Mr. Jerrold Annett reports
CAPSTONE SAFELY RAMPING DOWN COZAMIN OPERATIONS IN ACCORDANCE WITH MEXICAN GOVERNMENT DECREE RELATED TO COVID-19 RESTRICTIONS
Capstone Mining Corp. has taken steps to safely and systematically reduce mining and processing activities at its Cozamin operation in Zacatecas, Mexico, to comply with a government-mandated suspension of all non-essential activities. On March 31, 2020, the Mexican federal government declared a national health emergency in response to the COVID-19 pandemic and suspended all non-essential activities in private and public sectors until April 30, 2020.
Since March 31, 2020, Capstone has been working with government, surrounding communities, industry peers, and its employees and contractors to understand and comply with the government mandate. The company is taking all steps necessary to be able to quickly and safely ramp production back up once the temporary suspension has been lifted. A reduced work force will remain on site to maintain key infrastructure, manage environmental compliance and provide requisite security.
At this time, Capstone's Pinto Valley operation in Arizona remains at full capacity. Each of the company's operations has developed site-specific screening, education and modifications to work procedures to limit COVID-19 exposure and transmission. Capstone's priority is to ensure the health and safety of the company's people and the communities in which the company operates, and the company is following the requirements and advice of local government authorities and the World Health Organization. Refer to the news release of March 25, 2020, for some of the rigorous control and prevention measures implemented by the company.
In light of the temporary suspension at Cozamin and the continuing uncertainty regarding COVID-19, Capstone has decided to withdraw its full-year 2020 production guidance. The company will continue to target safe execution of its operation plans and will re-evaluate its full-year 2020 guidance as the pandemic evolves.
About Capstone Mining Corp.
Capstone Mining is a Canadian base metal mining company, focused on copper. Its two producing mines are the Pinto Valley copper mine, located in Arizona, United States, and the Cozamin copper-silver mine in Zacatecas state, Mexico. In addition, Capstone has the large-scale 70-per-cent-owned copper-iron Santo Domingo development project in Region III, Chile, in partnership with Korea Resources Corp., as well as a portfolio of exploration properties. Capstone's strategy is to focus on the optimization of operations and assets in politically stable, mining-friendly regions, centred in the Americas.
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