Capstone Temporarily Halts Operations at Cozamin in Response to Mexican Presidential Decree
Fri May 1, 10:40 AM
ca.news.finance.yahoo.com
All non-essential activities in Mexico ordered halted from May 1 to May 5
in response to Flu Pandemic
VANCOUVER, May 1 /CNW/ - Capstone Mining Corporation (CS: TSX) today reported that, in accordance with a Presidential Decree, that it will cease operations at its Cozamin Mine in Zacatecas from May 1 to May 5, 2009, with normal operations resuming on May 6, 2009. The Presidential Decree orders all non-essential government and private sector activities to be suspended for this period, except for essential services and those needed to help fight the swine flu pandemic.
"Capstone is moving quickly to facilitate an orderly suspension of operations at its Cozamin Mine in order to fully support the Mexican government's efforts to fight the swine flu pandemic," said Stephen P. Quin, President & COO of Capstone. "While, as far as we are aware, there have been no cases of swine flu reported in Zacatecas or among our workers, Capstone will do its part to help the government reduce the risk of the flu spreading. Although five days of production will be lost as a result of this closure, we do not view this closure as material to our production forecasts. The Cozamin Mine was ahead of budgeted production in April and has been consistently exceeding expectations over the past month. Capstone therefore remains confident that the lost production will be recouped when operations resume and that we'll achieve our objectives for the year. Limited supervisory, key personnel and security will remain working to maintain the security of the operation and facilitate a smooth start up of operations on May 6, 2009."
Capstone has been working with its employees and their families, and its contractors to minimize the impacts of the flu pandemic. These measures appear to have been successful in maintaining a safe and healthy work environment, always a top priority for Capstone in any circumstances. Capstone will continue working with its medical staff and the appropriate authorities to ensure that continues.
The TSX does not accept any responsibility for the adequacy or accuracy
of this press release.
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. (hereinafter referred to as the "Company") 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 Company's 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 Company 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 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 on SEDAR at www.sedar.com. Although the Company has 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.
Contacts
about Capstone
please contact: Darren Pylot
Vice Chairman & CEO
Stephen Quin
President & COO Or Investor Relations' Mark Patchett at (604) 684-8894 or (866) 684-8894
info@capstonemining.com |
