Capstone Mining Corp.

Capstone Mining Corp.

April 13, 2007 19:05 ET

Capstone Financial Restatement of Future Income Tax Disclosure Q1-2007

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 13, 2007) - CAPSTONE MINING CORP. (TSX:CS) has restated its first quarter results for the period ended November 30, 2006. Its external auditors, Davidson & Company, reviewed the first quarter financial statements and included a future income tax asset of $5.8 million. After further review it has been determined that there is also a corresponding accounting future income tax liability which offsets the future income tax asset. Please see results of the restatement below.

Reported on January 15, 2007:

Earnings per share

Earnings before taxes $ 6.5 million $0.08

Net income tax recovery $ 5.8 million $0.07

Earnings for the period $12.3 million $0.15


Earnings before taxes $ 6.5 million $0.08

Net income tax recovery $ 0.0 million $0.00

Earnings for the period $ 6.5 million $0.08

Darren Pylot, President and CEO, said, "This is purely an accounting error in recognizing a future tax asset and has no economic impact on Capstone, our cash flows or our tax loss carry forwards."


Capstone is a Canadian based mining company currently operating the 100% owned Cozamin copper-silver-lead-zinc mine located in Zacatecas State, Mexico. Capstone has approximately 81.5 million shares outstanding and is well financed with no bank debt. More information is available online at:

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