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April 13, 2007

Capstone Financial Restatement of Future Income Tax Disclosure Q1-2007
VANCOUVER, B.C. - CAPSTONE MINING CORP. 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


Restated:
 

 

 

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."

ABOUT CAPSTONE

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: www.capstonemining.com.

For further information about the Company, please contact:
Chris Tomanik, Telephone: (604) 684-8894 / Facsimile: (604) 688-2180
Email:

 
 

You can view the Next News Releases item: Mon Apr 16, 2007, Capstone Reports Quarterly Operating Profit Of $4.8 Million

You can view the Previous News Releases item: Wed Apr 4, 2007, Capstone Mining Closes Previously Announced Agreement to Sell Cozamin Silver Production to Silverstone Resources Corp.

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