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Post by Franko10 ™ on Jun 1, 2005 7:53:04 GMT -5
El Capitan Precious Metals, Inc. Completes Drilling and is Currently Assaying 181 Core Samples -- New Claims Staked
6/1/2005 7:00:07 AM
Chuck Mottley, President of El Capitan Precious Metals, Inc. (ECPN) reports on the progress at the El Capitan property. Mr. Mottley states: "The drilling was completed several weeks ago and 181 core samples are in the hands of the assayers. Several of the holes were drilled deeper than the 100 feet planned as there were indications that the deposit may go deeper than originally thought.
"These samples will be assayed and compared to the 32 surfaces samples previously assayed. The surface samples showed an average of 0.12 gold equivalent ounces per ton. That number is exceptionally good as there are many currently operating gold mines with values less than half of that.
"As soon as the assays are completed, geologist Dr. Clyde Smith, who is a consultant to the Company, will provide us with a detailed report with enough data for us to offer the property for sale to a major mining company.
"Additional news is that Dr. Smith has recommended drilling four more holes on the property and two more holes on an adjacent property. Because of this recommendation the Company has staked several new claims on property contiguous to the western boundary of the current claims.
"According to Dr. Smith mineralization similar to that in the main El Capitan deposit appears in numerous outcrops along a structural zone that trends east from the main deposit over a distance of one mile. This zone has never been drilled and Dr. Smith has located four holes to test this zone.
"In addition, Dr. Smith has concluded from geologic studies conducted during the recent drilling program on the main deposit that a western segment of the main deposit may have been offset along a fault. Evidence of this faulted segment has been found in mineralization similar to that in the main deposit on surface to the west and south of the main deposit. This area has never been drilled and Dr. Smith has located two holes to test this new area potential.
"This drilling will not delay Dr. Smith's report. Information gained from the additional drilling will be provided later in an addendum to the original report."
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 property consisting of 1660 acres and 100% of the Weaver property, 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
6/1/2005 7:00:07 AM
Chuck Mottley, President of El Capitan Precious Metals, Inc. (ECPN) reports on the progress at the El Capitan property. Mr. Mottley states: "The drilling was completed several weeks ago and 181 core samples are in the hands of the assayers. Several of the holes were drilled deeper than the 100 feet planned as there were indications that the deposit may go deeper than originally thought.
"These samples will be assayed and compared to the 32 surfaces samples previously assayed. The surface samples showed an average of 0.12 gold equivalent ounces per ton. That number is exceptionally good as there are many currently operating gold mines with values less than half of that.
"As soon as the assays are completed, geologist Dr. Clyde Smith, who is a consultant to the Company, will provide us with a detailed report with enough data for us to offer the property for sale to a major mining company.
"Additional news is that Dr. Smith has recommended drilling four more holes on the property and two more holes on an adjacent property. Because of this recommendation the Company has staked several new claims on property contiguous to the western boundary of the current claims.
"According to Dr. Smith mineralization similar to that in the main El Capitan deposit appears in numerous outcrops along a structural zone that trends east from the main deposit over a distance of one mile. This zone has never been drilled and Dr. Smith has located four holes to test this zone.
"In addition, Dr. Smith has concluded from geologic studies conducted during the recent drilling program on the main deposit that a western segment of the main deposit may have been offset along a fault. Evidence of this faulted segment has been found in mineralization similar to that in the main deposit on surface to the west and south of the main deposit. This area has never been drilled and Dr. Smith has located two holes to test this new area potential.
"This drilling will not delay Dr. Smith's report. Information gained from the additional drilling will be provided later in an addendum to the original report."
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 property consisting of 1660 acres and 100% of the Weaver property, 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
