Owner
Post by Franko10 ™ on Mar 16, 2005 8:52:07 GMT -5
Dr. Clyde Smith Provides Final Results of Assays and Recommends Drilling Program
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--March 16, 2005--El Capitan Precious Metals, Inc. (OTCBB: ECPN) received a report from Dr. Clyde Smith, the Company's Consulting Geologist, providing the final results of assays taken from the El Capitan deposit. Dr. Smith states: "Assay results were received on March 10, 2005, from Auric Metallurgical Labs on 32 surface bedrock samples collected on January 15-16, 2005, on the El Capitan project claims. The samples were collected from outcrops selected in such a way as to represent as much of the El Capitan deposit as possible."
Dr. Smith continued: "The Auric results indicate the following: Potentially economic grade gold and platinum have been reported in the non-magnetic fractions of all 32 samples. These results clearly justify a preliminary drill program to test the areal and depth extent and the potential tonnage and grade of the gold-platinum mineralization. The gold equivalent values in the non-magnetic fractions in ounces per ton have a mathematical average of 0.12. These values were derived by adding the Au values to two times the platinum (Pt). (Pt prices are now approximately double those for Au.)
"It should be noted that three samples collected from apparently pure silicate assemblages (EC#23, tremolite; EC#27, epidote; EC#28, phlogopite) returned significant values (0.098, 0.059, 0.151 opt Au equivalent, respectively). These three results are contrary to geologic expectations and emphasize the need for independent third-party laboratory verification. If the silicate assemblage values can be verified then the tonnage potential of the deposit could significantly exceed current expectations.
"A 12-hole drill program is recommended to develop a preliminary inferred tonnage and grade for the principal El Capitan deposit. The 12 holes should be vertical and drilled to 100' in depth. It is believed that an inferred ore resource could be calculated for the principal El Capitan deposit in this manner."
Chuck Mottley, the Company's CEO, stated: "We are pleased to receive these results, confirming the economic opportunity of the El Capitan property. We are responding to Dr. Smith's recommendations, seeking to engage a contract drilling company to perform this 12 hole drill program under the guidance of Dr. Smith. This drill program is expected to determine the amount of inferred tonnage for both the non-magnetic ore type, which carries the precious metals, and the magnetic material which carries potential iron ore."
This continues the Company's collection of data and information to enable El Capitan Precious Metals, Inc. to market the El Capitan property to a major mining company.
El Capitan Precious Metals, Inc. is an exploration 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. mine located near Kingman, Arizona. In addition, the Company owns contractual rights to the Rainbow Valley mine consisting of 1660 acres and 100 % of the Weaver mine, both near Phoenix, 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. This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the results of metallurgical testing, the ability to mine precious and other minerals on a cost effective basis, the company's ability to successfully complete contracts for the sale of its iron ore and other products; fluctuations in world market prices for the Company's products; competition from iron ore producers worldwide, which producers have greater resources and more established operations than those of the company; the company's ability to arrange transportation from its mining properties to ocean ports on satisfactory terms; the Company's ability to obtain or maintain regulatory approvals; the company's ability to obtain financing for the commencement of mining activities on satisfactory terms; the Company's ability to obtain necessary financing; and other risks and uncertainties described in the Company's filings from time to time with the Securities and Exchange Commission. The Company disclaims any obligation to update its forward-looking statements.
Contacts
El Capitan Precious Metals, Inc.
Ron Perkins, 480-607-7093
www.elcapitanpmi.com
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--March 16, 2005--El Capitan Precious Metals, Inc. (OTCBB: ECPN) received a report from Dr. Clyde Smith, the Company's Consulting Geologist, providing the final results of assays taken from the El Capitan deposit. Dr. Smith states: "Assay results were received on March 10, 2005, from Auric Metallurgical Labs on 32 surface bedrock samples collected on January 15-16, 2005, on the El Capitan project claims. The samples were collected from outcrops selected in such a way as to represent as much of the El Capitan deposit as possible."
Dr. Smith continued: "The Auric results indicate the following: Potentially economic grade gold and platinum have been reported in the non-magnetic fractions of all 32 samples. These results clearly justify a preliminary drill program to test the areal and depth extent and the potential tonnage and grade of the gold-platinum mineralization. The gold equivalent values in the non-magnetic fractions in ounces per ton have a mathematical average of 0.12. These values were derived by adding the Au values to two times the platinum (Pt). (Pt prices are now approximately double those for Au.)
"It should be noted that three samples collected from apparently pure silicate assemblages (EC#23, tremolite; EC#27, epidote; EC#28, phlogopite) returned significant values (0.098, 0.059, 0.151 opt Au equivalent, respectively). These three results are contrary to geologic expectations and emphasize the need for independent third-party laboratory verification. If the silicate assemblage values can be verified then the tonnage potential of the deposit could significantly exceed current expectations.
"A 12-hole drill program is recommended to develop a preliminary inferred tonnage and grade for the principal El Capitan deposit. The 12 holes should be vertical and drilled to 100' in depth. It is believed that an inferred ore resource could be calculated for the principal El Capitan deposit in this manner."
Chuck Mottley, the Company's CEO, stated: "We are pleased to receive these results, confirming the economic opportunity of the El Capitan property. We are responding to Dr. Smith's recommendations, seeking to engage a contract drilling company to perform this 12 hole drill program under the guidance of Dr. Smith. This drill program is expected to determine the amount of inferred tonnage for both the non-magnetic ore type, which carries the precious metals, and the magnetic material which carries potential iron ore."
This continues the Company's collection of data and information to enable El Capitan Precious Metals, Inc. to market the El Capitan property to a major mining company.
El Capitan Precious Metals, Inc. is an exploration 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. mine located near Kingman, Arizona. In addition, the Company owns contractual rights to the Rainbow Valley mine consisting of 1660 acres and 100 % of the Weaver mine, both near Phoenix, 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. This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the results of metallurgical testing, the ability to mine precious and other minerals on a cost effective basis, the company's ability to successfully complete contracts for the sale of its iron ore and other products; fluctuations in world market prices for the Company's products; competition from iron ore producers worldwide, which producers have greater resources and more established operations than those of the company; the company's ability to arrange transportation from its mining properties to ocean ports on satisfactory terms; the Company's ability to obtain or maintain regulatory approvals; the company's ability to obtain financing for the commencement of mining activities on satisfactory terms; the Company's ability to obtain necessary financing; and other risks and uncertainties described in the Company's filings from time to time with the Securities and Exchange Commission. The Company disclaims any obligation to update its forward-looking statements.
Contacts
El Capitan Precious Metals, Inc.
Ron Perkins, 480-607-7093
www.elcapitanpmi.com
