Capstone Mining - kein Tenbagger, aber klein und sehr fein - 500 Beiträge pro Seite

[stupidgame]

Zeit, die Aktie hier endlich mal vorzustellen. Leider klappt die Zuordnung nicht. Aktie heisst jetzt Capstone Mining

Warum Capstone? Was macht die Aktie sexy?
1.Basemetals-Produzent, seit 2 Quartalen in Produktion
2.Schuldenfrei
3.Keine Dilution zu erwarten, Investitionen aus laufendem Cashflow
4.Verdopplung der Kapazitäten bis Q4/07 (Arbeiten laufen bereits)
5.Vorwärtsverkauf der Silberproduktion der nächsten 10 Jahre
6.KGV von 3,47 auf Basis des 08 zu erwartenden Gewinns

Kürzel Toronto: CS
WPKN : A0JDER (Frankfurt, Berlin)

Wer die Aktie handeln will sollte nach Möglichkeit in Toronto kaufen. In Frankfurt gibt es einen 12-Ct-Spread und wenig Liquidität. Wer nur in FF kaufen will oder kann sollte das nach Möglichkeit nur während der kanadischen Handelszeit tun. Dann bekommt man sicher auch in FF Stücke, ohne den Kurs zu stark zu bewegen.

Ich hänge noch den 5-Jahres-Chart ran. Weitere Info`s gibt`s noch.

[stupidgame]

Company Profile http://www.stockhouse.com/comp_info.asp?symbol=CS&table=list

Homepage http://www.capstonemining.com/

Filings http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issu…

[stupidgame]

Produktionszahlen und Prognosen

Kupfer (in Mio.lb.)
-Q4:2,7; Q1:2,8; 2007:13-14; 2008:26

Zink (in Mio.lb.)
-Q4:1,9; Q1:1,2; 2007:8; 2008:11

Blei (in Mio.lb.)
-Q4:0,9; Q1:0,5; 2007:3,5 2008:4

Silber (in Mio. OZ)
-Q4:0,161; Q1:0,149; 2007:0,75; 2008:1,3

Sales und Net-Earnings

Q4 Sales 14,9 Mio.CDN; Net-Earnings 6,5 Mio.CDN
Q1 Sales 10,6 Mio.CDN; Net-Earnings 3,8 Mio.CDN

In Q1 gab es schlechtere Preise. Ausserdem wurde weder in Q4 noch in Q1 die volle Produktion verkauft.

Marketcap: 203 Mio.CDN
Outstanding Shares: 80 Mio.; 82 Mio. fully diluted

Schätzungen für 2008:
Sales in Mio.USD (nach aktuellen Marktpreisen und Wechselkursen)
-Kupfer: 91
-Zink: 19,8
-Blei: 4
-Silber: 17,55

Gesamt:132,35
Umgerechnet: 148,75 Mio.CDN
Netto-Umsatzrendite (39,73%), macht Net-Earnings: 59,1 Mio.CDN
macht Gewinn/Aktie von 0,72 CDN
Aktuelles 2008-er KGV (Kurs 2,50) 3,47
9-12 Monats-Kursziel bei KGV6: 4,32 CDN

[stupidgame]

Hier noch die Meldung über den vollzogenen Silberverkauf an Silverstone Resources: http://www.stockhouse.com/news/news.asp?newsid=5031761&tick=…

Ich bin kein Bilanzfachmann, aber es kann durchaus sein, dass Capstone daraus für das laufende Quartal einen sehr hohen Einmalgewinn vermelden könnte. Die nächsten Zahlen kommen etwa Mitte Juli.
Wie man aus der Meldung ersehen kann ist Capstone zum Teil in Warrants bezahlt worden und dadurch jetzt auch - erstmal indirekt - an Silverstone beteiligt.

Soviel fürs erste, bin jetzt erstmal offline. Würde mich freuen, wenn sich der eine oder andere "Rohstoff-Fuchs" dazu mal äussern würde.

s.

[MFC500]

Antwort auf Beitrag Nr.: 28.937.601 von stupidgame am 22.04.07 14:27:00

Schön, mal wieder einen lesenswerten neuen Thread zu sehen: gute, ausführliche Zusammenstellung, auch gleich mit den relevanten Links

Eine Frage zu den Produktionszahlen und Prognosen:
In der Meldung den Verkauf der Silberproduktion an Silverstone betreffend ist zu lesen:

"The Cozamin copper, zinc, lead and silver mine is expected to produce approximately 1.2 million ounces of silver per year in addition to 30 million pounds of copper, 8.5 million pounds of zinc and 3 million pounds of lead annually at low cash costs."

In #3 nennst du als Prognosen für 08 andere Zahlen. Worauf basieren diese Abweichungen?

Eine Anmerkung zur Marktkapitalisierung: Lt Homepage beträgt die Anzahl der Aktien 81,5 Mio bzw voll verwässert 88,8 Mio

[stupidgame]

Antwort auf Beitrag Nr.: 28.939.797 von MFC500 am 22.04.07 16:48:31

Ich habe mich bei der share-Anzahl an dem letzten Filing orientiert. Ein offizielles Filing ist für mich eigentlich immer die verbindliche Angabe. Aber ich kontrolliere das noch mal.
Laut Filing ist die O/S: 80.901.131 basic und 82.446.528 diluted.
Was die Abweichungen der Produktionszahlen anbelangt, das sind natürlich Projektionen. Die weichen sicher, je nach Informationsstand, immer etwas voneinander ab. Ich persönlich kann mit Deinen Zahlen sogar noch besser leben. Kupfer ist der Haupt-Umsatzbringer. Wenn das jetzt statt 26 Mio.lb. auf 30 Mio.lb. erhöht ist, soll mir das sehr recht sein. Wären immerhin 14 Mio.USD mehr Umsatz.
Ich habe meine Zahlen, glaub ich, aus der Meldung zu den letzten Q-Zahlen.
Übrigens, man beachte auch die letzten Drill-Results vom 22.3.
http://www.stockhouse.com/news/news.asp?newsid=5005987&tick=…
Durch die Bank eigentlich sehr schöne Grades, bis auf Blei, das ja eh nur Beiprodukt ist. Das bringt die Ressourcen der Cozamin-Mine weiter nach oben.

Gruss
s.

[stupidgame]

Ach, und noch `ne kurze Info. Der durchschnittliche Tagesumsatz in Toronto liegt so bei 350-400.000. Es gab in letzter Zeit aber Tage mit bis zu knapp 1 Mio. Stück. Und ich habe immer mal 50.000-er Blöcke gesehen. Das sind sehr wahrscheinlich doch keine Kleinanleger...

[stupidgame]

Antwort auf Beitrag Nr.: 28.942.387 von stupidgame am 22.04.07 18:23:33

Nochmal zur Share-Struktur. Ich habe detaillierte Angaben in der Präsentation auf der Homepage gesehen. Muss noch verifizieren, ob das in Filings wiederzufinden ist. Ich stelle das mal so rein, wie es dort zu lesen ist.

Shares Outstanding 81,8M
Warrants/Options 7,3M
-525k wts@ $1,15(Dez.07)
-4,1M wts@ $1,40(Dez.08)
-1,1M s/o@ $1,00
-1,1M s/o@ $1,57
-560k s/o@ $1,88

Fully Diluted 89,1M
Market Cap FD 222,7M

Cash $40M
Cash Fully Diluted $50,1M
No Debt

Rechne ich jetzt die geschätzten Net-Earnings von 59,1M auf die 89,1M FD um, dann komme ich auf einen 08-er Gewinn/Aktie von 0,663, bzw. ein Kursziel bei KGV6 von 3,98 CDN.
Werden aber tatsächlich 30 statt 26M lb. Cu produziert, dann könnte man nochmal deutlich höher rechnen. Ausserdem gibt das Unternehmen an, dass mit fortschreitender Minenlaufzeit die Kosten fallen. Also sollten sich bei gleicher Sales-Zahl die Net-Earnings sukzessive erhöhen.

[stupidgame]

Im Stockhouse Board gibt es ganz interessante Postings. Die schreiben dort, dass die Silverstone-Aktien als Spinoff an die CS-Aktionäre gehen sollen. Ich hatte zum Schreiben dieses Threads einen Haufen Info`s gewälzt, momentan aber wenig Zeit. Beim lesen der Quellen bin ich jedenfalls nicht drüber gestolpert. Allerdings habe ich auch im Schnellgang lesen müssen.
Also ich lass das mal erstmal als pure Spekulation so stehen. Im Stockhouse-Board wird schon über Einbuchung und Steuern geschrieben. Kann sogar sein, dass ein möglicher Stichtag schon um ist. Halte ich aber für ziemlich fraglich, da der Deal ja erst kurze Zeit über die Bühne ist.
Vielleicht findet ja jemand mehr raus.
Ich hoffe, Sa habe ich noch bischen Recherche-Zeit.
s.

[stupidgame]

Mal abgesehen von Spinoff oder nicht, die solide finanzielle Position des Unternehmens lässt auch einiges an Fantasie zu. Wenn man nur mal rechnet, dass die, wenn sie weiter nichts machen würden, in 10 Jahren ca. 500-600 Mio.C$ auf dem Konto haben. Das 2,5-3 fache der aktuellen Marketcap.
Schon jetzt hätten sie die Möglichkeit, einen kleineren Explorer zu übernehmen. Wenn ich da so an Firmen wie Abcourt Mining denke... Die haben eine fertige Feasibility Studie in der Schublade und kosten von der Marketcap. 1/8 von Capstone. Und von diesen Firmen gibt es sicher einige. Eine gute Möglichkeit für CS, sich mit überschaubarem Kapitaleinsatz ordentlich Reserven und Umsatz dazuzukaufen. Ich denke, und hoffe, das Mangement wird da schon einiges evaluieren und nicht das Geld auf dem Konto versauern lassen.
Sie haben jedenfalls eine excellente Position und könnten in der Lage sein, den Firmenwert in 3-5 Jahren durchaus auf 1 Mrd. C$ zu bringen.
Für mich ist das ein gutes, strategisches Invest.

[stupidgame]

Ich habe Wallstreet Online gebeten, ob man die Zuordnung des Threads aktualisieren kann. Mal sehen, ob sie das hinkriegen.

Was stimmt, sind die ISIN, das Symbol OUW und der Kurs (aus Deutschland). Was nicht stimmt ist der Name und die WKN.

Das ist schade, da so der Thread auch über die Suchprogramme schwerer zu finden ist.

[stupidgame]

Antwort auf Beitrag Nr.: 28.939.797 von MFC500 am 22.04.07 16:48:31

Übrigens, ich habe nochmal recherchiert, was die 30 Mio.lb. Kupfer betrifft. Das sind so die Prognosen ab 2009. Hängt sicher mit der Richtung, in der geschürft wird zusammen. Wer sich das Profil der Mine in der Präsentation anschaut, kann die Erzkonzentration sehen. Logisch, dass man sich in Richtung der höchsten Kupfer-Konzentrationen bewegt.
Nochwas, was die unverkauften Vorräte betrifft. Ich habe die Einzelpositionen jetzt nicht selber nachgerechnet. Aber im letzten Quartalsbericht ist das mit gut 4 Mio. C$ angegeben. Wenn man weiter mit knapp 40% Netto-Umsatzrendite rechnet, dann sind das nochmal etwa 2 Ct Gewinn/Aktie, die sie quasi noch auf der "Bank" zu liegen haben.

[stupidgame]

Kupfer und Zink sind aktuell sehr schön unterwegs. Bissl Sorgen macht mir Silber.
Was Basemetals betrifft, ich stell Euch mal einen schönen Link hier rein.http://www.basemetals.com/

[dosto]

Antwort auf Beitrag Nr.: 29.032.702 von stupidgame am 27.04.07 16:46:46

please


Fang nicht an zu Fantasieren.

bleib lieber bei den Fakten, auch die werden noch auf-und
umgewirbelt.
Sonst ists kein anderer Stil im Thread,
sondern lediglich, wie alle, allzuviele.

[stupidgame]

Antwort auf Beitrag Nr.: 29.182.167 von dosto am 07.05.07 08:50:39

Ja, mea culpa. Hast ja recht. Das wäre EIN mögliches Szenario. Natürlich sind Prognosen um so unsicherer, um so weiter sie in die Zukunft gerichtet sind.
Aber die gute finanzielle Basis der Firma ist für mich ein sehr ausschlaggebender Investitionsgrund.
1.Sie kippen nicht gleich beim ersten Sturm.
2.Was Expansion anbelangt haben sie dadurch eine bessere Ausgangsposition als viele Wettbewerber.

Ansonsten bemühe ich mich eigentlich meine Aktien nicht zu pushen. Weil ich der Meinung bin, sie sollten schon alleine laufen. Ich vertraue da dem Markt. Eine Aktie, die nur durch pushen läuft, taugt nichts. Habe den Thread eigentlich nur aufgemacht, weil ich etwas schade fände, wenn das Papier so untergeht.

Viele Grüsse
s.

[stupidgame]

Die Aktie legt gerade locker ein neues 11-Jahres-Hoch hin, wobei man, glaub ich, die Kurse von vor 2002 aussen vor lassen kann. Das war eine andere Firma, damals. Praktisch ist es ein neues All-Time-High. Auch wenn der Silberpreis an einem ganz wichtigen Widerstand (13,65$) hängt, und den aktuell noch nicht überwunden hat.
Kupfer und Zink stabil, aber klar unter den Jahreshochs. Einzig Blei sieht sehr gut aus. Davon haben wir aber ja nicht allzu viel.
Capstone hat sich übrigens bei Silverstone eingekauft. Die Meldung ist schon bischen älter. Muss ich mir also diese Firma auch mal bischen genauer anschauen.

