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Capstone Completes Another Successful Drill Season at Minto Mine

Source:Capstone Mining Corp. Number of visits: Date:2/5/2012 10:33:56

May 30th, 2011. As per News Wire:

Capstone Mining Corp. ("Capstone") (TSX: CS) today announced the result of an updated National Instrument 43-101 compliant mineral resource estimate for the Wildfire/Copper Keel area at its Minto Mine in Yukon, Canada. Follow-up drilling in the Copper Keel region of Minto South Deposit ("MSD") in the second half of 2011 has added an additional 67 million pounds of copper resource in the measured and indicated categories. At a 0.5% copper cut-off grade, total mineral resources at the Minto Mine exceeds 1.1 billion pounds of copper. 

In addition, the 2011 drill program produced a new discovery called Fireweed. A total of 26 holes were drilled on Fireweed "A" and "B". The best intercept to date is 3.2% Cu & 1.0g/t Au over 16.6 metres including 6.8% Cu and 1.9g/t Au over 7.1 metres in hole 11SWC-871 at Fireweed A and 3.4% Cu and 1.4g/t Au over 14.4 metres including 4.2% Cu & 1.3g/t Au over 7.6 metres in hole 11SWC-882 at Fireweed B. Fireweed "A" is located approximately 200 metres east of the Minto East deposit and Fireweed "B" lies a further 170 metres east of Fireweed "A". Fireweed drilling highlights are summarized in a table below and the full results are attached. 

"Exploration success at Minto continues to translate into mineral resource additions to support our objective of organic growth at our existing mining operations," said Brad Mercer, Vice President, Exploration for Capstone. "Since 2006, the Minto Mine has achieved steady mineral resource increases through a program of discovery followed by feasibility studies in a series of phases. This updated mineral resource will be included in the next Pre-Feasibility Study, which is currently underway." 

"The latest new Fireweed discovery, not yet included in any mineral resource estimate, was made by testing a geological target that became compelling after we completed a new 3D geology model of MSD," continued Mr. Mercer. "Future exploration at Minto will focus on depth, exploring beyond the limits of our existing geophysical surveys as our understanding of Minto's geology evolves," he added. 

Drilling operations have begun again in 2012 on a $4.8 million exploration drill program (23,500 metres). Drilling will initially in-fill the relatively shallow gap between the MSD and the Ridgetop deposits. After that, the Company will follow-up its latest exploration success by refocusing on Fireweed and on the potential for further high grade mineralization at depth in the Minto system. As in previous years, the 2012 program will be conducted in two phases, winter and summer, separated by a pause in the spring for thaw and freshet. It is anticipated that the Company will provide an update of exploration results part way through 2012 when drilling is paused between phases. 

The Wildfire/Copper Keel area is a southeastwardly extension of the Minto South Deposit. On May 30, 2011 the Company announced a mineral resource gain of 219 million pounds of copper from drilling conducted in 2010 and early 2011 in the Wildfire/Copper Keel area of MSD. Geological modelling incorporating these drill holes indicated geological continuity between the Wildfire/Copper Keel region and the Area 2/118 region and supported a geological reinterpretation indicating these areas are part of one larger deposit (MSD) and not separate deposits as initially thought. Subsequently, drilling in mid to late 2011 in the same area now brings the total holes in the current estimate to 423 and added a further 67 million pounds of copper in the M&I Class for MSD. Data from these latest drill holes add further confidence in geological continuity of mineralization modelled in the previous MSD estimate and also expands the limits of mineralization northward on the Copper Keel levels of MSD from the May 30, 2011 model. 

Industry: Industry Express

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