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Post by Franko10 ™ on May 2, 2005 5:59:24 GMT -5
El Capitan Precious Metals, Inc. Provides Progress Report on the Drilling Project at the El Capitan Property
5/2/2005 7:00:07 AM
SCOTTSDALE, Ariz., May 02, 2005 (BUSINESS WIRE) -- Chuck Mottley, President of El Capitan Precious Metals, Inc. (ECPN) gives a report on the progress of the drilling project at the El Capitan property. "The drilling has gone very well. Nine holes are complete, one is 50% complete with four remaining. It is expected that the drilling contractors will complete the job within the next ten days. There have been delays due to weather and other typical issues encountered in a project such as this.
Dr. Clyde Smith, the Company's contracted geologist, has recommended that the combined drilling depth be increased from 1200 feet to 1400 feet. The reason for this is that the drilling to date has shown that hematite (the ore that carries the precious metals) extends deeper than 100 feet in several of the holes. This is deeper than expected and indicates that the amount of ore carrying precious metals could prove to be significantly larger that previously suspected. This is very exciting news.
The Company's contracted metallurgist, AuRIC, is in the process of assaying the cores from the partially completed drilling. The third party assayer will be commencing his assaying immediately. It is expected that all of the assaying will be completed within the next thirty days.
Shortly after the completion of the assays, Dr. Clyde Smith will prepare a report on the results of the drilling and assays. At that point we should have enough information to estimate a value of the resources and present the property for sale to major mining companies."
Chuck Mottley concluded, "As we close in on the pinnacle of this project, I am confident that the value of this property will prove to be significantly greater than we projected."
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.
SOURCE: El Capitan Precious Metals, Inc.
El Capitan Precious Metals, Inc.
Ron Perkins, 480-607-7093
www.elcapitanpmi.com
Copyright Business Wire 2005
5/2/2005 7:00:07 AM
SCOTTSDALE, Ariz., May 02, 2005 (BUSINESS WIRE) -- Chuck Mottley, President of El Capitan Precious Metals, Inc. (ECPN) gives a report on the progress of the drilling project at the El Capitan property. "The drilling has gone very well. Nine holes are complete, one is 50% complete with four remaining. It is expected that the drilling contractors will complete the job within the next ten days. There have been delays due to weather and other typical issues encountered in a project such as this.
Dr. Clyde Smith, the Company's contracted geologist, has recommended that the combined drilling depth be increased from 1200 feet to 1400 feet. The reason for this is that the drilling to date has shown that hematite (the ore that carries the precious metals) extends deeper than 100 feet in several of the holes. This is deeper than expected and indicates that the amount of ore carrying precious metals could prove to be significantly larger that previously suspected. This is very exciting news.
The Company's contracted metallurgist, AuRIC, is in the process of assaying the cores from the partially completed drilling. The third party assayer will be commencing his assaying immediately. It is expected that all of the assaying will be completed within the next thirty days.
Shortly after the completion of the assays, Dr. Clyde Smith will prepare a report on the results of the drilling and assays. At that point we should have enough information to estimate a value of the resources and present the property for sale to major mining companies."
Chuck Mottley concluded, "As we close in on the pinnacle of this project, I am confident that the value of this property will prove to be significantly greater than we projected."
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.
SOURCE: El Capitan Precious Metals, Inc.
El Capitan Precious Metals, Inc.
Ron Perkins, 480-607-7093
www.elcapitanpmi.com
Copyright Business Wire 2005