[MFC500]

01.06.2007 (www.emfis.com)

Wie eine Experte auf der China International Nonferrous Metals Market Conference 2007, die gestern in Hongkong stattfand, mitteilte, werde China noch in diesem Jahr zum Nettoexporteur von Zink. Grund dafür sei das Überangebot sowie die zurückgehende Nachfrage in China.

Die chinesische Regierung hatte am 1. November den Exportzoll für Zink um fünf Prozent angehoben. Trotzdem werde das Land mehr Zink exportieren als importieren.

Der Überschuss an Zink in China wird sich in diesem Jahr auf 200.000 Tonnen belaufen. Die monatliche Produktion Chinas liegt um rund 30.000 - 40.000 Tonnen über der des Vorjahres. Aber auch die Nachfrage in China soll leicht steigen, von 3,15 Mio. Tonnen im vergangenen Jahr auf 3,39 Mio. Tonnen in diesem Jahr.

http://de.biz.yahoo.com/01062007/390/china-zink-nettoexporte…

[stupidgame]

Antwort auf Beitrag Nr.: 29.579.516 von MFC500 am 01.06.07 19:20:41

@MFC500

Grüss Dich!

Also ich bin sicher einer derjenigen, die relativ vorsichtig sind. Ich kalkuliere nicht damit, dass die Rohstoffpreise so ununterbrochen weiter raufmarschieren. Aus dem Grund picke ich auch nach Möglichkeit nur noch Rohstofftitel, die auf Sicht eigenes (Mengen-)wachstumspotenzial haben, die evtl. Preisrückgänge kompensieren können. Mich hat z.B. der Silber-Anstieg heute Abend schon überrascht. Darauf hat sicher die Aktie auch reagiert - und auf das neue Hoch von Silverstone.

s.

[MFC500]

Antwort auf Beitrag Nr.: 29.581.332 von stupidgame am 01.06.07 21:17:06

hi stupid,

denk ich mir schon. Aber es kann ja nie schaden, auch etwas pessimistische Meldungen anzuführen, das beugt etwaiger Euphorie vor. In diesem Sinne schönes WE.

[stupidgame]

Antwort auf Beitrag Nr.: 29.583.721 von MFC500 am 02.06.07 01:22:22

Ja, wie heisst es sinngemäss? "Die Euphorie ist der Tod jeder Hausse." Oder so ähnlich. In der Richtung habe ich über die Jahre viel gelernt. Und mir etliches an Regeln aufgestellt an die ich mich halte. Eine davon ist z.B. auch: "Erwarte stets das Unerwartete." Auch für den Fall, dass alles genau anders herum kommt, als man sich gedacht hat, sollte man eine Strategie parrat haben.
Momentan möchte ich einfach Aktien im Depot haben, die eine mögliche Delle relativ zum Gesamtmarkt etwas besser überstehen. Auf die Weise bin ich dabei wenn es weiter rauf geht, limitiere aber mein Risiko.
Ob das so funktionert sehe ich natürlich erst wenn der Ernstfall eintritt.
Aber z.B. für den Fall eines Crash`s habe ich eine Handvoll Aktien auf dem Radar, wo ich dann auch die Gelegenheit nützen würde einen vernünftigen Einstieg zu finden.

Gruss
s.

[MFC500]

der aktuelle Q-Bericht:

http://biz.yahoo.com/iw/070628/0272267.html

Aufgrund der zahlreichen Tabellen, die hier stets so miserabel angezeigt werden, stelle ich nur den direkten Link ein

[stupidgame]

Antwort auf Beitrag Nr.: 30.374.578 von MFC500 am 28.06.07 19:40:47

Danke Dir!

Im grossen und ganzen "in line" mit meinen Schätzungen. Wenn ich den Wechselkursverlust rausrechne. Die 2 Mio. sind ganz schön happig. Ich habe mit 8-9 Cent/Aktie gerechnet.
Momentan läuft ja eine Korrektur bei den Metallen. Ausnahme Blei. Das bringt uns aber ja nicht so viel. Auch damit habe ich gerechnet. Kupfer kann auch noch um einiges runtergehen, wenn die Streiks in Chile vorbei sind. Ich halte aber nach wie vor die Position in dieser Aktie. Capstone ist ein grundsolides und gut aufgestelltes Unternehmen. Sollten Börsen und Metallpreise mal kräftiger absaufen, dann würde ich hier durchaus nochmal nachkaufen. Für mich ist das ein Investment von mindestens 12-18 Monaten. Voraussetzung, die langfistigen Up-Trends bei den Metallen bleiben intakt und das Unternehmen bleibt auf Kurs.

Gruss
s.

[MFC500]

Jul 12, 2007

Capstone announces that it intends to make a normal course issuer bid (the "Bid") to purchase, through the facilities of the Toronto Stock Exchange, certain of its outstanding Common Shares. As at July 4, 2007, there were 82,121,451 Common Shares issued and outstanding.

The number of Common Shares to be purchased through the facilities of the Exchange during the period of the Bid from July 17, 2007 to July 16, 2008 will not exceed 8,104,609 Common Shares, or approximately 10% of the public float outstanding on July 4, 2007, namely 81,046,092 Common Shares. Common Shares purchased pursuant to the Bid will be cancelled.

Capstone believes that the market price of the Common Shares may, at certain times throughout the duration of the normal course issuer bid, be undervalued.

http://biz.yahoo.com/iw/070712/0277174.html

[grasgruener]

Jul 19, 2007 07:00 ET
Capstone Provides Cozamin Mine Expansion Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 19, 2007) - Capstone Mining Corp. ("Capstone") (TSX:CS) is pleased to report the current expansion progress at its Cozamin mine located in Zacatecas State, Mexico.

The mine expansion from 1,000 to 2,200 tonnes per day, (a 120% increase) commenced construction in January 2007. The initial cost estimate was US$15 million. Commissioning of the expansion began in late May, with start up commencing in mid-June. Production in June averaged 1,500 tonnes per day, and production in July has averaged 2,000 tonnes per day from month to date (or 91% of planned throughput) and has achieved over 2,200 tonnes on successive days. Final capital costs are US$14.4 million (including US$1.4 million of refundable sales taxes) with US$10 million having been paid by June 30th. It is anticipated that US$1.5 million will be paid in July, with the remaining expenditures, which include land purchase payments and ongoing underground development being spent throughout the remainder of 2007.

The company is very pleased with the expansion project being completed ahead of schedule and under budget, and now has the capacity to produce in excess of 26 million pounds of copper, 11 million pounds of zinc, 4 million pounds of lead and 1.2 million ounces of silver in 2008.
ABOUT CAPSTONE

Capstone is a Canadian based mining company currently operating the 100% owned Cozamin copper-silver-lead-zinc mine located in Zacatecas State, Mexico. Capstone has approximately 82 million shares outstanding and is well financed with no bank debt. More information is available online at: www.capstonemining.com.

[stupidgame]

Antwort auf Beitrag Nr.: 30.758.822 von grasgruener am 19.07.07 13:16:09

Ah, Du warst 5 Minuten früher als ich. Tolle Meldung. Früher als erwartet die Kapazitätserweiterung und unter den geplanten Kosten. Klasse. Dickes Lob ans Management und an die ganze Truppe dort.

...und @grasgruener, willkommen im Thread!

s.

[stupidgame]

Antwort auf Beitrag Nr.: 30.759.007 von stupidgame am 19.07.07 13:26:15

Das könnte den Gewinn im laufenden Quartal schon deutlich über die 0,10 C$ hieven. Den Aktienrückkauf mit eingerechnet und bei stabilen Rohstoffpreisen könnte man weiter mit über 0,60 C$/Aktie Gewinn für 2008 rechnen.

[grasgruener]

bin mit dabei - die Korrektur hat ich gelockt.....

die letzten Tage nette Blocktrades - es wird sich wohl positioniert mit Blick auch auf Sept. und die nächsten Zahlen....

[stupidgame]

Antwort auf Beitrag Nr.: 31.283.789 von grasgruener am 24.08.07 17:03:01

Dann willkommen!
Ich muss demnächst nochmal rechnen. Ein paar Korrekturen bei den Metallpreisen hat es ja gegeben. Mal sehen, inwieweit ich die Gewinnschätzungen anpassen muss.
Bischen Sorgen macht mir aktuell vor allem der Silberpreis und der Kursverfall der CS-Beteiligung Silverstone. Die Aktie ist immerhin von Jahreshoch, bei 3,60C$ bis auf ein Tief unter 1,20 gefallen. Aktuell 1,71. Allerdings bei dünnen Umsätzen. Nur am 17. wurden 1,4 Mio. Stück gesammelt. (Vielleicht Capstone selber?)
Die Blocktrades sind mir auch aufgefallen. Vielleicht war CS da auch mit dabei über das Rückkaufprogramm.

Viele Grüsse
s.

[grasgruener]

läuft erste Sahne................

[MFC500]

Oct 11, 2007

Capstone is pleased to report that it has completed the expansion and commissioning of the 120% increase in production at its Cozamin mine located in Zacatecas State, Mexico.

Commissioning of the mine expansion from the initial 350,000 tonnes per year (1,000 tonnes per day) to 750,000 tonnes per year (2,200 tonnes per day) began in late May, with start up commencing in mid-June. Production in July and August averaged 1,900 tonnes per day or 86% of planned throughput. Production in September has averaged 1,977 tonnes per day or 90% of planned throughput and has achieved over 2,200 tonnes on successive days. During the first week of October the mine has operated at designed throughput.

"Having declared commercial production at the 2,200 tonne per day rate in just 12 months from our initial production at Cozamin, will provide our shareholder's with increased cash flow and earnings from the Cozamin Mine," said Darren Pylot, President and CEO.

As announced on July 19, 2007, the expansion was completed under budget and ahead of its scheduled completion date of October 2007. 100% of the capital was provided from internal cash flow.

PRODUCTION AND SALES FROM THE COZAMIN MINE IN FISCAL 2007
(all figures unaudited)

Q1 Q2 Q3 Q4 Total
-------------------------------------------------------------------
Milled tonnes 93,055 95,439 112,277 161,162 461,883
-------------------------------------------------------------------
Copper Produced (lbs) 2.7M 2.8M 3.5M 4.8M 13.8M
-------------------------------------------------------------------
Copper Sales (lbs) 2.9M 2.1M 2.9M 3.9M 11.8M
-------------------------------------------------------------------

-------------------------------------------------------------------
Zinc Produced (lbs) 1.9M 1.2M 1.6M 2.1M 6.8M
-------------------------------------------------------------------
Zinc Sales (lbs) 1.9M Nil 1.5M 1.6M 5.0M
-------------------------------------------------------------------

--------------------------------------------------------------------
Lead Produced (lbs) 0.9M 0.5M 0.6M 1.0M 3.0M
-------------------------------------------------------------------
Lead Sales (lbs) Nil 1.4M 0.7M 0.7M 2.8M
-------------------------------------------------------------------
Note: Audited results for the fiscal year ended August 31, 2007 will be reported in November 2007.

NORMAL COURSE ISSUER BID

Further to the news release dated July 12, 2007 Capstone purchased 484,100 common shares at an average price of $2.38. The shares have been returned to the transfer agent and subsequently cancelled. Capstone has 81,732,351 shares outstanding after the cancellation of the above share purchases.

http://biz.yahoo.com/iw/071011/0314231.html

[MFC500]

Capstone Increases Resources to 8.6 Million Tonnes at the Cozamin Mine

(zur besseren Betrachtung der Tabelle empfiehlt sich der u.a. Link zur Originalmeldung)

Oct 15, 2007

HIGHLIGHTS

- An updated resource estimate has been completed for the Cozamin mine, as of August 31st, 2007.

- At a 1% cut-off grade:

- The resource update yields a 47% increase in tonnage with a 51% increase in contained copper and 54% in contained silver.

- The Measured and Indicated categories increase to 5.5 million tonnes containing 287 million pounds of copper, 131 million pounds of zinc, 47 million pounds of lead and 15.2 million ounces of silver.

- The Inferred category increases to 3.1 million tonnes containing 170 million pounds of copper, 80 million pounds of zinc, 16 million pounds of lead and 8.7 million ounces of silver.

- The resource reflects the tonnes mined as of August 31, 2007.

UPDATED COZAMIN RESOURCE YIELDS INCREASED TONNAGE

This new resource estimate significantly increases both the tonnage and contained metal within all of the resource categories, while maintaining its high grade. The following table shows the break down of resources at a 1% copper cut-off.

-------------------------------------------------------------------
Tonnes Million
Resource (1% Cu Cu Ag Zn Pb Au Million lbs(i) ozs(i)
Category Cut-off) (%) (g/t) (%) (%) (g/t) Cu Zn Pb Ag
-------------------------------------------------------------------
Measured 2,900,000 2.34 85.85 1.09 0.47 0.04 149.6 69.7 30.1 8.0
-------------------------------------------------------------------
Indicated 2,585,000 2.41 86.92 1.07 0.30 0.04 137.4 61.0 17.1 7.2
-------------------------------------------------------------------
Measured &
Indicated 5,485,000 2.36 86.04 1.08 0.39 0.04 287.0 130.6 47.2 15.2
-------------------------------------------------------------------
Inferred 3,124,000 2.47 86.37 1.16 0.23 0.04 170.2 79.9 15.9 8.7
-------------------------------------------------------------------
Note: (i) 1 kilogram equals 2.2 lbs.; 31.103 grams equals 1 oz. Troy

http://biz.yahoo.com/iw/071015/0315698.html

[grasgruener]

Jan 10, 2008 07:00 ET
Capstone Highlights Production and Sales for the Four Months Ended December 31, 2007
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2008) - Capstone Mining Corp. ("Capstone") (TSX:CS) changed its fiscal year end from August 31 to December 31 and will be filing its audited four month stub period ending December 31, 2007 in March 2008. Capstone will not be reporting quarterly financials as at November 30, 2007. Therefore, Capstone is pleased to report production and sales results for the four months ended December 31, 2007 from its Cozamin mine located in Zacatecas State, Mexico.

