Owner
Post by Franko10 ™ on Sept 11, 2004 10:16:55 GMT -5
EL CAPITAN SIGNS JOINT VENTURE AGREEMENT WITH
U.S. CANADIAN MINERALS INC. FOR PRECIOUS METALS RECOVERY FROM COD MINE TAILINGS - 05/14/04
Englewood, CO – El Capitan Precious Metals, Inc. (OTC/BB: ECPN) announced today that it has executed a joint venture agreement with US Canadian Minerals, Inc. (OTC/BB: UCAD) to put into production the recovery of gold and silver from the tailings of the COD mine located near Kingman, Arizona.
The joint venture agreement calls for UCAD to acquire an 80% interest in the COD mine in exchange for 720,000 shares of UCAD common stock. Shares of UCAD closed at $3.03 per share on May 12, 2004. In addition, UCAD has agreed to contribute 90 days operating capital to provide for at least three workers, fuel, necessary equipment agreed upon by the parties, and equipment repair and maintenance. Net profits from the operations will be split equally among El Capitan and UCAD.
“We believe based upon preliminary tests that the COD mine tailings show potential for recoverable amounts of gold and silver,” stated El Capitan President, Chuck Mottley. “We are hopeful this joint venture will allow us to realize the full potential of these tailing to provide some working capital in the next few months.”<br>
In addition to the joint venture agreement, El Capitan also agreed to retain UCAD as a consultant for a period of two years to provide services pertaining to, among other things, identifying, studying and evaluating merger, acquisition, joint venture, strategic alliance and other proposals as well as implementation of financial public relations programs for the Company. In exchange for its services, UCAD will be issued a one year warrant to acquire up to 1,000,000 shares of El Capitan common stock exercisable at $0.43 per share.
El Capitan Precious Metals, Inc. is a nominally capitalized development stage company that owns a 40% interest in the El Capitan mine located near Capitan, New Mexico as well as 13 mining claims and other assets known as the C.O.D. Property located near Kingman, Arizona.
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in El Capitan Precious Metals Securities and Exchange Commission filings; economic downturns affecting the operations of El Capitan Precious Metals; the inability to initiate or complete a possible sale of the El Capitan or COD properties or any other restructuring, offering, acquisition, disposition, joint venture or similar transaction; adverse financial performance by El Capitan Precious Metals; failure to obtain or maintain regulatory approval for products and services offered by El Capitan Precious Metals; the accuracy of geological and geophysical results including drilling and assay reports; the inability of the Company to develop and/or mine the El Capitan or COD properties; and the unavailability of financing to complete management's plans and objectives. The forward-looking statements contained in this press release speak only as of the date hereof and El Capitan Precious Metals disclaims any intent or obligation to update these forward-looking statements.
Jamie Phillips
Director of Investor Relations
jpelcapitan@cox.net
480-229-1356
U.S. CANADIAN MINERALS INC. FOR PRECIOUS METALS RECOVERY FROM COD MINE TAILINGS - 05/14/04
Englewood, CO – El Capitan Precious Metals, Inc. (OTC/BB: ECPN) announced today that it has executed a joint venture agreement with US Canadian Minerals, Inc. (OTC/BB: UCAD) to put into production the recovery of gold and silver from the tailings of the COD mine located near Kingman, Arizona.
The joint venture agreement calls for UCAD to acquire an 80% interest in the COD mine in exchange for 720,000 shares of UCAD common stock. Shares of UCAD closed at $3.03 per share on May 12, 2004. In addition, UCAD has agreed to contribute 90 days operating capital to provide for at least three workers, fuel, necessary equipment agreed upon by the parties, and equipment repair and maintenance. Net profits from the operations will be split equally among El Capitan and UCAD.
“We believe based upon preliminary tests that the COD mine tailings show potential for recoverable amounts of gold and silver,” stated El Capitan President, Chuck Mottley. “We are hopeful this joint venture will allow us to realize the full potential of these tailing to provide some working capital in the next few months.”<br>
In addition to the joint venture agreement, El Capitan also agreed to retain UCAD as a consultant for a period of two years to provide services pertaining to, among other things, identifying, studying and evaluating merger, acquisition, joint venture, strategic alliance and other proposals as well as implementation of financial public relations programs for the Company. In exchange for its services, UCAD will be issued a one year warrant to acquire up to 1,000,000 shares of El Capitan common stock exercisable at $0.43 per share.
El Capitan Precious Metals, Inc. is a nominally capitalized development stage company that owns a 40% interest in the El Capitan mine located near Capitan, New Mexico as well as 13 mining claims and other assets known as the C.O.D. Property located near Kingman, Arizona.
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in El Capitan Precious Metals Securities and Exchange Commission filings; economic downturns affecting the operations of El Capitan Precious Metals; the inability to initiate or complete a possible sale of the El Capitan or COD properties or any other restructuring, offering, acquisition, disposition, joint venture or similar transaction; adverse financial performance by El Capitan Precious Metals; failure to obtain or maintain regulatory approval for products and services offered by El Capitan Precious Metals; the accuracy of geological and geophysical results including drilling and assay reports; the inability of the Company to develop and/or mine the El Capitan or COD properties; and the unavailability of financing to complete management's plans and objectives. The forward-looking statements contained in this press release speak only as of the date hereof and El Capitan Precious Metals disclaims any intent or obligation to update these forward-looking statements.
Jamie Phillips
Director of Investor Relations
jpelcapitan@cox.net
480-229-1356
