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Sherwood Copper Corp.

Publié le 23 janvier 2009

Capstone Mining Corp. Reports Debt Repayments, Funding of Debenture Repurchase and Forward Sales

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Mots clés associés :   Backwardation | Canada | Capstone | Copper | K Street | Precious Metals |
 
Capstone Mining Corp.
                Suite 1980-1055 W. Hastings Street ? Vancouver, BC ? V6E 2E9 ? Canada ? Tel: 604.684.8894 ? Fax: 604.688.2180
 
FOR IMMEDIATE RELEASE  
 
January 22, 2009        #09-01
 
Capstone Reports Debt Repayments, Funding of Debenture Repurchase and Forward Sales
Balance Sheet Remains Strong, Revenue Protected by Forward Sales
 
VANCOUVER, BRITISH COLUMBIA ? Capstone Mining Corp. (CS-TSX) today announced that it had repaid portions of its project debt facilities and repurchased the majority of its convertible debentures with a new loan facility.  Capstone also provided an update on its forward sales of copper and the reorganization of one of its subsidiaries.
 
Fourth Quarter Finances
During the fourth quarter ending December 31, 2008, Capstone?s wholly owned subsidiary, Capstone Mining North Ltd. (formerly Sherwood Copper Corp.), repaid its C$10 million revolving corporate credit facility with Macquarie Bank Limited (?Macquarie?) and made two US$5.5 million principal payment on its project loan facility (?PLF?), reducing the PLF balance to US$29.9 million at year end.  The PLF is repayable at a rate of US$5.5 million per calendar quarter, but the January 1 2009 payment was paid early because of the holiday.  An additional balance of C$10 million also remains outstanding under the subordinate loan facility (?SLF?) that is repayable after the PLF. 
 
During the fourth quarter, provisional pricing adjustments totalling approximately US$34 million were paid out in respect of concentrates settled during the quarter for the Minto and Cozamin mines.  These provisional payment adjustments were partially offset by approximately US$14.7 million in proceeds from closing in-the-money copper forward sales.  During this period, proceeds of US$37.5 million were received as an advance payment against future gold and silver production from the Minto Mine, as announced November 21, 2008, which proceeds were partially offset by US$3.6 million paid out to settle out-of-the-money forward sales of gold and silver. 
 
Following these transactions, Capstone had a cash balance of approximately US$41.9 million as of December 31, 2008.  At the end of the year, Capstone had 21,465 tonnes of concentrate awaiting final settlement; however, final adjustments on the 90% advanced as provisional payments for these concentrates should be subject to more normal levels of adjustments as copper prices have stabilized.  Any provisional pricing adjustments related to these concentrates will benefit from closing in-the-money forward copper sales (see below).  Also at year end, Capstone held 24.0 million shares and 2.8 million special warrants of Silverstone Resources Corp. 
 
All amounts discussed herein are unaudited; additional details on Capstone?s balance sheet and other financial matters will be provided in Capstone?s year-end financial statements and management discussion and analysis, when released.
 
Convertible Debenture Repurchase & Funding
Further to the offer that Capstone mailed on December 23, 2008 for the repurchase of its C$43.6 million in 5% convertible debentures (the ?Debentures?), Capstone has delivered Computershare C$39,866,875 to fund the January 22, 2009 purchase of $38,871,000 of Debentures tendered under the offer, plus accrued interest and costs.  As a result, the outstanding Capstone Debentures have been reduced from C$43.6 million to C$4.73 million.
 
Separately, Capstone has completed a US$40 million corporate revolving term credit facility with The Bank of Nova Scotia (the "RT Facility").  Under the terms of the RT Facility, the funds are re-drawable over a three year term, subject to a US$8 million reduction every 6 months commencing on the first anniversary, and it attracts an interest rate of US LIBOR plus 3.5% (adjustable in certain circumstances).   US one-month LIBOR rates have averaged between 0.3% and 0.5% so far in 2009.
 
Forward Sales Balance
As at December 31, 2008, the outstanding balance of copper forward sales held by Capstone and its subsidiaries totalled 104.4 million pounds, with an average price of US$2..52 per pound of copper deliverable, as summarized in the table below. 
 
Weighted Averages      
Year Tonnes lbs Price (US$/t) Price (US$/lb)
         
2009 Q1 5,564 12,266,520 5,961.32 2.70
2009 Q2 5,084 11,208,301 5,808.86 2.63
2009 Q3 4,600 10,141,264 5,680.60 2.58
2009 Q4 4,281 9,437,989 5,546.56 2.52
Total 2009 19,529 43,054,075 5,764.59 2.61
         
2010 Q1 4,131 9,107,296 5,380.45 2.44
2010 Q2 4,131 9,107,296 5,264.99 2.39
2010 Q3 3,765 8,300,404 5,190.35 2.35
2010 Q4 3,582 7,896,958 5,103.77 2.32
Total 2010 15,609 34,411,955 5,240.54 2.38
         