With the expansion from 1,000 tpd to 2,200 tpd completed, the Cozamin mine produced 260,378 tonnes during the four months ended December 31, 2007 compared with 461,933 for the entire fiscal year ended August 31, 2007. On an annualized basis this would result in 780,000 tonnes being produced (a target we expect to meet or exceed), a 69% increase over the previous year. Copper production during the four months ended December 31, 2007 was 9 million lbs compared with 13.9 million lbs for the entire fiscal year ended August 31, 2007. On an annualized basis this would result in 27 million lbs of copper being produced, a 94% increase over the previous year.




See table below for summarized results.
PRODUCTION AND SALES FOR THE FOUR MONTHS ENDED DECEMBER 31, 2007With comparative of previous fiscal year ended August 31, 2007(all figures unaudited, unless noted)
-------------------------------------------------------------------------- Sept '06 Total to Aug '07 Sept '07 Oct '07 Nov '07 Dec '07 4 months (audited)--------------------------------------------------------------------------
--------------------------------------------------------------------------Milled tonnes 59,300 63,573 71,335 66,170 260,378 461,933--------------------------------------------------------------------------Copper Produced (lbs) 2.0M 1.9M 2.3M 2.8M 9.0M 13.9M--------------------------------------------------------------------------Copper Sales (lbs) 2.8M 3.2M 1.3M 1.3M 8.6M 11.8M--------------------------------------------------------------------------
--------------------------------------------------------------------------Zinc Produced (lbs) 0.6M 0.7M 0.7M 0.5M 2.5M 6.8M--------------------------------------------------------------------------Zinc Sales (lbs) 1.4M Nil Nil Nil 1.4M 5.0M--------------------------------------------------------------------------
--------------------------------------------------------------------------Lead Produced (lbs) 0.3M 0.4M 0.5M 0.4M 1.6M 3.0M--------------------------------------------------------------------------Lead Sales (lbs) 0.6M Nil Nil 0.9M 1.5M 2.8M--------------------------------------------------------------------------Note: Audited results for the 4 months ended December 31, 2007 will be reported in March 2008.



NORMAL COURSE ISSUER BID

Further to the news releases dated July 12, 2007 and October 11, 2007 Capstone has purchased an additional 815,500 common shares at an average price of $2.76 per share. The shares have been returned to the transfer agent and subsequently cancelled. Capstone has 81,442,515 shares outstanding after the cancellation of the above share purchases.

[stupidgame]

Antwort auf Beitrag Nr.: 33.005.370 von grasgruener am 10.01.08 13:11:05

Hallo grasgruener!

Freut mich, das Du hier noch die Stellung hältst. Wenn hier wenig geschrieben wird, so nur deshalb, weil hier alles o.k. ist. Ich halte das Management von Capstone nach wie vor für eines der besten, das ich je erlebt habe. Die halten ihre Zusagen und übererfüllen sie eher noch. Natürlich trifft die allgemeine Marktlage und der Rutsch bei den Basemetals auch CS. Aber wohl eher unterdurchnschnittlich. Ausserdem macht sich bei bei dem Verlauf des Silberpreises nun langsam die Beteiligung an Silverstone bezahlt. Ich war da klein wenig im Zweifel, ob das Geld nicht besser hätte woanders angelegt werden können. Aber, wie es ausschaut, haben sie richtig entschieden.

Viele Grüsse
s.

[stupidgame]

Antwort auf Beitrag Nr.: 33.033.536 von stupidgame am 13.01.08 12:51:50

Sie haben ja keine Umsätze und Gewinne veröffentlicht, da sie das Geschäftsjahr umstellen.
Ich denke, für den 4-Monats Zeitraum kann man etwa ansetzen:
Sales:30-31 Mio.USD
Net Earnings: um die 12 Mio.USD (ca.0,15 USD/Aktie)
Es wurde nicht alles verkauft, was gefördert wurde. Also liegt noch einiges auf Inventar.

[stupidgame]

Antwort auf Beitrag Nr.: 33.033.605 von stupidgame am 13.01.08 13:09:09

Nach deren Förderprognosen kann man aktuell ausgehen von etwa 110 Mio.USD Sales und 44 Mio.USD Net-Earnings (0,55/Aktie) für 2008.

[stupidgame]

Antwort auf Beitrag Nr.: 33.033.626 von stupidgame am 13.01.08 13:15:04

Das Baby ist sehr gut unterwegs. Absolut verdient, würde ich mal sagen. Habe jetzt erst gelesen, das sie nochmal die Förderkapazität erhöhen. Habe erstmal eine nur ganz grobe Rechnung gemacht. Danach komme ich jetzt für 08 auf einen Gewinn / Aktie von ca. 0,71 USD. Je nach Wechselkurs könnte bei KGV 6 das Kursziel erstmal bei um die 4,25 CAD liegen. Ich glaube, da war ich schonmal. Für 09 ist eine noch höhere Förderung avisiert. Dementsprechend kann man für das kommende Jahr mit dem Kursziel noch etwas höher gehen. Muss aber noch genau rechnen.

[Vipgast]

einsam zieht capstone seine bahn...

...wie beruhigend in diesen turbulenten zeiten...

sonst noch wer da?

[brokerito]

Antwort auf Beitrag Nr.: 28.937.411 von stupidgame am 22.04.07 14:05:59

Habe die Aktie auch auf www.pearltrader.com gesehen. Die haben ja oft einen guten Richer für interessante Aktien.

[grasgruener]

Capstone Mining arranges 7.99-million-share buyback


2008-07-15 15:55 ET - News Release

Mr. Darren Pylot reports

CAPSTONE ANNOUNCES NORMAL COURSE ISSUER BID

Capstone Mining Corp. intends to make a normal course issuer bid to purchase, through the facilities of the Toronto Stock Exchange, certain of its outstanding common shares, subject to the acceptance of the TSX. As at June 30, 2008, there were 82,451,076 common shares issued and outstanding.

The number of common shares to be purchased through the facilities of the TSX during the period of the bid from July 17, 2008, to July 16, 2009, will not exceed 7,992,037 common shares, or approximately 10 per cent of the public float outstanding on June 30, 2008, namely 82,451,076 common shares. Daily purchases will be limited to 62,940 common shares, other than block purchase exceptions. Common shares purchased pursuant to the bid will be cancelled.

Capstone believes that the market price of the common shares may, at certain times throughout the duration of the normal course issuer bid, be undervalued. The purchase of the common shares will increase the book value per common shares, thereby resulting in share value appreciation for shareholders.

In the preceding 12-month period, Capstone purchased 1,519,500 of its common shares at a weighted average price of $2.64 per share under a normal course issuer bid.

[grasgruener]

Geld genug haben sie ja dafür............. und es wird täglich mehr!

MK jetzt ca. 350 Mio CAD - wenn davon die ca. 120 Mio Cash und die Beteiligung an SST (ca. 55 Mio CAD im Moment) abzieht dann bekommt man CS für eine MK von ca. 175 Mio CAD!

CS ist sowas von undervalued........aber das interssiert in der MArktphase kaum jemanden
m.M. kann es sein das CS bald Angebote zur Übernahme erhält

[stupidgame]

Antwort auf Beitrag Nr.: 34.528.054 von grasgruener am 17.07.08 12:28:24

Ja, hier ist weiter alles im grünen Bereich. Eine Aktie, die mir wirklich überhaupt keine Kopfschmerzen macht. Und einfach supi Management. Wenn das überall bei den Firmen so klappen und laufen würde, wie hier...

Gruss
s.

[grasgruener]

Antwort auf Beitrag Nr.: 34.528.797 von stupidgame am 17.07.08 13:47:02

ich habe meine ersten Stücke vor einigen Monaten für 2,20 EUR gekauft, zwischendurch noch nochmal für 1,80.........nun sollte langsam Performance dazukommen!

die Jungs machen einen sehr sehr guten Job! könnten ohne weiteres SST übernehmen........jeden Tag wird Geld verdient - schon KLasse!
über nen paar ordentlich Kurssteigerungen würden sich die Aktionäre eben auch freuen; deshalb jetzt der Aktienrückkauf und das erklärte Ziel in der U-Präsentation Verdoppelung der MK!

[stupidgame]

Sehr solide Zahlen, wie nicht anders zu erwarten. Aber auch nicht besser als erwartet. Bin im Zweifel, ob das aktuell reicht, den Kurs nach vorne zu bringen. Sicher tragen die etwas leichteren Zink und Bleipreise dazu bei. Unter meiner 08-er Jahresschätzung dürten die etwas drunter bleiben. Wenn Zeit ist, schaue ich mir mal den kompletten Bericht an. Aufmerksam muss man sein, was den Ausblick betrifft. Vor allem die weitere Erhöhun der Kapazität. Zusätzliche Gewinne können aktuell nur mehr Volumen bringen. Signifikant höhere Preise sind aktuell wohl eher nich zu erwarten. Blei zieht wieder etwas an. Sollte aber eher temporär sein.
s.

http://www.stockhouse.com/News/CanadianReleasesDetail.aspx?n…

[grasgruener]

Antwort auf Beitrag Nr.: 34.612.962 von stupidgame am 30.07.08 11:13:30

das häufigste Wort was ins Auge fällt ist:"record"..........

sehr sehr solide Zahlen, das stimme ich die absolut zu und die Entwicklung ist bei Capstone grundsolide.
alles läuft absolut realistisch und die geplante Ausweitung auf 3000 t/Tag werden sie wohl auch planmäßig über die Bühne bringen - das sind Zahlen (Produktion wie auch Finanzen), davon träumen viele.....
das der Kurs so dümpelt liegt sicherlich auch an der Entwicklung von SST, aber auch die machen solide Gewinne.....!

Capstone ist in der komfortablen Lage dann zu verkaufen wann die Preise gut sind sind - denn sie verkaufen längst nicht alles was sie produzieren
und diese Vorräte zählen auch zum Unternhemenswert.....
die Cashposition hat ein wenig gelitten - allerdings steht hier das Aktienrückkaufprogramm in Rechnung
wenn sie auch in den nächsten beiden Q ein ähnliches Ergebnis bringen dann ist ein Jahrsgewinn von ca. 0,80 Cent pro Aktie durchaus machbar - bei einem Kurs von aktuell 3,79.........was will man in diesen Zeiten mehr?

eines gewiss - einen steigenden Kurs!

Capstone earns $12.18-million (U.S.) in Q2


2008-07-30 04:05 ET - News Release

Mr. Chris Tomanik reports

CAPSTONE REPORTS RECORD REVENUES OF $35.3 MILLION AND RECORD OPERATING PROFIT OF $19 MILLION FOR THE SECOND QUARTER
Capstone Mining Corp. has released its financial results for the second quarter of 2008, including production and sales for the Cozamin mine located in Zacatecas state, Mexico.

All dollar amounts are stated in U.S. dollars unless otherwise indicated.

Overview and highlights:


Record revenues of $35.3-million; the average realized price for sales of copper, zinc, lead and silver, in the quarter was $3.80 per pound, 91 cents per pound, $1 per pound and $8.40 per ounce, respectively.
The company reported record operating profit of $19-million or 23 cents per share.
The company reported record cash flows from operations of $17.8-million or 22 cents per share.
The company reported record earnings before income taxes of $16.7-million or 20 cents per share and record earnings after taxes were $12.2-million or 15 cents per share.
Copper production during the quarter was a record 6.7 million pounds compared with six million pounds for the three months ended March 31, 2008.
At June 30, 2008, Capstone had cash of $48.7-million, working capital of $64.3-million and no bank debt.
Copper cash costs for the quarter were 90 cents per pound of copper (net of byproduct credits and including smelter, refining, transportation and all site costs).
Total costs (the total of cash costs, royalty, depletion and amortization and accretion) for the quarter were $1.29 per pound.

Cozamin mine

Second quarter of 2008 production and sales highlights

Capstone produced the following metals during the quarter:


6.7 million pounds of copper;
2.9 million pounds of zinc;
1.5 million pounds of lead;
330,000 ounces of silver.

Concentrate sales for the quarter contained:


6.8 million pounds of copper;
2.9 million pounds of zinc;
Two million pounds of lead;
344,000 ounces of silver.

Concentrate inventory at June 30, 2008, was 6,788 dry metric tonnes (containing one million pounds of copper, three million pounds of zinc and 200,000 pounds of lead).

An attached table is a summary of the actual operating statistics for the three months ended June 30, 2008, and the three months ended May 31, 2007.


Second Three months
quarter ended
of 2008 May 31, 2007

Total tons mined 206,034 131,325
Tons of ore milled 202,898 112,277
Copper grade (%) 1.66 1.65
Zinc grade (%) 1.32 1.65
Silver grade (g/t) 63 71
Lead grade (%) 0.56 0.6
Copper recovery (%) 88.9 85.7
Zinc recovery (%) 49 43
Silver recovery (%) 77.3 68.1
Lead recovery (%) 59.7 48
Copper production (million DMT lb) 6.7 3.5
Zinc production (million DMT lb) 2.9 1.6
Silver production (000 ounces) 330 174
Lead production (million DMT lb) 1.5 0.6


Second quarter 2008 highlights

Copper:


Copper in concentrate produced during the quarter was 6.7 million pounds of copper; three months ended May 31, 2007, was 3.5 million.
Copper concentrate sales for the quarter were 15,099 dry metric tons, containing 6.8 million pounds of copper; three months ended May 31, 2007, were 2.9 million.
The average price for sales of copper in the period was $3.80 per pound.
Copper concentrate inventory at June 30, 2008, was 2,387 dry metric tonnes, a decrease in inventory from 2,919 dry metric tonnes of concentrate on hand at March 31, 2008.
Silver in the copper concentrate produced during the period totalled 251,000 ounces.

