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Thursday, 29th January 2009 (869 views)

Capstone Mining has announced that work has commenced on a new $3 million (£2.1 million) resource expansion drilling programme at its Minto gold mine.

The Vancouver-based company has started resource definition drilling at the Area 118 and Ridgetop deposits in the Yukon as part of its Phase IV expansion study.

Under the 2009 exploration programme, Capstone is exploring the northern side of the 118 deposit in Area 2 and the eastern side of the Ridgetop deposit, which remained opened to expansion at the end of 2008 drilling operations.

Stephen Quin, Capstone Mining president and chief operating officer, commented: "Three years of consistently strong exploration results, which are rapidly being converted into resources and … hopefully reserves clearly justify a sustained commitment to continued exploration."

Canadian firm Capstone is a publicly traded business with operations in the Americas and recently revealed that it had repaid portions of project debt facilities and arranged a new loan facility to repurchase convertible debentures.

 

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