2011 Q1 3,282 7,235,571 4,860.60 2.20
2011 Q2 2,402 5,295,504 5,135.88 2.33
2011 Q3 2,774 6,115,623 5,596.87 2.54
2011 Q4 1,654 3,646,446 5,985.29 2.71
Total 2011 10,112 22,293,144 5,311.93 2.41
         
2012 Q1 300 661,387 7,097.50 3.22
2012 Q2 300 661,387 7,097.50 3.22
2012 Q3 300 661,387 7,097.50 3.22
2012 Q4 300 661,387 7,097.50 3.22
Total 2012 1,200 2,645,547 7,097.50 3.22
         
2013 Q1 225 496,040 6,875.00 3.12
2013 Q2 225 496,040 6,875.00 3.12
2013 Q3 225 496,040 6,875.00 3.12
2013 Q4 225 496,040 6,875.00 3.12
Total 2013 900 1,984,160 6,875.00 3.12
         
TOTAL 47,350 104,388,881 5,550.05 2.52
 
At December 31, 2008, making no allowance for any costs to close out any positions, the mark-to-market value of these forward sales was approximately US$115 million.  The mark-to-market value will fluctuate with changes in copper prices and the contango or backwardation applicable at the time.
 
Capstone has no outstanding precious metals contracts, Sherwood Copper having closed out all its gold and silver forwards prior to completion of the precious metal transaction with Silverstone Resources Corp. (announced November 21, 2008) and prior to the completion of the plan of arrangement between Capstone and Sherwood Copper.
 
Corporate Structure
Subsequent to the plan of arrangement that was approved by the Supreme Court of British Columbia on November 22, 2008, Capstone Mining Corp. and its wholly owned subsidiary, Capstone Mining North Ltd. (formerly Sherwood Copper Corp.), were amalgamated as one company under the name Capstone Mining Corp. on January 1, 2009.  As a result of this amalgamation, Capstone Mining Corp. directly owns 100% of the shares of Minto Explorations Ltd., owner of the high grade Minto copper-gold mine, and 100% of the shares of Kutcho Copper Corp., owner of the high grade Kutcho copper project.  This corporate structure provides a simpler ownership structure that should allow tax efficiencies in the future.
 
For further information about Capstone, please contact:

Darren Pylot, Vice Chairman & CEO, Stephen Quin, President & COO
Or Investor Relations? Chris Tomanik or Mark Patchett at (604) 684-8894 or (866) 684-8894
 
 
The TSX does not accept any responsibility for the adequacy or accuracy of this press release.
 
Forward-Looking Statements
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this document and Capstone Mining Corp. (hereinafter referred to as the "Company") do not intend, and do not assume any obligation, to update these forward-looking statements.
 
Forward-looking statements relate to future events or future performance and reflect management of the Company's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reliance on forward looking statements.
 
 
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Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Sherwood Copper Corp.

CODE : SWC.V
CUSIP : 82442N 103
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Sherwood Copper est une société développant des projet miniers de cuivre basée au Canada.

Sherwood Copper est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 56,5 millions CA$ (46,4 millions US$, 36,8 millions €).

La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2007 à 8,26 CA$, et son plus bas niveau récent le 21 novembre 2008 à 1,01 CA$.

Sherwood Copper possède 53 853 000 actions en circulation.