Zinc:


Zinc in concentrate produced during the quarter was 2.9 million pounds of zinc; three months ended March 31, 2007, was 1.6 million.
Zinc sales for the period were 4,673 dry metric tonnes, containing 2.9 million pounds of zinc; three months ended May 31, 2007, were 1.5 million.
The average price for sales of zinc in the period was 91 cents per pound.
Zinc concentrate inventory at June 30, 2008, was 4,283 dry metric tonnes, a decrease in inventory from 5,375 dry metric tonnes of concentrate on hand at March 31, 2008.
Silver in the zinc concentrate produced during the period totalled 15,000 ounces.

Lead


Lead in concentrate produced during the quarter was 1.5 million pounds of lead; three months ended May 31, 2007, was 600,000.
Lead concentrate sales for the period were 1,546 dry metric tonnes, containing two million pounds of lead, three months ended May 31, 2007, were 700,000.
The average price for sales of lead in the period was $1 per pound.
Lead concentrate inventory at June 30, 2008, was 118 dry metric tonnes, a decrease in inventory from 562 dry metric tonnes of concentrate on hand at March 31, 2008.
Silver in the lead concentrate produced during the period totalled 64,000 ounces.

Mill expansion project

Capital expenditures are budgeted at $12-million to further expand the facility to 3,000 tonnes per day, which is expected to be completed by the fourth quarter this year. A total of $6-million has been spent to date. The new power line and substation will be completed in the first half of 2009 but will not affect meeting the expanded production rate.

Labour

There were three minor lost-time accidents during the period from both operations and construction. The number of personnel at the end of the period was 643, of which approximately 125 were contractors related to the expansion project and 33 were contractors related to the exploration drilling.

Financial results

The information in this news release and the selected financial information should be read in conjunction with the interim consolidated financial statements, and management discussion and analysis, for the three months ended June 30, 2008, which will be available at Capstone's website at and at SEDAR.

The company's operating profit for the three months ended June 30, 2008, was $19-million, or 23 cents per share, compared with operating profit of $6.6-million, or eight cents per share, for the three months ended May 31, 2007. The company's net earnings for June 30, 2008, were $12.2-million, or 15 cents per share, compared with $5.1-million, or six cents per share, for May 31, 2007.

The company reported revenues for the three-month period of $35.3-million (May 31, 2007 -- $14.7-million). Revenues consisted of copper concentrate sales of $27.9-million, zinc concentrate sales of $2.6-million, lead concentrate sales of $1.8-million and silver concentrate sales of $2.9-million.

Cost of sales for the three-month period was $8.0-million (May 31, 2007 -- $4.2-million), treatment and transportation charges were $5.6-million (May 31, 2007 -- $2.4-million), royalty charges were $1.0-million (May 31, 2007 -- $300,000) and depletion was $1.4-million (May 31, 2007 -- $1.0-million).

For the three-month period ended June 30, 2008, the company recorded an unrealized loss related to mark to market on the outstanding derivative contracts in the amount of $1.0-million (May 31, 2007 -- nil) related to the company's forward copper sales. Forward copper sales average price through 2012 is $3.14.


INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
(in U.S. dollars)
Three months Three months
ended ended
June 30, May 31,
2008 2007

Total revenues $ 35,254,233 $ 14,727,403
Total (cost) of sales (16,238,275) (8,078,068)
------------ ------------
Operating profit 19,015,958 6,649,335
General and administrative, and other
(expenses) (1,662,205) (2,713,503)
Other items (loss) (690,763) 1,188,079
------------ ------------
Earnings before income taxes 16,662,990 5,123,911
Current income tax (loss) (3,455,884) -
Future income tax (loss) (1,024,744) -
------------ ------------
Earnings for the year 12,182,362 5,123,911
------------ ------------
Earnings per share -- basic 0.15 0.06
Earnings per share -- diluted 0.14 0.06


Capstone will host a conference call on Wednesday, July 30, 2008, at 8:30 a.m. Pacific Time, to discuss these results. The conference call may be accessed by dialling 1-866-365-1119 in North America, or 1-416-849-7329 internationally. Please ask for the Capstone Mining conference call. The conference call will be archived for later playback until Aug. 13, 2008, and can be accessed by dialling 1-866-501-5559 and the passcode is 21279178, followed by the number sign.

[stupidgame]

Tja, es gibt leider ein Merger mit Sherwood Copper. Leider deshalb, weil Sherwood bei weitem nicht so gute Daten hat, wie Capstone. Ich bin enttäuscht. Da wäre besseres auf dem Markt gewesen. Ich hatte Sherwood vor paar Tagen gerade ausgiebig analysiert. Für mich wäre Capstone jetzt kein Kauf mehr.

http://www.stockhouse.com/tools/?page=%2FFinancialTools%2Fsn…

s.

[stupidgame]

Antwort auf Beitrag Nr.: 35.025.746 von stupidgame am 08.09.08 15:46:33

Wen es interessiert, ich stelle meine Analyse von Sherwood mal hier rein.

Sherwood Copper Corp.

Aktien: 53,66m O/S + 6,92m (Convertible Note) + 5m Options
Aktien fd: 65,58m
Marketcap (bei Kurs 4,45): 292mCAD (fd)
Cash: 13,5m
Assets: 305,5m
Verbindlichkeiten: 312,7m
NetAssets (Buchwert): -7,2m

GuV letztes Quartal:
Sales: 35,5m
Operativer Gewinn: 15,7m
Netto Verlust: -0,22m

2 Minen, beide in Kanada
-"Minto" in Produktion
-"Kutcho" in Entwicklung

Geplant sind Jahresproduktionen von Minto 60-70mlb.cu + ab 2011 50mlb.cu von Kutcho - bis 2017.

Mir gefällt hier einiges nicht, bzw. ist die Aktie zu teuer.
Wenn sie aktuell etwa Sales von 180-200m/Jahr haben, und das bei einer voll verwässerten MK von 292m, dann ist die Aktie nicht billig. Gerade aktuell, und im Vergleich zur PER-Group.
Dann stört mich das, trotz schon laufender Produktion die Firma noch einen negativen Buchwert hat. Sprich, die Verbindlichkeiten übersteigen die Assets aktuell. Sie ist einfach sehr hoch verschuldet. Wenn man das sieht in dem Zusammenhang, dass für das Anfahren von Kutcho noch einmal Investitionen sicher etliches über 100m nötig sind, dann müssen dafür weitere Fremdmittel aufgenommen werden. Die Bilanz würde sich weiter verschlechtern.
Was mir weiter nicht gefällt ist das Hedge-Book. Hier ist wohl einmal im letzten Quartal schon eine Postion aufgelöst worden und hat hohe realisierte Verluste produziert. (7m$).
Das Hedgebook ist ein potenzieller Bringer von Buchverlusten. Dazu kommt dann, das die abgesicherten Preise relativ niedrig liegen.
-bei Kupfer zwischen 2,78 und 2,19
-bei Silber zwischen 13,50 und 11,84
-bei Gold zwischen 717 und 653
jeweils bis 2011.

Wenn ich das alles zusammen sehe, dann wäre Sherwood für mich kein Investment. Jedenfalls nicht zu Kursen über 2,50CAD. Ich wundere mich, dass angesichts der aktuellen Marktlage die Aktie überhaupt so teuer ist. Kann nur sein, dass extrem viel in festen Händen liegen, die nicht verkaufen müssen (wollen). Aber einen Einstieg zum aktuellen Kurs würde ich auf keinen Fall machen.

[Videomart]

January 9, 2009
Metals/Mining Mailbag
BNN chats with Stefan Ioannou, mining analyst, Haywood Securities
( Capstone / Frontera / Chariot / Roca )
http://watch.bnn.ca/commodities/january-2009/commodities-jan…

[Videomart]

Capstone Reports Record Copper Production for 2008 and Increases Forecast in 2009
Production of 74.1 million pounds of Copper in Concentrates
Feb 4, 2009 7:00:00 AM

http://finance.alphatrade.com/story/2009-02-04/MRW/200902040…

[Videomart]

Capstone Mining: Sector Outperform mit Kursziel 1,85 US$

Die Experten von Haywood Securities haben vor kurzem die Cozamine Mine im Staat Zacatecas, Mexiko, besichtigt. Cozamin ist vollständig im Besitz von Capstone und beherbergt Kupfer, Zink, Blei und Silber. Das Adernsystem ist in mehrere Richtungen offen und zeichnet sich durch Kontinuität und Dicke aus. Das Explorationspotential hat vergangene Erwartungen bereits übertroffen.

In diesem Jahr soll die Mine 35 bis 40 Mio. Pfund Kupfer in Konzentrat produzieren. Das Explorationsbudget für dieses Jahr steht noch nicht endgültig fest. Die derzeitigen Ressourcen erstrecken sich über eine Länge von 1,5 km. Das Mala Noche Adernsystem konnte über eine Länge von 5,5 km verfolgt werden. Auch in die Tiefe bleibt die Mineralisierung offen. In der San Rafael Zone besteht die große Wahrscheinlichkeit für eine Kupfermineralisierung unterhalb der Zinkressource, die nah an der Oberfläche gelagert ist.

Capstone Mining wird die Finanzergebnisse 2008 Ende März veröffentlichen. Anfang des zweiten Quartals wird die Ressource des Minto Projekts aktualisiert. Dabei kann mit einer Erhöhung der Ressourcen der Kategorien "gemessen" und "angezeigt" gerechnet werden, ebenso mit einem Anstieg der Gehalte. Ende des zweiten Quartals werden die Reserve und der Minenplan von Cozamin aktualisiert.

Haywood bewertet die Aktie des Unternehmens mit "Sector Outperform" und setzt das Kursziel auf 1,85 US$ pro Aktie fest. Capstone Mining ist eine der Top-Empfehlungen von Haywood Securities.


Redaktion MinenPortal.de, 16.03.09 - 14:05 Uhr


http://www.minenportal.de/artikel.php?sid=5876

[Videomart]

Metals & Mining Analysts' Ratings & Estimates

By Bill Matlack
Mar 23 2009 11:47AM


Base Metals & Diversified

[Videomart]

[Videomart]

March 30, 2009

Capstone Mining Is In Growth Mode, And Has A Potential New Relationship With Silver Wheaton
www.minesite.com

By Our Canadian Correspondent

While many of the large and mid-sized base metal miners struggle with large debt loads and falling commodity prices, Canadian listed Capstone Mining is thriving thanks to some prudent hedging and successful mine expansions.
Capstone's Minto mine in the Yukon and its Cozamin mine in Mexico produced 74.1 million pounds of copper in concentrates in 2008 and more importantly successfully completed expansions on both high-grade copper operations. That means that Capstone can now focus on cashing in on those expansions by producing 95 million to 105 million pounds of copper contained in concentrates in 2009 at total cash costs of approximately US$1.00 per pound. Not bad, especially once you consider that Capstone’s cash flow from operations is enhanced by a robust forward sales program, where 104 million pounds of copper was forward sold at an average price of US $2.52 per pound.

On the development front, Capstone is completing major resource updates for both of its mines, as well as on its Kutcho copper project in British Columbia. At Cozamin, Capstone outlined 7.8 million tonnes of measured and indicated resources running two per cent copper. To put it another way, overall resources have increased since the last estimate, despite the mining out of more than 1.5 million tonnes since operations commenced.

Moving north into Canada, Capstone has found continued exploration success at its Minto operation. In fact since Sherwood Copper, which later merged with Capstone, acquired the project in June of 2005, five high-grade copper-gold zones have been discovered. The latest being the "Minto North" target, located 600 metres north-northwest of the current open-pit mine. This has yielded high-grade mineralization at relatively shallow depths, similar in grade, thickness and style of mineralization to that found in the open pit. This new prospect lies directly on a linear trend that includes the Ridgetop zone, Area 2/Area 118 zones, and Main zone deposits.

In British Columbia, the company is looking to redesign Kutcho with an eye on creating a robust, low-cost operation. The most recent resource estimate pegged the measured and indicated categories at 10.4 million tonnes grading 2.14 per cent copper, 2.85 per cent zinc, 0.36 gram gold, and 32.4 grams silver per tonne. The Capstone team knows how to build smaller, higher-grade operations and this one could be next of its production list.

A big fan of Capstone’s success is Silver Wheaton. The silver royalty company is in the midst of acquiring Silverstone Resources, which has silver stream agreements with Capstone’s Minto and Cozamin mines, as well as Lundin Mining's Neves-Corvo copper-zinc-silver mine in Portugal. Under the proposed transaction, valued at C$190 million, shareholders in Silverstone Resources would receive 0.185 share of Silver Wheaton for each Silverstone share.

According to Silver Wheaton, the Minto mine is one of the highest-grade open-pit copper mines in the world. Not to mention that output has doubled since it went into production in 2007. In 2009, Silver Wheaton expects Minto to produce about 290,000 ounces of silver and 31,000 ounces of gold, which Silverstone has the right to buy for the lesser of US$3.90 per oz. silver and US$300 per oz. gold or the prevailing market price per ounce of silver or gold delivered.

Not to be outdone, Capstone's Cozamin mine has tripled output since it was commissioned in 2006. The high grade underground mine is expected to produce 1.5 million ounces of silver in 2009 and Silverstone has the right to purchase 100 per cent of it until 2017 for the lesser of US$4 per ounce of silver or the prevailing market price per ounce of silver delivered.

