He is a Professional Geologist, with a PhD. in Applied Geology from Kyungpook National University in South Korea, and a Professional Engineer, holding a Master's Degree in Mining Engineering from the University of British Columbia, Canada.
Mr. Hak-Kyun Shin, P. Eng., who has resigned from Capstone's board effective May 9, 2012, was KORES' Director General for Business Development/Foreign Investment. Mr. Shin has left KORES to join POSCO, one of the world's largest steelmakers, as Senior Vice President for the Raw Materials Development Department.
"I would like to take this opportunity to thank Mr. Shin for his support in the acquisition of Santo Domingo, and on behalf of Capstone's board and management, wish him much success at POSCO," said Darren Pylot, President and CEO of Capstone. "We warmly welcome Dr. Choi to our board and are looking forward to working with him as we jointly develop the Santo Domingo project."
KORES has 30% ownership of the Santo Domingo project and owns approximately 10.6% of Capstone's outstanding shares.
About Capstone Mining Corp.
Capstone Mining Corp. is a Canadian base metals mining company with two producing copper mines, the Cozamin copper-silver-zinc-lead mine located in Zacatecas State, Mexico and the Minto copper-gold-silver mine in Yukon, Canada. In addition, Capstone has two development projects, the large scale 70% owned Santo Domingo copper-iron-gold project in Chile in partnership with Korea Resources Corporation and the 100% owned Kutcho copper-zinc-gold-silver project in British Columbia, as well as exploration at properties in Australia, Canada, Chile and Mexico. Using its cash flow and strong balance sheet as a springboard, Capstone aims to grow organically through continued mineral resource and reserve expansions and through acquisitions in politically stable, mining-friendly regions. Additional information is available at http://www.capstonemining.com.
Forward-Looking Statements 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.
For further information:
Cindy Burnett, VP, Investor Relations
SOURCE Capstone Mining Corp.