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Rapports annuels de Sherwood Copper Corp.
2007 Annual report
Financements de Sherwood Copper Corp.
29/02/2008 Signs Committed Term Sheet for Corporate Credit Facility wi...
15/02/2008 Announces $7.2 million Flow-through Financing
Nominations de Sherwood Copper Corp.
01/04/2008Makes Key Appointments to its Board & Management
16/01/2008 Appoints Kevin Weston as Chief Operating Officer
Rapports Financiers de Sherwood Copper Corp.
27/08/2008Reports Continued Strong Financial Results for the Three Mon...
22/07/2008Reports Increased Copper Production & Reduced Costs in Secon...
30/05/2008Reports Strong Results from Operations in First Quarter 2008
Projets de Sherwood Copper Corp.
26/01/2009(Minto Mine)Capstone Mining Corp. Commences US$ 3 Million Resource Expan...
10/12/2008(Minto Mine)Capstone Mining Corp. Reports Final Drill Intercepts of Nea...
13/11/2008(Kutcho Creek)Increases Continuity of High Grade Copper Trend at its Kutch...
07/11/2008(Minto Mine)Raises US$37.5 million from Minto Precious Metal ProductionT...
04/11/2008(Minto Mine)Reports New Copper-Gold Discovery at Minto Mine and possible...
22/09/2008(Kutcho Creek)Reports Further High Grade Intercepts from its Kutcho Copper...
18/09/2008(Minto Mine)Reports Thick Intervals of Near Surface Copper-Gold Minerali...
02/09/2008(Kutcho Creek)Reports Multiple High Grade Intercepts from its Kutcho Coppe...
28/08/2008(Minto Mine)Reports High Rainfall temporarily restricts access to its Mi...
21/08/2008(Minto Mine)Reports Further High Grade Copper-Gold Results From Areas 2 ...
17/07/2008(Minto Mine)Releases Further High Grade Copper-Gold from Area 2 & Area 1...
14/07/2008(Kutcho Creek)Reports High Grade Intercepts from the Kutcho Drill Program
17/06/2008(Minto Mine)Announces Significant Increase in Copper-Gold Resources at M...
17/04/2008(Minto Mine)Reports Minto Copper-Gold Mine Achieves & Exceeds Design Cap...
10/03/2008(Kutcho Creek) Completes Funding Arrangements for Kutcho Project & Begins ...
25/02/2008(Minto Mine)Reports 2007 Production Results & 2008 Production Estimate f...
13/02/2008(Minto Mine)Intersects High Grade Copper-Gold Mineralization in 4 Separa...
14/01/2008(Minto Mine)Intersects High Grade Copper-Gold Mineralization at Area 118...
18/12/2007(Minto Mine) Reports Phase 2 Mill Expansion at Minto Copper-Gold Mine Co...
12/12/2007(Minto Mine) Reports Results of Pre-feasibility Study for Expansion of M...
07/12/2007(Minto Mine)Reports Groundwork has Commenced on Carmacks to Stewart Tran...
03/12/2007(Minto Mine)Intersects High Grade Copper-Gold Mineralization at Ridgetop...
29/10/2007(Minto Mine) Intersects High Grade Copper-Gold Mineralization at Area 11...
25/10/2007(Minto Mine) Ships first Minto Mine Concentrates from Skagway
25/09/2007(Minto Mine)Receives Encouraging Results From 2007 Gradient IP Geophysic...
19/09/2007Discovers High Grade at Airstrip & Expands High Grade at Are...
05/09/2007(Minto Mine)Reports "On budget & Ahead of Schedule" Phase 1 Construction...
25/07/2007(Minto Mine)Delivers First Concentrates from Minto Mine to Port of Skagw...
15/06/2007(Minto Mine)Phase 2 Exploration Program Underway at Minto Copper-Gold Mi...
12/06/2007(Minto Mine)Reports Excellent Metallurgical Test Results from Area 2 at ...
24/05/2007(Minto Mine)Discovers High Grade Copper-Gold Mineralization in Minto 'Ga...
24/04/2007(Minto Mine)Awarded Funding from the Yukon Government to Advance Area 2 ...
12/04/2007(Minto Mine)Expands Scope of Pre-feasibility Study on Minto Copper-Gold ...
11/04/2007Accelerates Phase 2 Mill Expansion at Minto Copper-Gold Mine...
Communiqués de Presse de Sherwood Copper Corp.
23/01/2009Capstone Mining Corp. Reports Debt Repayments, Funding of De...
24/12/2008Capstone Mining Corp. Mails Offer to Purchase to its Debentu...
24/11/2008Reports Cash Flow from Mining Operations of $29.9 million in...
21/11/2008Announces Closing of Precious Metal Transaction
19/09/2008sets Shareholder Meeting Date for Capstone Combination
05/08/2008Reports Higher Copper Production Forecast for 2009 & Updated...
25/07/2008Reports Phase 3 Mill Throughput Increase to 3,200tpd Approve...
30/06/2008Finalizes Exploration Agreement with Northern Tiger Resource...
12/06/2008Reports Results of Preliminary Economic Assessment for Kutch...
05/06/2008Holds Successful Annual Meeting & Reports on Strategic Objec...
28/05/2008and Western Keltic Announce Closing of Business Combination
07/04/2008and Western Keltic Mines Inc. Announce Planned Business Comb...
06/03/2008 Increases Holdings to Approximately 93% of Western Keltic S...
03/03/2008Signs Exploration Memorandum of Understanding with Firestone...
22/02/2008Acquires 91.7% of Western Keltic Shares & Extends Offer for ...
12/02/2008Takes up 85.6% of Western Keltic Shares & Extends Offer for ...
30/01/2008Extends Offer for Western Keltic Mines to February 11, 2008
24/12/2007 Mails Offer for Western Keltic Mines
26/11/2007 Announces Agreement for Acquisition of Western Keltic Mines
29/10/2007 Appear on BNN TV
12/10/2007 Holds the Official Opening Ceremony for the Minto Mine, Yuk...
04/10/2007 Reports that Minto Mine Declares Commercial Production
17/07/2007Identifies Two Extensive Copper-Gold Systems at Minto Projec...
16/07/2007Reports Geotech Program Results in Improved Pit Slopes at Mi...
29/05/2007reports Yukon Utilities Board Approves Revised Power Purchas...
15/05/2007reports Yukon Government Support for Revamped Power Purchase...
10/05/2007Nominates Industry Leader for election to its Board of Direc...
02/05/2007Announces Yukon Utilities Board Turns Down Provisions of the...
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