Needless to say, with Capstone holding some 26.8 million thinly traded Silverstone shares and special warrants, the miner quickly put its support behind the Silver Wheaton offer. At the end of the day, Capstone will have 4.95 million shares of the much more liquid and broader investment based Silver Wheaton. At the time of writing, these 4.95 million shares would be valued at C$49.5 million. But just as important is the potential relationship that could develop between the two groups on future development projects.

Shares of Capstone have rebounded somewhat from the late 2008 drubbing and have faired better than most but still trade far below their C$4 highs. For long term investors profitable growth during a down cycle should spell excellent returns once demand picks up.


http://siliconinvestor.advfn.com/readmsg.aspx?msgid=25534954

[Videomart]

Mar 31, 2009 01:06 ET

Capstone Reports Record Production & Earnings Following Business Combination With Sherwood
Net Income of US$131.8 million generates Earnings per Share of US$1.47 and EBITDA of US$167.7 million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2009) - Capstone Mining Corp. (TSX:CS) today announced its financial results for the year ended December 31, 2008, with record production and earnings following its successful business combination with Sherwood Copper Corporation. Copies of the financial statements and management discussion and analysis are available on Capstone's website at www.capstonemining.com. Capstone will hold a conference call at 8:00 AM Pacific time (11:00 AM Eastern time) to discuss these results; call-in details are at the end of this release.

Financial reporting standards under Canadian generally accepted accounting principles ("GAAP") require that, since the business combination between Capstone and Sherwood was deemed a reverse takeover of Capstone by Sherwood for accounting purposes, financial reporting includes only Sherwood's results prior to the effective date of November 24, 2008, and Capstone and Sherwood's results thereafter, thus ignoring Capstone's results for almost 11 months. Capstone has therefore also provided a summary of pro forma results as though the merger had been effective on January 1, 2008 in order to provide a measure of actual performance, as well as results in accordance with Canadian GAAP. Given the complexity of the adjustments related to the business combination, readers are advised to read the Capstone's 2008 annual audited consolidated financial statements and 2008 management discussion and analysis to fully evaluate the results for 2008.

"Capstone's financial statements are complicated by the accounting treatment of the business combination with Sherwood," said Darren Pylot, Vice Chairman & CEO of Capstone Mining Corp. "Nevertheless, we had an excellent year with record production, earnings and cash flow and ended the year with a strong balance sheet, supported by a robust copper hedge position. This puts Capstone in an excellent position to continue its performance and growth in 2009."

"Both of Capstone's mines, Cozamin and Minto achieved record copper production," said Stephen Quin, President & COO of Capstone Mining Corp. "With the completion of major production expansions at both mines at the end of 2008, we are well positioned to deliver further significant increases in production and reductions in cost in 2009, while continuing our growth through exploration and production expansions."

Financial Highlights for 2008 in accordance with GAAP

These results, in accordance with GAAP, include the results for Sherwood for the full year and for Capstone only from November 24, 2008 onwards:

- Sales of 42.0 million pounds of copper, 2.0 million pounds of zinc, 24,344 ounces of gold and 132,465 ounces of silver.

- Net income of US$131.8 million (generating earnings of US$1.47 per share), including gains on derivative instruments, a gain on the Capstone-Sherwood business combination, and offset by an asset impairment of the Minto Mine, as compared to a net loss of US$40.7 million in the year prior.

- Net revenue of US$106.0 million on the sale of 53,061 dry metric tonnes ("dmt") of copper and 2,571 dmt of zinc concentrates, compared to US$0.7 million in the prior year.

- Cash flow from mining operations(i) of US$43.4 million, compared to a loss of US$1.6 million in the prior year.

- Earnings before interest, taxes, depreciation and amortization(i) ("EBITDA") of US$167.7 million.

- Received US$37.5 million from the sale of the majority of the future precious metals production from the Minto Mine.

- Repaid US$27.9 million in project debt against the Minto Mine, reducing the balance outstanding to US$29.9 million, of which US$14.2 million is currently in the debt service reserve account.

- Repaid the entire C$10 million corporate credit facility before year end.

- Ended the year with US$35.4 million of working capital, including US$41.6 million in cash.

- Held investments of US$8.1 million on the balance sheet, which includes 24.0 million common shares and 2.7 million special warrants of Silverstone Resources Corp., which have a market value of approximately US$42 million based on the closing share price of C$1.90 on March 27, 2009.

- Had a mark-to-market derivative instrument asset of US$105.3 million at year-end, comprised of 104.4 million pounds of copper forward sales between 2009 and 2013 at an average price of US$2.52 per pound. Following deliveries and changes in copper prices, the copper forward sales now total 96.7 million pounds with a mark-to-market value of approximately US$63.7 million as of March 20, 2009.

- Held US$37.0 million in inventories, including US$11.0 million in ore stockpiles, which are carried at the lower of cost or market, but include 828,983 tonnes of ore at an average grade of 2.04% copper already mined and stockpiled at the Minto Mine.

Pro Forma Highlights for 2008

The following is a summary of pro forma highlights for Capstone as though the companies had combined on January 1, 2008:

- Pro forma net revenue(i) of US$162.1 million.

- Pro forma net income(i) of US$152.1 million (which includes US$53.4 million gain on the business combination).

- Production of 74.1 million pounds of contained copper, along with by-products of 9.7 million pounds of zinc, 6.4 million pounds of lead and 1.6 million ounces of silver and 30,758 ounces of gold contained in concentrates.

- Production of 71.3 million pounds of payable copper in concentrates.

- Average total cash cost of US$1.25 per pound of payable copper produced(i), which was higher than expected because of negative provisional pricing adjustments, less pounds produced due to later than planned mine expansions (which are now complete) and exclusion of previously included deferred revenue related to the Cozamin Mine precious metal streams from cash costs.

- Cozamin Mine:

-- Completed Phase III mine expansion to 3,000 tonnes per day ("tpd") of throughput and established access to wider, higher grade ore zones that are now in production, with sustained processing of over 3,000tpd achieved February 2009 onwards;

-- Produced 26.4 million pounds of contained copper in concentrates, along with by-product 9.7 million pounds of zinc, 6.4 million pounds of lead and 1.3 million ounces of silver;

-- Processed 833,176 tonnes (2,283tpd) of ore averaging 1.6% copper, 1.3% zinc, 0.6% lead and 65 grams per tonne ("g/t") silver;

-- Produced 53,293dmt of copper concentrate averaging 22.4% copper; and

-- Recorded 25.2 million pounds of payable copper at a total cash cost(i) of US$1.44 per pound, which is higher than previously reported as a result of negative by-product credit price adjustments in the fourth quarter and removal from the calculation of the previously included non-cash deferred revenue silver credits and lower than forecast grade since the higher grade ore planned for processing in Q4/08 was not accessed until later in the quarter than planned.

- Minto Mine:

-- Completed Phase III mine expansion to 3,200tpd of mill throughput, supported by increased mine production, which rates were regularly achieved in March 2009;

-- Produced 47.7 million pounds of contained copper in concentrates, along with by-product 30,758 ounces of gold and 0.26 million ounces of silver;

-- Processed 809,426 tonnes (2,218tpd) of ore averaging 2.9% copper, 1.1g/t gold and 12g/t silver;

-- Produced 53,148dmt of copper concentrate averaging 40.7% copper;

-- Recorded 46.1 million pounds of payable copper at a total cash cost(i) of US$1.15 per pound.

-- Connected to the Yukon power grid in late November, significantly reducing the cost of power going forward; and

-- Successfully expanded the Area 2 and Area 118 deposits, and discovered new zones of higher grade copper mineralization at Ridgetop and Copper Keel.

- Kutcho Project:

-- Completed the acquisition of the Kutcho Project, a higher grade copper-zinc-gold-silver deposit, by acquiring 100% of the shares of Western Keltic Mines Inc.; and

-- Successfully defined a high grade core to the Main deposit at the Kutcho Project, which could support a smaller tonnage, higher grade operation with robust project economics.

Subsequent Events

Subsequent to the year end, Capstone reported the following significant events:

- Reported significantly enhanced mineral resources for the Cozamin Mine and Kutcho Project.

- Repurchased US$31.3 million of outstanding debentures, leaving US$4.1 million outstanding, funded by a US$40.0 million corporate revolving term facility.

- Discovered a fifth high grade copper zone at Minto North, 600m north of the Minto Mine;

- Entered into a voting agreement with Silver Wheaton Corp. in support of Silver Wheaton's premium share offer for Silverstone Resources Corp.

- Following deliveries and changes in copper prices, the copper forward sales now total 96.7 million pounds with a mark-to-market value of approximately US$63.7 million as of March 20, 2009.

Outlook for 2009

The current year, despite the challenges of the financial markets, looks to be an exciting one for Capstone, based on the following:

- Forecast production of 95 million to 105 million pounds of copper at a total cash cost(i) of US$1.00 per pound, net of by product credits and excluding any deferred revenue from precious metal sales based on an assumed C$1.20 per US$ and 12.5 Mexican pesos per US$.

- At the Cozamin Mine:

-- Production of 35-40 million pounds of copper, with by-product lead, zinc and silver, at an average total cash cost(i) of approximately US$1.00 per pound, net of by-product credits based on 12.5 Mexican pesos per US$;

-- Completion of a new mine plan, building off the significantly enhanced resource announced February 18, 2009, which should result in a significantly increased mineral reserve and mine life;

-- Capital expenditures of US$5.1million, comprised of US$4.8 million in sustaining capital related to the remains of the Phase III mine expansion and sustaining capital, plus US$0.3 million in exploration expenditures; and

-- A comprehensive evaluation of the exploration potential of the Cozamin Mine property, including the potential for additional mineral resource discoveries in the remaining, largely unexplored 4 kilometres of the main Mala Noche vein system and the potential of parallel, unexplored veins on the property.

- At the Minto Mine:

-- Production of 60-65 million pounds of copper, with by-product gold and silver, at a total cash cost(i) of approximately US$1.00 per pound, net of by-product credits based on an assumed C$1.20 per US$.

-- Completion of an updated mineral resource estimate, which will incorporate the results of 2008's successful drill program;

-- The updated mineral resource estimate will provide the basis for an independent pre-feasibility study designed to (a) convert a significant portion of these new mineral resources to mineral reserves and (b) incorporate a further Phase IV increase in mining and throughput to somewhere in the range of 4,000tpd to 5,000tpd;

-- Capital expenditures of approximately US$5 million comprised of US$2 million in sustaining capital and US$3 million in exploration expenditures on the Minto Mine property; and

-- Exploration is focused on (a) completing the drill definition of the Area 2/Area 118 and Ridgetop resources, plus geotechnical drilling, in support of the Phase IV study, and (b) exploration for new mineral resources, including the evaluation of the new, high grade, shallow Minto North discovery.

- Strong cash flow from operations based on the above production and supported by 43.1 million pounds of copper forward sold for delivery in 2009 at an average price of US$2.61 per pound. The Company's total forward sales position is 104.4 million pounds at an average of US$2.52 per pound to be delivered mostly between 2009 and 2011, with minor quantities for delivery in 2012 and 2013.

- At the Kutcho Project, completion of technical studies in support of a more robust underground or open pit project.

- Continued debt reduction, with US$22 million scheduled to be repaid during 2009.


http://www.marketwire.com/press-release/Capstone-Mining-Corp…

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BROAD TRENDS SUPPORT HIGHER PRICES
Electrifying future for copper in long run
Global copper prices should rise again on the back of the electric energy sector growth in the developing world.

Author: Terry Wade
Posted: Friday , 03 Apr 2009

SANTIAGO (Reuters) -

The worst of death-defying drops that global copper prices took in the past year appear to be over and, in the long run, prices should rise again on the back of electric energy sector growth in the developing world.

But the outlook for the short and medium terms is more opaque as global leaders try to revive national economies with massive stimulus packages. And the scrap market may hold a wild card as all this plays out.

After tumbling from highs of over $4 per pound last July to a low of $1.25 in December, prices recovered steadily in recent months and surged this week to $1.90 a lb on short-covering by traders and purchases by China.

That has given industry leaders a momentary sigh of relief. There is a view that prices will ease a bit in the middle of this year to $1.50 a lb but then head upward again as the basic fundamentals of the industry hold constant -- with China driving demand and Chile leading supply.

For the second half of this year, the market will face especially dicey variables, including whether fiscal stimulus packages will work, how much inflation central banks will create with aggressive monetary easing, and when credit markets will return to normal to fund mineral purchases and the construction of new mines.

"The question for the third quarter will be: is demand still falling and is short-covering over," Jim Southwood, president of price risk management for CRU, told Reuters at the CRU/CESCO copper conference in Santiago that was held this week.

This year, there is an especially wily factor in play: scrap metal.

A severe contraction in the global scrap market has supported copper prices as so-called urban miners gather less second-hand metal for refining amid the price slump.

Scrap copper accounted for nearly a third of the world copper market during the peak in demand in mid-2008.

Copper scrap acts like a buffer: when prices reached record highs in July 2008, scrap supply helped keep them from rising further and the plunge in scrap supplies helped support prices when they fell in December.

"I'd guess as much as 80 percent of the high-end scrap market has disappeared since last year," said Carlos Risopatron, head of environment and economics at the United Nations-linked International Copper Study Group (ICSG).

NEW MARKETS, NEW TECHNOLOGIES

With the outlook for the rest of the year cloudy, unbridled optimists are looking at the long-term.

Gianni Kovacevic of Petaquilla Metals said that broad trends support higher prices.

Urbanization and growth in electric energy generation, transmission and distribution in the developing world will boost demand for the metal. This in turn will have the added effect of intensifying sales of copper-intensive appliances like refrigerators and air conditioners.

The industry is also carving out new markets for the metal. Miners say there is a huge opportunity to use copper for its anti-bacterial qualities in hospital, doorknobs and beds.

