Owner
Post by Franko10 ™ on Sept 11, 2004 10:19:57 GMT -5
EL CAPITAN SIGNS NEW LETTER OF INTENT FOR
SALE OF IRON ORE Tuesday July 28, 7:00 am ET
Englewood, CO – El Capitan Precious Metals, Inc. (the “Company” or “ECPN”) (OTC/BB: ECPN) announced today that it has signed a new non-binding letter of intent with Asia Finance Corporation (“AFC”) to deliver up to 3 million tons of iron ore per year from a property in the Southwest United States for which the Company recently acquired mining rights. AFC is the United States representative for certain Chinese steel mills searching for iron ore. Completion of this transaction is subject to further due diligence by each party, negotiation and execution of a definitive agreement, necessary state or federal permitting and any other necessary state or federal regulatory approvals.
The Company previously announced a letter of intent to provide up to 1.8 million tons of iron ore from its El Capitan property in Capitan, New Mexico. ECPN is working with AFC to finalize a definitive agreement for the El Capitan property.
“This new letter of intent with Asia Finance Corp. is subject to further testing and permitting as well as certain other conditions that will take several months to work out,” El Capitan President, Chuck Mottley, said. “We intend to move forward as quickly as we can and assuming the testing and permitting is successful, we are very optimistic about the potential for this property and our relationship with AFC as well as their ability to market iron ore for us in China.
“As with the other letter of intent for the El Capitan property, under the terms of the letter of intent with AFC, we would receive the capital necessary to begin the operation without the need for further financing should we be successful in executing a definitive agreement,” Mr. Mottley continued. “This component is very important given our current financial situation.”<br>
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 a joint venture and 20% ownership of 13 mining claims and other assets known as the C.O.D. Property located near Kingman, Arizona.
Jamie Phillips
Director of Investor Relations
jpelcapitan@cox.net
480-229-1356
SALE OF IRON ORE Tuesday July 28, 7:00 am ET
Englewood, CO – El Capitan Precious Metals, Inc. (the “Company” or “ECPN”) (OTC/BB: ECPN) announced today that it has signed a new non-binding letter of intent with Asia Finance Corporation (“AFC”) to deliver up to 3 million tons of iron ore per year from a property in the Southwest United States for which the Company recently acquired mining rights. AFC is the United States representative for certain Chinese steel mills searching for iron ore. Completion of this transaction is subject to further due diligence by each party, negotiation and execution of a definitive agreement, necessary state or federal permitting and any other necessary state or federal regulatory approvals.
The Company previously announced a letter of intent to provide up to 1.8 million tons of iron ore from its El Capitan property in Capitan, New Mexico. ECPN is working with AFC to finalize a definitive agreement for the El Capitan property.
“This new letter of intent with Asia Finance Corp. is subject to further testing and permitting as well as certain other conditions that will take several months to work out,” El Capitan President, Chuck Mottley, said. “We intend to move forward as quickly as we can and assuming the testing and permitting is successful, we are very optimistic about the potential for this property and our relationship with AFC as well as their ability to market iron ore for us in China.
“As with the other letter of intent for the El Capitan property, under the terms of the letter of intent with AFC, we would receive the capital necessary to begin the operation without the need for further financing should we be successful in executing a definitive agreement,” Mr. Mottley continued. “This component is very important given our current financial situation.”<br>
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 a joint venture and 20% ownership of 13 mining claims and other assets known as the C.O.D. Property located near Kingman, Arizona.
Jamie Phillips
Director of Investor Relations
jpelcapitan@cox.net
480-229-1356
