Capstone Mining First Quarter 2017 Financial Results

Capstone Mining Corp. (“Capstone” or the “Company”) (TSX: CS) today announced its financial results for the quarter ended March 31, 2017. Cash flow from operating activities was $22.0 million or $0.06 per share. The net loss for the period was $7.4 million or $0.02 per share and the adjusted net loss was $2.0 million or $0.01 per share after adjusting for certain non-cash and non-recurring charges. Copper production for the quarter totalled 20,950 tonnes (20,230 tonnes of payable copper) at a C1 cash cost1 of $1.98 per payable pound produced with copper sales for the quarter of 21,582 tonnes at a C1 cash cost1 of $1.69 per payable pound sold.
As quoted in the press release:

“In the first quarter of 2017 we generated $22 million of operating cash flow despite challenging operating conditions at Pinto Valley,” said Darren Pylot, President and CEO of Capstone. “All three of our mines generated positive net earnings for the quarter, supported by higher realized metal prices.”
“We also recently announced a two year extension of our credit facility, to 2021, giving Capstone significant financial flexibility to meet our current and anticipated operating requirements,” continued Mr. Pylot. “In addition, at current copper prices, we anticipate the continuation of operations at Minto until mid-2020 with a potential mine life extension beyond 2020.”

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