The spread of hybrid and electric cars, wind farms and solar energy plants also bodes well for copper usage, he said.

"The majority of the world's population still isn't electrified," Kovacevic pointed out.

Robert Friedland, president of Ivanhoe Nickel and Platinum, told miners to ignore the current bad news and expand.

"The pace of urbanization and electrification will overwhelm this crisis," he said. "The winners of this game will be Chile, Mongolia and Congo," he said of the countries with the most promising copper reserves.

"Cheer up, there's no need to cry in your beer," Friedland told a packed conference room at this week's annual CRU in Santiago, the world's largest gathering of copper industry leaders. (Additional reporting by Reese Ewing, Pav Jordan and Manuel Farias; Editing by John Picinich)

http://mineweb.net/mineweb/view/mineweb/en/page36?oid=81387&…

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Aus "Fundamental View on Metal Markets "
von Larry W. Reaugh
Apr 1 2009 8:50AM

The rise in copper signals good times for base and specialty metals. Copper, the bell-weather base metal commodity has had the most significantstockpile contraction and the best price appreciation.

Specialty metals like molybdenum will begin to appreciate in price once the ironore contracts are settled. Molybdenum usually follows close on the heels ofcopper.

The stockpiles will shrink rapidly once the iron ore contracts aresatisfactorily completed by the Chinese. They have recently stated their lack offaith in the US dollar and their bullishness on precious and base metals. It isin their best interests to own the stockpiles rather than hold their US dollarsin cash.

During the late 1950’s to the early 1980’s the economies of United States,Europe and Japan expanded their infrastructure and modernization efforts,creating a super-cycle in commodities. Populations were a quarter of today’spopulation yet this fueled the best years in the mining industry.

Chinaalone plans to literally relocate 400 million people from the urban to suburbanlocales. The size of their country and population makes it hard to comprehendhow the mining industry expects to meet their demands over the next 10 – 15years? Mining built North America and it will be a significant contributor tothe world economy as we move into the future.
...

http://www.kitco.com/ind/Reaugh/mar012009.html

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Chinese buying revitalizes copper price
Up 30% in 2 months

Peter Koven, Financial Post
Published: Friday, April 03, 2009

Could the worst really be over for the base metals? According to the experts, maybe not.

In the past few weeks, as some glimmers of economic recovery have filtered into the markets, the price of copper has taken a noticeable move to the upside -- it is up about 30% in the last two months, closing at US$1.87 a pound yesterday.

That is nowhere near the spectacular highs above US$4 a pound that were reached last year, when stories of people ripping roofs off churches or stripping copper wire out of abandoned buildings became routine. It is nonetheless an impressive move, and the copper equities have followed it with spectacular rallies this year. Shares of Canadian copper miners like Inmet Mining Corp. (IMN/TSX), Quadra Mining Ltd. (QUA/TSX), Lundin Mining Corp. (LUN/TSX), and First Quantum Minerals Ltd. (FM/TSX) have tripled from their lows last December.

Copper is the flagship base metal, and is often called "Dr. Copper" because of its ability to forecast the state of the economy in general and the metal markets in particular. But none of the other base metals have followed copper's recent rally, and industry experts do not expect that it will have very long legs.

Put simply, copper is up because the Chinese are loading up on strategic reserves as they begin to spend billions on infrastructure projects. Reports suggest that China alone has bought about 300,000 tonnes in recent weeks, and the result is the first notable decline in inventories on the London Metals Exchange since last summer.

Derek White, executive vice-president of business development at Quadra, said that a lot of the scrap metal that China was using during the boom times has disappeared from the market. Now it is trying to make up for its shortfall.

"My own personal view is this shorter-term buying has really been more of a restocking exercise, and trying to come to grips with the scrap situation," he said.

Augmenting that is a growing realization that China cannot just go and buy all the copper assets it wants. Last week, the Australian government blocked the Chinese purchase of the Prominent Hill mine for national security reasons.

Copper is also getting increased interest as an inflation hedge.

But none of this has much to do with the fundamental demand picture. Orest Wowkodaw, an analyst at Canaccord Adams, said in an interview that he has not seen "any real evidence" of a recovery on the demand side. Canaccord has downgraded some of the rallying copper stocks recently for that reason.

"We recognize there's a lot of momentum on the upside, and we're just trying to balance the inflation hedge and the stockpiling versus what's really happening on a fundamental basis, which doesn't look very good at the moment," he said.

When demand returns, there is hope that the move upward could be dramatic. Copper inventories are still paper-thin compared to other base metals. And mine supply will have trouble keeping up with demand now that the scrap processing market is almost gone.

"I think you may see copper drift down a little or move sideways in the shorter-term, but in the next 12 months I think you'll see it [move up] again," Mr. White said.

And as for the other base metals, industry experts see little hope for a significant short-term rally. Zinc, aluminum and nickel are still in over-supply situations, and many of the mines and smelters that are still running are losing money.

[e-mail]


http://www.financialpost.com/story.html?id=1458244

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Copper’s Declining Demand Pushes Prices 21% Lower (Update2)

By Claudia Carpenter, Millie Munshi and Anna Stablum

April 6 (Bloomberg) -- Copper, this year’s best industrial- metal investment, may become the worst in the second quarter as demand slumps the most in three decades.

Known as the commodity with an economics Ph.D., copper risks losing its reputation as an industrial barometer because prices rose 40 percent by April 3, the best start to a year since at least 1986, just as the global economy contracted for the first time since World War II, according to data compiled by Bloomberg. Prices rose as China, the largest user, agreed to stockpile as much as 400,000 metric tons, based on Macquarie Group Ltd. estimates, enough to fill 18 Olympic swimming pools.

Copper will average $3,400 a ton this quarter, 21 percent below the April 3 closing price of $4,301 on the London Metal Exchange, according to the median estimate of 13 analysts surveyed by Bloomberg. U.S. manufacturing contracted for 14 consecutive months, Japan’s Tankan survey of business sentiment fell to the lowest on record and euro-region unemployment rose to the highest level in almost three years.

“We’re running out of impetus here,” said Sean Corrigan, who helps manage about $5 billion in commodities at Diapason Commodities Management SA in Lausanne, Switzerland. “We’re not building houses anywhere in the world, car sales are down by 50 to 60 percent in the major economies and commercial real estate is running into problems.”

U.S. Homebuilders

Consumption will shrink 9.2 percent in 2009, the biggest drop since 1975, according to Sydney-based Macquarie. New autos in the U.S. sold at an annual rate of 9.86 million units in March, compared with an average of 16.8 million this decade through 2007, according to Autodata Corp. of Woodcliff Lake, New Jersey. The average car contains 2 kilometers (1.2 miles) of copper and alloy cables.

Confidence among U.S. homebuilders in March stayed near a record low, the National Association of Home Builders/Wells Fargo index showed. Developers use about 400 pounds of copper pipes, wire and related goods in a typical American house.

“Copper is very expensive, relative to the collapse in industrial demand,” said Lars Steffensen, managing director at Southend-on-Sea, England-based hedge fund Ebullio Capital Management LLP. Copper should fall to $2,500 a ton because there’s no shortage, said Steffensen, whose $13 million fund has risen 31 percent since opening to outside investors in August.

Commodity Futures

Global copper stockpiles tripled to about 567,000 tons since July, according to combined figures reported by the London Metal Exchange, New York Mercantile Exchange and the Shanghai Futures Exchange as of April 3. That’s equal to more than 12 days of global demand.

Hedge-fund managers and other large speculators increased their net-short position in New York copper futures by 0.6 percent in the week ended March 31, according to U.S. Commodity Futures Trading Commission data. Speculative short positions, or bets prices will fall, outnumber long positions by 18,525 contracts. The average since copper peaked in May has been a net short position of about 12,000 contracts.

Prices rose partly because of China’s purchases for stockpiles, said Stephen Briggs, an analyst at RBS Global Banking & Markets in London.

The Beijing-based State Reserve Bureau took advantage of the 54 percent price decline in 2008 to agree to buy 300,000 to 400,000 tons of copper, according to Macquarie, which forecasts a surplus of 936,000 tons in 2009. A decline in manufacturing contributed to a slump in inventories of scrap, the Brussels- based European Metal Trade and Recycling Federation said.

Reducing Purchases

Copper’s 51 percent increase to April 3 from Dec. 24, when prices reached a four-year low, probably means China is reducing purchases, said Briggs. “I am pretty confident that the SRB is not buying at $4,000,” he said.

Morgan Stanley says copper is the industrial metal most likely to drop in the second half of 2009. Buying by China may have ended, demand is sagging and producers haven’t been aggressive enough in shutting mines, New York-based Hussein Allidina and three of his colleagues said in an April 2 report.

The forecast for a 21 percent drop in copper compares with declines of 14 percent for zinc and 9 percent for lead, and gains of 8 percent for tin and 30 percent for uranium, according to analyst estimates compiled by Bloomberg. Percentages were calculated on the basis of April 3 prices.

Some producers are more optimistic. Charlie Sartain, chief executive officer of Xstrata Copper, a unit of the world’s fourth-largest producer, said last week the Zug, Switzerland- based group may buy other mining companies to help double output and prepare for a rebound in demand.

U.S. Demand

Jose Pablo Arellano, CEO of Santiago, Chile-based Codelco, the world’s biggest copper miner, said on March 31 that U.S. demand may have bottomed. Chilean Mining Minister Santiago Gonzalez said last week that December’s lows are “in the past” as Chinese demand rebounds. Chile is the largest copper- producing nation. Copper fell 0.8 percent to $4,266.50 a ton as of 5:15 p.m. on the LME.

Freeport-McMoRan Copper & Gold Inc.’s Richard Adkerson, chief executive officer of the world’s largest publicly traded copper producer, said April 2 it’s too early to reverse cuts made in 2008. The New Orleans-based company is expected to report first-quarter net income of $36 million, compared with $1.19 billion a year earlier, according to the median of six analyst estimates compiled by Bloomberg.

The 82-member Bloomberg World Mining Index, led by Melbourne-based BHP Billiton Ltd., plunged 56 percent in the 12 months through April 3.

Housing Market

Even a turnaround in the housing market may not be enough to stir demand. The number of unsold homes in the U.S. at the end of February equaled 9.7 months of sales, based on current transaction rates, according to the National Association of Realtors. Home prices in 20 U.S. cities plummeted 19 percent in January from a year earlier, the fastest drop on record, the S&P/Case-Shiller home-price index shows.

The number of Americans signing contracts to buy previously owned homes rose 2.1 percent in February, the National Association of Realtors said April 1.

“The last two weeks have shown improvement but I still think that we have an economy that has some issues,” Joel Rassman, chief financial officer at Horsham, Pennsylvania-based Toll Brothers Inc., the largest U.S. builder of luxury homes, said April 1 in an interview with Bloomberg Television.

The prospects of trillions of dollars of government spending on roads, bridges and public works projects to revive growth bolstered commodities in the first quarter.

Developing Markets

“Money poured into copper and the industrial commodities on the assumption that growth in the developing markets would come back sooner rather than later,” said Peter Sorrentino, who helps manage $13.3 billion at Huntington Asset Advisors in Cincinnati. “That has gotten a little overdone. The stimulus packages aren’t going to have a real impact until 2010.”

U.S. gross domestic product is expected to shrink 2.5 percent in 2009 and expand 1.8 percent in 2010, according to a Bloomberg survey of economists. The eurozone economy will contract 2.9 percent this year and expand 0.5 percent in 2010.

World industrial production will drop 7.4 percent in 2009, paced by an 18 percent decline in Japan, almost 13 percent in Europe and 10 percent in the U.S., according to Macquarie. It will expand 2.9 percent in 2010, the bank predicts.

“We think we could see a pretty significant selloff in the next quarter,” Sorrentino said. “Until we see demand start to turn around and stockpiles disappear, the prices will remain under pressure.”

To contact the reporters on the story: Millie Munshi in New York at [e-mail]; Anna Stablum in London at [e-mail]; and Claudia Carpenter in London at [e-mail]

http://www.bloomberg.com/apps/news?pid=20601087&sid=abPKnWcz…

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Will copper ride on China wave continue?
2009-04-11 16:30:00

BEIJING: Did you hear talks about China becoming the super power beating the US in near future? If you haven’t, then this is the time to think on those lines.

It seems China is the only economy which is making the maximum use of the recession looming over the world at present.

Even though people talk about India emerging victorious from the slump at present, China is one country with surplus cash reserves which is using the recession to boost its economy in the coming years.

If you notice China’s copper buying only, it can give you a clear picture of what is in store.

And, in the process of continuous buying China also pushed the prices of copper up.

China’s imports of unwrought and semi-finished copper rose to 374,957 tonnes in March, 14 per cent higher than the previous record of 329,311 tonnes set in February.

China’s $585-billion in stimulus spending has fuelled rebounds in steel and electricity output and restored investment to rates that preceded the financial crisis.

Despite the global economic crisis, China has sucked in increasing volumes of refined copper in recent months, with a tight market causing spot prices to soar.

A shortage of copper scrap and buying by China’s State Reserves Bureau have forced the prices to shoot up now.

Chile, Japan, Australia and Europe have supplied the bulk of China’s copper imports in recent months.

Copper jumped 20 per cent in March, the biggest monthly gain since April, 2006, on speculation that government spending plans in the US and China would help revive global economic growth and boost demand for industrial metals.

On April 3, copper hit a five-month high of $4,300 a tonne for the LME 3-month price. However, all these soaring feeling in copper market is not enough o wash away the fears among investors.

There is widespread expectation that demand would decline by anything between 5 per cent and 10 per cent during 2009.

According to Barclays Capital, Europe is seen as possibly the weakest region at present with local suppliers indicating that their order levels from construction as also wire and cables sector were running 40-60 per cent down year-on-year.

