Mining News: Northern Neighbors: Minto receives long-awaited license

Capstone Mining Corp. Aug. 5 said it has received a new water use license needed to begin stripping the high-grade, shallow Minto North deposit at its Minto copper mine Yukon Territory. “Access to the high-grade mineralization at Minto North will have a very positive impact on the continuation of jobs and economic benefit in Yukon, said Capstone President and CEO Darren Pylot. “The mining of the Minto North deposit also makes a significant contribution to the economics of the mine and to Capstone’s cash flow in 2016.” Capstone said preparations for pre-stripping Minto North will begin immediately, with ore from the pit expected to begin feeding the mill in December. For the balance of 2015, the mill will continue to process underground and stockpiled ore. In 2016, the mill will process predominantly ore from Minto North supplemented by underground and stockpiled ore. Minto is expected to surpass its 2015 production guidance, despite the delay in receiving the water use license. The mine is forecast to produce roughly 60 million pounds of copper in 2016. The majority of the 2015 capitalized stripping guidance of C$23.6 million is still expected to be spent in 2015. The Minto Mine commenced operations in 2007 with a six-year mine life from the Main pit, the only known ore deposit at that time. Since then, exploration has extended the mine life to 2021.

- Shane Lasley