Capstone Reports Minto Mine Connected to Yukon Electrical Grid

Capstone Mining Corp. announced that its Minto copper-gold mine in the Yukon was officially connected to Yukon Energy’s electrical grid at a ceremony attended by the Premier of the Yukon, the Minister of Economic Development, the Minister of Energy Mines & Resources and Stephen Quin, President & COO of Capstone.

“Connection to Yukon Energy’s electrical grid represents the culmination of a two-year cooperative effort between the Minto Mine, Yukon Energy, Yukon Government and the three First Nations along the path of the transmission line: Little Salmon Carmacks First Nation, Selkirk First Nation and Na-Cho Nyak Dun,” said Stephen Quin, President & COO of Capstone Mining. “The economic benefits of this project are widespread, with the construction effort having generated employment and opportunities for Yukon citizens and businesses and, now the grid is connected, lower energy costs are helping to enhance the economic viability of the Minto Mine, the elimination of fuel purchases for power generation is keeping significant dollars within the Yukon economy, increased power sales of surplus hydro energy for Yukon Energy is supporting a recent application for reduced electricity rates to Yukoners while Yukon’s electrical infrastructure is being enhanced, increased margins for the Minto Mine are increasing the tax and royalty base for Yukon and Selkirk First Nation as deductible expenses are reduced, and the Minto Mine and community of Pelly Crossing have been taken off diesel generated power, thereby significantly reducing greenhouse gas emissions.”

Electrical Grid Connection

The connection of the Minto Mine to Yukon Energy’s electrical grid completes a two-year process whereby the Minto Mine and Yukon Government made contributions toward the capital cost of extending the Yukon Electrical grid approximately 80km north from Carmacks to Minto Landing, and also involving the construction of three substations and a 27km dedicated spur line from Minto Landing to the Minto Mine at Minto’s cost. “During this two-year period, the grid extension concept was conceived, negotiated, agreed, designed, assessed, permitted, approved, funded, constructed and commissioned,” said Mr. Quin. “Considering this process involved Minto, Yukon Energy, Yukon Government, three First Nations, the Yukon Utilities Board and Yukon’s first executive committee screening under the Yukon Environmental and Socio-economic Assessment Act, this timing is a reflection of the willing and supportive efforts by all parties, without which this rapid progress would not have been possible.”