In the US and Japan demand is collapsing. While macroeconomic factors have helped the price rally, the fundamentals are less positive.

There is the possibility of pullback by as much as 20 per cent from the current levels as the rally is fundamentally unsustainable.
However, in the longer term, the expectations are optimistic.

The ongoing urbanisation in emerging markets and use of copper for more efficient electricity usage (part of push towards greener economies) will be supportive.

http://www.commodityonline.com/news/Will-copper-ride-on-Chin…

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CRU sees copper price rising by USD 100 per tonne in April
Tuesday, 14 Apr 2009

Commodity consultancy CRU said in its monthly report that most hedge funds by the end of April 2009 will likely have switched from their present short copper investment positions and go long, driving the price up some USD 100 per tonne from the present value of USD 4,230 per tonne.

It added that the sustained rises in copper in the first days of April so far have shown that Chinese buying has not subsided following heavy purchases by the state reserve bureau in March 2009. Also during March, the ongoing short-covering rally pushed the copper price up by roughly USD 350 per tonne, but the metal still had to recover from considerable negative pressure on prices the month before, according to the firm.

CRU said that a month ago it had predicted prices would rise but we underestimated the shift in investor sentiment that appears to have taken hold.

(Sourced from www.bnamericas.com)

http://steelguru.com/news/index/2009/04/14/OTAxOTA%3D/CRU_se…

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Capstone Mining Announces C$50,135,000 Bought Deal Equity Financing April 16, 2009

Vancouver, BC – April 16, 2009 – Capstone Mining Corp. (TSX:CS) (the “Company”) today announced that it has entered into an agreement with a syndicate of underwriters led by Canaccord Capital Corporation and including BMO Capital Markets, Scotia Capital Inc., Haywood Securities Inc. and PI Financial Corp. (collectively, the “Underwriters”) to purchase an aggregate of 27,100,000 common shares of the Company (“Common Shares”) at a price of $1.85 for gross proceeds of $50,135,000 on a bought deal basis (the “Offering”).

The Company has granted the Underwriters an option (the “Over-Allotment Option”) to purchase up to an additional 4,065,000 Common Shares at a price of C$1.85 per Common Share to cover over-allotments. The Over-Allotment Option shall be exercisable by the Underwriters, in whole or in part, any time up to 30 days following the closing of the Offering.

The net proceeds of the Offering will be used for future acquisition opportunities, debt repayment and general working capital purposes.

The Offering is scheduled to close on or about May 6, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX and the securities regulatory authorities.

The Common Shares to be issued under this offering will be offered by way of a short form prospectus in applicable provinces in Canada and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the “1933 Act”), and such other jurisdictions as may be agreed upon by the Company and the Underwriters.

The Common Shares will not be and have not been registered under the 1933 Act and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Capstone Mining

Capstone Mining Corp. owns and operates two high grade copper mines and has an advanced high grade development project. The Cozamin Mine is a high grade, relatively shallow mechanized underground copper mine in Zacatecas, Mexico, with significant by-product credits of zinc, lead and silver. The Minto Mine is one of the world’s highest grade open pit copper-gold mines, and is located in Yukon, Canada. Both mines have recently undergone significant production expansions and the mines are forecast to produce a total of 95-105 million pounds of copper in 2009 at a total cash cost of approximately US$1.00 per pound, net of by-product credits. In addition, Capstone owns the high grade Kutcho Copper Project in British Columbia, Canada, which is being advanced towards a production decision, and could produce significant by-products of zinc, silver and gold. Financially, Capstone is well positioned and its operations are supported by a robust hedge book that totalled 105 million pounds of copper forward sold at an average of US$2.52 per pound as of December 31, 2008, most of which is deliverable in 2009-2011.

http://www.capstonemining.com/news/2008/index.php?&content_i…

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[Videomart]

Switch from base metals to precious metals
Posted: April 16, 2009, 12:00 PM by Peter Koven

In a dramatic shift from the fall, the base metals have greatly outperformed the precious metals in recent weeks. Copper in particular is up more than 50% from the bottom. But can it really last? Genuity Capital Markets analysts Tony Lesiak, Nawojka Wachowiak and Michael Gray don't think so.

"We believe a sustained upward momentum is base metals is unlikely to persist until there is tangible evidence of a global synchronized recovery, and believe that investors should take some profits in the current rally," they wrote in a note to clients.

Their outlook for gold is a bit better, as they point out that U.S. dollar weakness, safe-haven buying and negative real interest rates all bode well for bullion.

All the same, they have reduced their targets on gold companies and increased them for base metal companies based on the recent shift in prices.

Their gold stock price targets were cut by an average of 9%, but they are still projecting an average return of 32% for the companies under their coverage. Based on valuation, they also downgraded Alamos Gold Inc.to "hold" (from "buy") and raised Golden Star Resources Ltd. to "buy" (from "hold").

On the base metal side, target prices were raised by an average of 14%. However, Lundin Mining Corp. was downgraded to "hold" (from "buy") because of its recent jump. The only base metal company rated a "buy" is Capstone Mining Corp.

Peter Koven

http://network.nationalpost.com/np/blogs/tradingdesk/archive…

[Videomart]

Chinese buying to aid copper demand: Freeport

By: AFX | 22 Apr 2009 | 04:17 PM ET
By Carole Vaporean

NEW YORK, April 22 (Reuters) - Freeport-McMoRan Copper & Gold Inc sees Chinese purchases of copper continuing to support the industrial metal for the long term, even though its buying practices could cause price volatility in the near term. "We think a lot of the activity in China is sustainable. Their (copper) buying practices will create volatility in the near term, but underlying that is economic growth and infrastructure development that requires real consumption of copper," Chief Executive Officer Richard Adkerson told analysts on a conference call on Wednesday. Despite the dampening effect global recession has had on China's export business, the chief of the largest publicly traded copper producer said copper demand was inherent in Chinese development of its standard of living. "We have a long-term view that's positive on China continuing to invest in infrastructure. They're building facilities -- housing, transportation, railroads, power facilities -- that consume copper," he said. He attributed copper's rise from $1.40 per lb at the start of 2009 to current levels above $2.00 a lb to China. "As we go forward, given market conditions elsewhere around the world, the copper price in the short term is going to be driven by China," the executive told analysts. Earlier on Wednesday, the Phoenix, Arizona-based mining company reported first-quarter profit slumped sharply and revenue dropped by more than half as the global economic downturn weakened metal demand and prices. Looking ahead, Adkerson said Freeport still expects 2009 consolidated sales of 3.9 billion lbs of copper, 2.3 million ounces of gold and 50 million lbs of molybdenum. By 2010, it projects a decline in copper sales to 3.8 billion lbs and in gold sales to 2.1 million ounces, but a rise in molybdenum to 60 million lbs. The CEO warned of risks to the upside, referring to price moves in 2003 when global recession drove copper down to about 75 cents a lb but subsequent economic recovery doubled prices by the end of 2004 as a a case study for what the copper industry will face as China and the developed world gear up. "We continue to be very positive about being in the copper and molybdenum business, even though prices are weak." Adkerson pointed out that historically low exchange and consumer inventories around the world and supply issues unrelated to price -- low ore grades at aging mines, equipment shortages and challenges of operating in politically unstable regions -- should support prices. "As developing world economies begin to recover and as China and the undeveloped world builds infrastructure, the world is going to have strong demand for copper and the industry will be challenged to meet that demand," he said. When demand does pick up, he said, it can take as long as two years between the time when Freeport decides to restart operations and output reaches previous levels. "If we were to make the decision in the second half of '09, it would take a couple of years. The longer it goes the more that lag time gets extended," he said. On the other hand, Freeport could expand operations elsewhere if necessary to make up for curtailed supply. "Lag time will be limited to Morenci, Safford operations (in the U.S.), and other operations we could use to cushion volumes quickly both for copper and molybdenum," he said. Molybendum operations could be restarted more quickly. Freeport trimmed molybdenum output at its Henderson mine in the U.S. to 40 percent and cut byproduct output at copper mines. Molybdenum prices are off last year's levels by two-thirds, hit by a steep declines in steel and chemical industry demand. Though Freeport has historically not shipped molybdenum into the Chinese market, Adkerson said it had received "recent inquiries about it," but could not comment further. "We're working our plans off of what we see from our traditional customers (in the U.S. and Europe), and if this gives us some new opportunities we're in a position to act very quickly on it," the executive added. (Additional reporting by Steve James; Editing by Christian Wiessner)

http://www.cnbc.com/id/30352665

[Videomart]

METALS-Copper ends firm as dollar dives, outlook volatile
Fri Apr 24, 2009 3:41pm EDT

* Copper volatility to persist in coming week

* Large rises in aluminum, lead inventories

* Economic downturn still hitting demand outlook

(Recasts, updates with New York closing copper prices, adds NEW YORK to dateline and analyst comments)

By Chris Kelly and Michael Taylor

NEW YORK/LONDON, April 24 (Reuters) - A depressed dollar, stronger tone in equities and reassuring economic data from Germany and the United States enabled copper to stage a recovery rally on Friday, but lingering concerns about economic prospects are expected to keep price volatility at a high.

"The market had corrected about 25.00 cents, and it was due for a little bounce," said Bill O'Neill, partner of LOGIC Advisors in Upper Saddle River, New Jersey.

Copper for July delivery HGN9 on the New York Mercantile Exchange's COMEX division recovered from near three-week low overnight to close up 5.90 cents, or nearly 3 percent, at $2.05 a lb.

Last week, the benchmark COMEX contract surged to a six-month peak just below $2.25 a lb -- a gain of about 60 percent since the start of the year.

On the London Metal Exchange (LME), copper for three-month delivery MCU3 closed up $128 at $4,470 a tonne, after sinking earlier to a session low of $4,270.

London copper has climbed about 40 percent this year, as a recent rise in canceled warrants -- material earmarked for delivery -- helped buoy sentiment.

But there is now talk the stock drawdowns could be ending.

"We could be testing the $4,000 level on the perception that perhaps there'll be less buying coming out of China, especially from the government's SRB," said Robin Bhar, an analyst at Calyon.

On Thursday, canceled warrants stood at 65,800 tonnes from 69,175 tonnes the day before. With copper LME stocks falling 10,925 tonnes to 429,550 tonnes, canceled warrants represent 16 percent of total LME inventories.

"On the bullish side, strong Chinese import data ... but on the bearish side, global macro sentiment has turned down a little bit. The result is that prices are confused for direction," said Gayle Berry, an analyst at Barclays Capital.

A jump in German corporate sentiment in April to its best level in five months kept pressure on the dollar for the fourth straight session versus the euro <EUR=>, making dollar-priced metals more attractive for non-U.S. investors.

U.S. economic reports gave an additional boost to sentiment, with March durable goods orders slipping by a less-than-expected 0.8 percent and inventories of new homes for sale at the end of March plummet at a record pace.

Despite the upbeat figures, the overall economic mood remained dire.

"While some semblance of slight improvements here and there, all of the data in the U.S. and also in Europe, and certainly in Japan is still recessionary," LOGIC Advisors' O'Neill said.

Indeed, Japan's output of rolled copper products fell a record 60 percent from a year earlier in March. [ID:nT301196]

...


http://www.reuters.com/article/fundsFundsNews/idUSLO41876920…

[Videomart]

Capstone Temporarily Halts Operations at Cozamin in Response to Mexican Presidential Decree
All non-essential activities in Mexico ordered halted from May 1 to May 5 in response to Flu Pandemic
May 1, 2009

VANCOUVER, BRITISH COLUMBIA - 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.

Capstone Temporarily Halts Operations at Cozamin in Response to Mexican Presidential Decree
All non-essential activities in Mexico ordered halted from May 1 to May 5 in response to Flu Pandemic
May 1, 2009

VANCOUVER, BRITISH COLUMBIA - 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.

Capstone Temporarily Halts Operations at Cozamin in Response to Mexican Presidential Decree
All non-essential activities in Mexico ordered halted from May 1 to May 5 in response to Flu Pandemic
May 1, 2009

VANCOUVER, BRITISH COLUMBIA - 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.

http://www.capstonemining.com/news/2008/index.php?&content_i…

[Videomart]

Capstone Reports Additional High Grade Intercepts & Expanded Drill Program at Minto North
May 5, 2009

Hole 09SWC456 intercepts 3.0% Cu over 33.3m (including 4.9% Cu over 11.7m)
Hole 09SWC454 intercepts 2.3% Cu over 29.9m (including 4.7% Cu over 9.0m)

VANCOUVER, BRITISH COLUMBIA - Capstone Mining Corporation (CS: TSX) today announced assay results from six additional exploration drillholes completed on the new “Minto North” discovery at its Minto Mine in the Yukon. Drilling at the Minto North target, located approximately 600 metres north-northwest of the current open pit mining area, continues to return high grade copper-gold intercepts over impressive thicknesses. Drilling has paused for spring freshet but will commence again after ice breakup on the Yukon River is complete. Highlights of assays from the most recent drillholes are summarized in the table immediately below and the full results for the six new holes are provided in the attached table.

Assay Highlights

Hole ID
Target Area
From
(m)
To
(m)
Interval (m)
Interval (ft)
Copper (%)
Gold
(g/t)
Silver
(g/t)

09SWC-454
Minto North
69.4
99.3
29.9
98.1
2.29
1.34
8.2

Including
80.5
89.5
9.0
29.5
4.73
2.78
18.0

09SWC-456
Minto North
66.2
99.5
33.3
109.3
2.96
1.38
10.0

Including
87.8
99.5
11.7
38.4
4.87
2.67
19.4



“Minto North has quickly developed into a significant discovery of high grade, near surface, thick zone of copper-gold mineralization,” said Stephen Quin , President & COO of Capstone. “We aim to rapidly drill off a well defined mineral resource and advance the metallurgical testing and other aspects of this exciting discovery so that its economic potential can be determined. In addition, we aim to expand our exploration to see if there are any more Minto North’s out there.”

