Minto (Canada)

Operator: Capstone
Location: Yukon
Term of Stream: Life of Mine
Stream Parameters: 100% of gold production and 100% of silver production
Upfront Consideration: US$55M
Cost Quartile: 3rd
Primary Metal: Copper

Project Overview

The Minto copper-gold-silver mine located in Yukon, Canada, is an open pit and underground mining operation that commenced commercial production in 2007. Since 2007, the mine has undergone several successful expansions, more than doubling mill throughput levels from 1,563 tonnes per day to its current design throughput of 3,600 tonnes per day. The mill employs conventional crushing, grinding and flotation to produce copper and gravity concentrates with significant gold and silver credits. Concentrates are exported via the Port of Skagway, Alaska, to smelters in Asia for treatment and sale.

The Minto deposit is spread over a series of high grade areas interspersed with large deposits of low grade material. The mine plan was designed for the highest grade deposits to be mined sequentially in a series of small pits supplemented with additional ore from underground. Surface mining of the Minto North pit is expected to be completed in 2016, with the mill continuing to process Minto North material until the middle of 2017. Capstone expects the operation will be temporarily closed once all the ore from Minto North and the remaining stockpiles are processed by mid-2017. Future production decisions will depend on a number of factors, most notably an improvement in the copper market outlook.

Precious Metal Purchase Agreement

Silver Wheaton acquired Silverstone Resources Corp. in May 2009, giving Silver Wheaton the right to purchase all of the silver and gold production from the Minto mine for the lesser of US$3.90 per ounce of silver and US$300 per ounce of gold (subject to an annual inflationary adjustment) or the prevailing market price per ounce of silver or gold delivered. If gold production from the Minto Mine exceeds 30,000 ounces per year, Silver Wheaton has committed to purchase 50% of the amount that production exceeds those thresholds for the same per ounce payment noted above.

More Information

For more information about the Minto mine, please visit Captsone Mining Corp.’s website at www.capstonemining.com. Cost quartile information is sourced from Wood Mackenzie byproduct cost curves for gold, zinc/lead, copper, nickel, and silver mines.

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