VANCOUVER, British Columbia, November 8, 2018
VANCOUVER, British Columbia, November 8, 2018 /PRNewswire/ --
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.
Cindy Burnett, VP
Investor Relations and Communications