Because of the continued high-grade nature and relatively shallow depth of the Minto North mineralization, Capstone is prioritizing its evaluation with plans to infill this near surface, bornite-rich, high-grade copper-gold deposit and produce a NI43-101 compliant mineral resource estimate before year end. In order to fast track further evaluation of the economic potential of the Minto North deposit, Capstone has initiated a preliminary program of metallurgical testing and waste characterization. Sampling for this program is complete and the samples are en route to laboratories for testing.

The Minto North discovery also opens up significant additional exploration potential in the northern half of the Minto Mine property and Capstone intends to lay the foundation in 2009 for more extensive exploration in this largely neglected, northern half of the property. Additional targets adjacent to Minto North will be drill tested when drilling resumes.

Minto North Target

Mineralization at Minto North has been outlined over a minimum area measuring approximately 200m by 125m in aerial extent, as defined by an initial drill program using a drillhole spacing of 40 metres by 40 metres. Capstone intends to infill the initial pattern when drilling resumes in June to give a maximum spacing of approximately 28m between holes, similar to that used to define reserves elsewhere at the Minto mine.

High grade holes 09SWC-454 and -456 reported today are located near the centre of the drilled area and the approximate core of the deposit. Holes 09SWC-455, -460, -461 and -463 are all located on the north perimeter of the mineralization and are thought to be north of a fault (inferred from geophysics) that bounds the deposit in that direction. This is a recurring theme at Minto, with all of the major deposits (Ridgetop, Area2, Area 118 and the Main Deposit) being fault bounded on the north side.

Capstone also just completed a sampling exercise on diamond drill core to get material for metallurgical testing and metal leach plus acid rock drainage characterization. The aim is to evaluate the mineral processing and recovery characteristics of the mineralization and characterize waste rock and tails. In keeping with Capstone’s track record of rapid assessment and optimization, these various evaluations are being undertaken prior to obtaining a mineral resource estimation in order to fast track any future economic evaluation of Minto North as a platform for further organic growth.

Until the discovery of Minto North, the exploration potential on the property north of the DEF fault (which defines the northern boundary of the Main Deposit) was thought to be limited. Given the very attractive discovery at Minto North, planning is now underway for an exploration program to explore six to eight other, similar magnetic targets, located within 1.5 kilometres of Minto North and no more than 1.5 kilometres from the current open pit mine and mill area with targeting and prioritization supported by ground geophysics.

For current drillhole locations please view the accompanying map:
http://www.capstonemining.com/_resources/images/2009_18_CS_C…

For a current view of drill results in priority areas across the property please view the accompany map.
http://www.capstonemining.com/_resources/images/2009_18_CS_D…

For an inset view of drill results at Minto North please view the accompany map.
http://www.capstonemining.com/_resources/images/2009_18_CS_M…

For further information about Capstone, please contact:


Darren Pylot , Vice Chairman & CEO, Stephen Quin, President & COO
Or Investor Relations’ Mark Patchett at [phone] or [phone]
[e-mail]

The TSX does not accept any responsibility for the adequacy or accuracy of this press release.

Quality Assurance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Stephen P. Quin, P. Geo., President & COO for Capstone Mining Corporation. The exploration activities at the Minto project site are carried out under the supervision of Brad Mercer , P. Geol., V.P. Exploration ( Canada ) for Capstone.

The analytical method for the copper and silver analyses is aqua regia digestion of the samples followed by atomic absorption spectroscopy. Gold is analysed by fire assay fusion with atomic absorption spectroscopy finish for gold. Analyses are carried out by ALS Chemex in North Vancouver . When visible gold is noted in drill core samples or regular fire assay values appear abnormally high, the pulp and screen metallic assay method is used to determine the total gold content and gold contents of different size fractions. This is considered industry best practice when dealing with coarse gold mineralization where a nugget effect is suspected. This determination is accepted as the most representative value and is used in the assay database for resource calculations. Blank and standard samples are used for quality assurance and quality control. Where more than two check samples assay outside expected ranges, the entire batch is re-assayed. After the completion of planned drill programs at Minto, random check assays will be carried out by Acme Analytical of Vancouver.


http://www.capstonemining.com/news/index.php?&content_id=224

[Videomart]

Capstone Completes Bought Deal Financing, Operations Resume at Cozamin
Gross Proceeds of C$50.135 million to be used for future acquisitions, debt reduction & working capital
May 6, 2009

VANCOUVER, BRITISH COLUMBIA - Capstone Mining Corporation (CS: TSX) today reported that it has closed the previously announced “bought deal” short form prospectus offering (the “Offering”) of 27,100,000 common shares of the Company at a price of C$1.85 for gross proceeds of C$50,135,000. A syndicate of underwriters led by Canaccord Capital Corporation and including BMO Capital Markets Corp., Scotia Capital Inc., Haywood Securities Inc. and PI Financial Corp. (collectively, the “Underwriters”) acted as underwriters in respect of the Offering. As previously announced, Capstone granted the Underwriters an option (the “Over-Allotment Option”) to purchase up to an additional 4,065,000 Common Shares at a price of C$1.85 per Common Share to cover over-allotments. The Over-Allotment Option is exercisable by the Underwriters, in whole or in part, until June 5, 2009.

Capstone intends to use the net proceeds of the Offering for future acquisition opportunities, debt reduction or restructuring and ongoing operating and general working capital purposes.

These securities have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States without registration or an applicable exemption from applicable registration requirements in the US. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Mining Resumes at Cozamin Mine

Further to Capstone’s announcement of May 1, 2009, wherein Capstone reported a five day suspension of operations at its Cozamin Mine in Mexico in accordance with the Mexican government’s decree, which was intended to combat the H1N1 influenza pandemic, operations resumed at the mine on May 6, 2009. As previously noted, given the outperformance of the mill in April, Capstone remains confident that budgeted production will be achieved for the year.

About Capstone Mining

Capstone Mining Corp. owns and operates two high grade copper mines and has an advanced high grade development project. The Cozamin Mine is a high grade, relatively shallow mechanized underground copper mine in Zacatecas, Mexico, with significant by-product credits of zinc, lead and silver. The Minto Mine is one of the world’s highest grade open pit copper-gold mines, and is located in Yukon, Canada. Both mines have recently undergone significant production expansions and the mines are forecast to produce a total of 95-105 million pounds of copper in 2009 at a total cash cost of approximately US$1.00 per pound, net of by-product credits. In addition, Capstone owns the high grade Kutcho Copper Project in British Columbia, Canada, which is being advanced towards a production decision, and could produce significant by-products of zinc, silver and gold. Financially, Capstone is well positioned and its operations are supported by a robust hedge book that totaled 105 million pounds of copper forward sold at an average of US$2.52 per pound as of December 31, 2008, most of which is deliverable in 2009-2011.

Additional information on Capstone can be obtained on Capstone’s website at www.capstonemining.com.


http://www.capstonemining.com/news/index.php?&content_id=225

[Videomart]

China has bought 235,000 T copper as reserves -report
Sun Jun 28, 2009 11:50pm EDT

HONG KONG, June 29 (Reuters) - China has bought 235,000 tonnes of copper, 30 tonnes of indium and 5,000 tonnes of titanium, Caijing magazine quoted an official of National Development and Reform Commission (NDRC) as saying.

But China would not continue purchases. "State purchases for reserves will not continue under current market conditions," Yu Dongming at the NDRC's metallurgical deparment told a conference.

It is the first public confirmation of the NDRC's State Reserves Bureau's secretive purchases of copper for reserves.

The SRB is widely known to have bought 590,000 tonnes of primary aluminium and 159,000 tonnes of refined zinc from Chinese smelters since December last year. (Reporting by Polly Yam and Tom Miles)

http://www.reuters.com/article/marketsNews/idAFPEK3597222009…

[Videomart]

Commodities : July 3, 2009
Metals & Mining Mailbag
[07-03-09 11:40 AM]
BNN chats with Stefan Ioannou, mining analyst, Haywood Securities.
http://watch.bnn.ca/commodities/july-2009/commodities-july-3…

[Vipgast]

Antwort auf Beitrag Nr.: 37.521.357 von Videomart am 05.07.09 23:13:22

na da sind wir ja bald wieder in alten gefilden. der laden macht gute arbeit und das zahlt sich aus.
@ vid danke für deine soloarbeit hier. stay tuned!

[Videomart]

Antwort auf Beitrag Nr.: 37.637.682 von Vipgast am 24.07.09 08:36:01

Thx!!

Hier noch die aktuelle Meinung von Desjardins Securities zur Lage bei den Basismetallen:

Trading Day July 24, 2009
Base Metals [07-24-09 2:45 PM]
BNN speaks with John Redstone, analyst, Desjardins Securities.
http://watch.bnn.ca/clip196873#clip196873

[Videomart]

US copper ends a touch down, rally may continue
Fri Jul 24, 2009 3:38pm EDT

* Copper for September delivery HGU9 settled down 0.20 cent, or 0.08 percent, at $2.5220 a lb on the New York Mercantile Exchange's COMEX division.

* Range ran from $2.4895 to $2.5440, which marked a new high dating back to Oct. 7.

* Resistance eyed at $2.5930 and $2.6060 - chartists.

* COMEX's estimated futures volume at final trade was 14,873 lots IZQI. On Thursday, the exchange did a total business of 27,309 lots on an open interest at 120,765, exchange data showed. IATZ

* Traders had initially expected investors to take substantial profit from the market's rally to nine-month highs this week. That did not materialize when the dollar turned weak again on Friday, providing fresh support to prices.

* Improved euro zone services and manufacturing data, as well as a better-than-expected German sentiment survey which propped up global stock markets, bolstered sentiment further, traders said. [ID:nLO728431]

* But a weaker U.S. consumer confidence for late July, as indicated by a Reuters/University of Michigan consumer survey, tempered gains and set the stage for a mild consolidation. [ID:nN24449821]

* A raft of U.S. macroeconomic data due in the week ahead -- from fourth-quarter GDP to sales of new homes and durable goods -- will determine if the market can test the $2.75-lb psychological resistance, analysts said.

"Market tone is very positive right now for third quarter GDP to be positive and that's also giving a bullish tilt," said Michael Maniatis, market strategist at Chicago's LaSalle Futures Group.

* London Metal Exchange copper for three-months delivery MCU3 ended down $10 at $5,520 a tonne.

LME warehouse stocks of copper <LME/STX1> up 2,225 tonnes to stand at 273,950 tonnes on Thursday.

* COMEX copper stocks CMWSU slip 364 short tons to 56,971 short tons as of Wednesday.

(Reporting by Barani Krishnan; Editing by Marguerita Choy)


http://www.reuters.com/article/marketsNews/idAFN244808842009…

[Videomart]

aus
Casey's Daily Resource
July 25, 2009


Base Metals

Base metals were higher on Friday. Copper rose 0.26 cents to close at $2.4919/lb. Nickel gained nearly 23 cents to finish at $7.5266/lb. Zinc climbed almost one penny, ending at $0.7530/lb. Aluminum added a cent and a half, closing at $0.7957/lb., while lead moved to $0.7880/lb., up a penny and a half from the previous session.

Copper is up 3.5% this week and 7.8% since June 1, but an abrupt reversal could be just around the corner.

China’s copper imports are slowing after record purchases, likely ending an 81% price rally this year, according to Sumitomo Metal Mining Co., Japan’s second-largest smelter of the red metal.

“Excessive imports mean much of the purchased metal was just stored, raising the risk that they may sell it back to the market and depress prices,” said Koichi Kaku, general manager at Sumitomo. “Imports may have exceeded manufacturing demand by as much as 1.3 million metric tons in the first half,” he continued.

Still, a few folks remain bullish on copper’s short-term prospects. One such analyst is Jim Lennon with Macquarie in London, who recently told Reuters:

“From a stocking perspective China is not going to be as big a factor but actually from a real consumption perspective… it’s going to be a lot stronger. We don’t see an easing up in Chinese demand.”

Time will tell who is correct, but we’re betting on a short- to medium-term downward correction followed by a huge run-up when inflation kicks in.

http://www.caseyresearch.com/displayDrp.php

[Videomart]

Commodities : August 7, 2009 : Mailbag Friday
Moly & Base Metals [08-07-09 11:50 AM]
BNN chats with Stefan Ioannou, mining analyst, Haywood Securities
http://watch.bnn.ca/commodities/august-2009/commodities-augu…
(über Capstone ab Minute 3:58)

[Vipgast]

Capstone Reports Additional High Grade Copper-Gold Results at Minto North
August 10, 2009


Hole 09SWC492 intercepts 5.3% Cu & 2.7g/t Au over 18.1m
(including 7.3% Cu & 4.5g/t Au over 9.5m)
Hole 09SWC499 intercepts 4.2% Cu & 2.5g/t Au over 27.7m
(including 5.9% Cu & 3.6g/t Au over 18.1m)

VANCOUVER, BRITISH COLUMBIA – Capstone Mining Corporation (CS: TSX) today announced assay results from 20 exploration drillholes recently completed at “Minto North” at its high grade Minto copper-gold mine in the Yukon. These most recent drill intercepts from Minto North, which is located approximately 600 metres north-northwest of the current open pit mining operation, are from infill holes designed to better define the resource. These holes returned high grade copper-gold intercepts, confirming the results of the initial discovery and delineation drilling. Highlights of assays from these most recent drillholes are summarized in the table below and the full results for all twenty holes released today are provided in the attached table...

http://www.capstonemining.com/news/index.php?&content_id=235