Owner
Post by Franko10 ™ on Sept 11, 2004 10:20:22 GMT -5
El Capitan Signs additional Letter of Intent for Sale of Iron Ore - Thursday September 2nd 2004, 4:30 pm ET
ENGLEWOOD, Colo.--(BUSINESS WIRE)–September 2nd, 2004--El Capitan Precious Metals, Inc. (the "Company" or "ECPN") (OTCBB:ECPN - News) announced today that it has signed a 3rd non-binding letter of intent with Asia Finance Corporation ("AFC") to deliver up to an additional 3 million tons of iron ore per year for 10 years 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) plus a 3,000,000 ton LOI from it’s new SW U.S. property. The new LOI plus the previous ones bring’s the total up to 7.8 million tons of iron ore per year over a 10 year period.
" 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 letters 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."
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.
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
ENGLEWOOD, Colo.--(BUSINESS WIRE)–September 2nd, 2004--El Capitan Precious Metals, Inc. (the "Company" or "ECPN") (OTCBB:ECPN - News) announced today that it has signed a 3rd non-binding letter of intent with Asia Finance Corporation ("AFC") to deliver up to an additional 3 million tons of iron ore per year for 10 years 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) plus a 3,000,000 ton LOI from it’s new SW U.S. property. The new LOI plus the previous ones bring’s the total up to 7.8 million tons of iron ore per year over a 10 year period.
" 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 letters 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."
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.
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
