Capstone Mining Corp. (TSX:CS) says Korea Resources Corp. would become its largest shareholder - Dominion Lending Centres ClearleaseCapstone Mining Corp. (TSX:CS) says Korea Resources Corp. would become its largest shareholder - Dominion Lending Centres ClearleaseCapstone Mining Corp. (TSX:CS) says Korea Resources Corp. would become its largest shareholder - Dominion Lending Centres Clearlease - Clearlease Financial Group

Capstone Mining Corp. (TSX:CS) says Korea Resources Corp. would become its largest shareholder – Dominion Lending Centres Clearlease – Dominion Lending Centres Clearlease

VANCOUVER – (April 18, 2011) Clearlease.com Reports Capstone Mining Corp. (TSX:CS) says Korea Resources Corp. would become its largest shareholder and a 30 per cent partner in the Santo Domingo copper and iron project once Capstone acquires Far West Mining Ltd.

The friendly takeover deal between Capstone and Far West (TSX:FWM), worth more than $1.1 billion including the South Korean company’s contributions, was announced by the Vancouver-based mining companies on the weekend.

Capstone is offering C$725 million in a cash and shares to acquire all of Far West shares. The offer values Far West at C$9.19 per share — about 20 per cent above Far West’s value prior to the announcement on Sunday.

Far West shares gained 62 cents to $8.30 in early trading Monday while Capstone was down 31 cents to $3.90 at the Toronto Stock Exchange.

Assuming the takeover deal is completed, Korea Resources would buy 11 per cent of Capstone’s shares for C$170 million and get one seat on its board of directors.

KORES will also pay $210 million cash to Capstone to acquire 30 per cent of the Santo Domingo project and provide 30 per cent of the funds required to get it into production.

In return, the Korean company will get to buy 50 per cent of the copper and iron concentrate produced by Santo Domingo at market rates over the life of the mine.

“This is a transformational development for Capstone,” the company’s president and chief executive, Darren Pylot, said in a Monday conference call.

By acquiring the Santo Domingo project, Capstone will be on track to become a low-cost, mid-tier producer.

Pylot said Capstone and KORES share similar objectives “including the need to provide further growth in copper production.”

“These agreements are subject tot he completion of the Far West transaction.”

The companies said Far West’s directors, senior management and certain shareholders, including Quadra FNX Mining Ltd. of Vancouver (TSX:QUX), are supporting the Capstone offer.

For the Far West takeover to be completed, the deal will require approval by at least two-thirds of votes cast at its shareholders meeting and a simple majority of more than 50 per cent votes cast by Capstone shareholders.

The companies plan to have their shareholder votes in June.

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