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SWC Sherwood Copper Com Npv

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Share Name Share Symbol Market Type
Sherwood Copper Com Npv TSXV:SWC TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Sherwood Shareholders Overwhelmingly Approve Business Combination with Capstone

14/11/2008 6:25pm

Marketwired Canada


Sherwood Copper Corporation (TSX VENTURE:SWC) and Capstone Mining Corp. (TSX:CS)
are pleased to announce that, at the special meeting of Sherwood's shareholders
held on Friday, November 14, 2008 (the "Meeting"), Sherwood's shareholders voted
overwhelmingly in favour of the previously announced business combination, by
way of Plan of Arrangement (the "Arrangement"), with Capstone. Additional
information concerning the Arrangement is provided in Sherwood's information
circular dated October 15, 2008, which is available on SEDAR under Sherwood's
profile at www.sedar.com.


At the Meeting, a special resolution approving the Arrangement (the "Arrangement
Resolution") was passed by an affirmative vote of over the required two-thirds
of the aggregate votes cast by Sherwood shareholders present in person and by
proxy at the Meeting. Specifically, 99.93% of the votes cast in respect of the
Arrangement Resolution voted in favour of the Arrangement Resolution and no
notices of dissent were received by Sherwood.


The New Capstone

Combined under the name of Capstone Mining, Sherwood and Capstone will be a
well-funded, low-cost, growth-oriented, copper company with two producing high
grade copper mines in mining friendly jurisdictions in North America. Both
Capstone's Cozamin and Sherwood's Minto mines have undergone a series of
expansions, recently completed, over the past two years, aimed at maximizing
production and minimizing costs. The benefits of these expansions, of both
resources and copper output, should be evident in 2009 as the full production
capacity of the mines is realized.


Following on extensive in-fill and step out drilling at both Cozamin and Minto,
new resource estimates are in process which are expected to result in increased
reserves, supporting longer mine lives and, in the case of Minto, potential
further increases in mill capacity. In addition, Sherwood's high grade Kutcho
copper project continues to be redesigned as a smaller, higher grade project
following significant improvements in the continuity of the high grade copper
mineralization in 2008.


Combined, the two companies, their operating mines, expansion potential, Kutcho
development project and a recently enhanced balance sheet create an attractive
base metal production entity, plus provides a platform for evaluating external
growth opportunities where the new Capstone can lever off its mine building,
operating, financing, exploration and project evaluation team.


About Capstone Mining

Capstone is a Canadian based mining company currently operating the 100% owned
Cozamin copper-silver-lead-zinc mine located in Zacatecas State, Mexico. The
Cozamin Mine produced 6.7 million pounds of copper at a total cash cost of
US$1.29 per pound in the three months ended September 30, 2008. Capstone has
approximately 80.3 million shares outstanding and is well financed with no bank
debt, and approximately USD $57.4 million in working capital as of September 30,
2008. Capstone recently completed expanding its mill capacity to 3,000 tonnes
per day, as well as major drill program focused on upgrading and increasing the
mineral resources and reserves at Cozamin.


Additional information on Capstone and its Cozamin Mine is available on
Capstone's website at http://www.capstonemining.com.


About Sherwood Copper

Sherwood Copper owns 100% of the Minto copper-gold mine in Yukon, Canada, one of
the highest-grade open pit copper-gold mines in the world, which was built on
budget and ahead of schedule in 2007. The Minto Mine produced 12.8 million
pounds of copper at a total cash cost of C$0.96 per pound in the three months
ended June 30, 2008. Sherwood has approximately 53.8 million shares outstanding
and, at June 30, 2008, had approximately $51.7 million in project related debt,
$43.6 million in convertible debentures, and $8.1 million drawn against a
corporate credit facility, after repaying US$16.9 million in the first six
months of 2008. With 140% growth in mineral resources in two years, followed by
a successful 2008 drilling program, Sherwood plans to evaluate options for
further significant production expansions. Sherwood also has a 100% interest in
the high grade Kutcho copper-zinc project in BC, Canada, which it is advancing
towards a production decision.


Additional information on Sherwood and its Minto Mine can be obtained on
Sherwood's website at http://www.sherwoodcopper.com.


Forward-Looking Statements

This document may contain "forward-looking statements" within the meaning of
Canadian securities legislation and the United States Private Securities
Litigation Reform Act of 1995. These forward-looking statements are made as of
the date of this document and Capstone Mining Corp. and Sherwood Copper Corp.
(hereinafter referred to as the "Companies") do not intend, and do not assume
any obligation, to update these forward-looking statements.


Forward-looking statements relate to future events or future performance and
reflect management of the Companies' expectations or beliefs regarding future
events and include, but are not limited to, statements with respect to the
estimation of mineral reserves and resources, the realization of mineral reserve
estimates, the timing and amount of estimated future production, costs of
production, capital expenditures, success of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims and
limitations on insurance coverage. In certain cases, forward-looking statements
can be identified by the use of words such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or
the negative of these terms or comparable terminology. By their very nature
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Companies to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to actual results of current
exploration activities; changes in project parameters as plans continue to be
refined; future prices of resources; possible variations in ore reserves, grade
or recovery rates; accidents, labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing or in the
completion of development or construction activities; as well as those factors
detailed from time to time in the Companies' interim and annual financial
statements and management's discussion and analysis of those statements, all of
which are filed and available for review on SEDAR at www.sedar.com. Although the
Companies have attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. There can be
no assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated
in such statements.


Accordingly, readers should not place undue reliance on forward looking statements.

1 Year Sherwood Copper Com Npv Chart

1 Year Sherwood Copper Com Npv Chart

1 Month Sherwood Copper Com Npv Chart

1 Month Sherwood Copper Com Npv Chart