Owner
Post by Franko10 ™ on Nov 8, 2005 6:04:03 GMT -5
37,400,000 Tons of Inferred Gold and Platinum Resource; Boundaries of the Deposit Are Open in All Directions; Preliminary Results Indicate the Potential of a Substantially Higher Grade of Resource (Verification in Progress)
11/8/2005 7:00:02 AM
SCOTTSDALE, Ariz., Nov 08, 2005 (BUSINESS WIRE) -- El Capitan Precious Metals, Inc. (ECPN) reports: El Capitan Precious Metals, Inc. announced that the completion of Stage II drilling on its El Capitan property in Lincoln County, New Mexico, significantly expanded the mineralized resource. The resource identified in Stage II of 37.4 million tons is more than triple the resource identified in Stage I.
The Resource Calculation Report produced by Clyde L. Smith, Ph.D., P.Eng. states: "At this stage, the deposit is open in all directions. First, the deposit is open at depth.... The deposit is also open in all horizontal directions.... It can be concluded that the El Capitan deposit provides excellent exploration potential."
Upon Dr. Smith's recommendation, the Company has significantly expanded its claims from the original 140 acres to over 5,000 acres.
Dr. Smith's report is based upon the 22-hole diamond and rotary drilling and evaluation program conducted over the past seven months. Total drilling on the deposit is over 2,600 feet, with over 50% of that being HQ size core. The primary goal of the Stage II drilling was to extend the depth of the deposit. The drilling was contained within a 1,250' by 1,925' area, providing a high degree of confidence in the results.
Dr. Smith's report states that based on the results of over 400 assay samples assayed by AuRic Metallurgical Labs in Utah, the gold, silver and platinum resource has been calculated at 37.4 million tons at a gold equivalent grade of 0.056 troy ounces per ton (opt). This information alone makes the El Capitan property a potentially economically viable commercial mine.
Chuck Mottley, the Company's President and CEO, states: "Because of the difficulty in assaying deposits containing both precious metals and platinum group metals, the Company has engaged several consultants and laboratories to perform additional assay techniques to accurately depict the full values of the deposit. Some of these preliminary results have indicated substantially higher grades than provided by the existing AuRIC process. The Company is in the process of pursuing verification of these findings prior to releasing the data. This verification has been initiated and the results are expected by the end of November. Upon receipt of the verification results Dr. Smith will incorporate that information into his final metallurgical report."
Pavlich Associates, a consultant engaged by the Company, has begun contacting major mining firms concerning the forthcoming sale of the El Capitan property. Dr. Smith's final report will be an integral part of the information package to be provided to these companies.
Dr. Smith holds a B.A. from Carleton College, a M.Sc. from the University of British Columbia, and a Ph.D. from the University of Idaho. He is a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of British Columbia. Dr. Smith has founded or co-founded five exploration companies and is responsible for the discovery of four deposits: the Jason lead-zinc-silver deposit, Yukon Territory, Canada; the Santa Fe gold deposit, Nevada; the North Lake gold deposit, Saskatchewan, Canada; and the Solidaridad gold-silver-copper deposit, Mexico. He is currently engaged in a gold-platinum project in Nevada and serves as the consulting geologist for El Capitan Precious Metals, Inc. on its El Capitan gold-platinum group metals project in New Mexico.
Mr. Pavlich holds a M.S. Management and Administrative Science, Finance Concentration from the University of Texas at Dallas and a B.Sc. Mining Engineering from the University of Idaho.
Prior to forming Pavlich Associates, Mr. Pavlich held senior positions with major mining companies such as O-N Minerals, Newmont Gold Company and Santa Fe Pacific Gold.
Currently, he heads Pavlich Associates, providing consulting services to numerous metals and industrial minerals companies in the areas of business and project development, operational cost optimization, project evaluation and market studies. Mr. Pavlich has been retained by El Capitan Precious Metals, Inc. to organize and conduct the marketing effort to offer the El Capitan property, located in New Mexico, for sale to major mining companies.
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, discrepancies between different types of testing methods, 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; 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; the Company's ability to enter into and meet all the conditions to close contracts to sell its mining properties that it chooses to list for sale, 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
11/8/2005 7:00:02 AM
SCOTTSDALE, Ariz., Nov 08, 2005 (BUSINESS WIRE) -- El Capitan Precious Metals, Inc. (ECPN) reports: El Capitan Precious Metals, Inc. announced that the completion of Stage II drilling on its El Capitan property in Lincoln County, New Mexico, significantly expanded the mineralized resource. The resource identified in Stage II of 37.4 million tons is more than triple the resource identified in Stage I.
The Resource Calculation Report produced by Clyde L. Smith, Ph.D., P.Eng. states: "At this stage, the deposit is open in all directions. First, the deposit is open at depth.... The deposit is also open in all horizontal directions.... It can be concluded that the El Capitan deposit provides excellent exploration potential."
Upon Dr. Smith's recommendation, the Company has significantly expanded its claims from the original 140 acres to over 5,000 acres.
Dr. Smith's report is based upon the 22-hole diamond and rotary drilling and evaluation program conducted over the past seven months. Total drilling on the deposit is over 2,600 feet, with over 50% of that being HQ size core. The primary goal of the Stage II drilling was to extend the depth of the deposit. The drilling was contained within a 1,250' by 1,925' area, providing a high degree of confidence in the results.
Dr. Smith's report states that based on the results of over 400 assay samples assayed by AuRic Metallurgical Labs in Utah, the gold, silver and platinum resource has been calculated at 37.4 million tons at a gold equivalent grade of 0.056 troy ounces per ton (opt). This information alone makes the El Capitan property a potentially economically viable commercial mine.
Chuck Mottley, the Company's President and CEO, states: "Because of the difficulty in assaying deposits containing both precious metals and platinum group metals, the Company has engaged several consultants and laboratories to perform additional assay techniques to accurately depict the full values of the deposit. Some of these preliminary results have indicated substantially higher grades than provided by the existing AuRIC process. The Company is in the process of pursuing verification of these findings prior to releasing the data. This verification has been initiated and the results are expected by the end of November. Upon receipt of the verification results Dr. Smith will incorporate that information into his final metallurgical report."
Pavlich Associates, a consultant engaged by the Company, has begun contacting major mining firms concerning the forthcoming sale of the El Capitan property. Dr. Smith's final report will be an integral part of the information package to be provided to these companies.
Dr. Smith holds a B.A. from Carleton College, a M.Sc. from the University of British Columbia, and a Ph.D. from the University of Idaho. He is a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of British Columbia. Dr. Smith has founded or co-founded five exploration companies and is responsible for the discovery of four deposits: the Jason lead-zinc-silver deposit, Yukon Territory, Canada; the Santa Fe gold deposit, Nevada; the North Lake gold deposit, Saskatchewan, Canada; and the Solidaridad gold-silver-copper deposit, Mexico. He is currently engaged in a gold-platinum project in Nevada and serves as the consulting geologist for El Capitan Precious Metals, Inc. on its El Capitan gold-platinum group metals project in New Mexico.
Mr. Pavlich holds a M.S. Management and Administrative Science, Finance Concentration from the University of Texas at Dallas and a B.Sc. Mining Engineering from the University of Idaho.
Prior to forming Pavlich Associates, Mr. Pavlich held senior positions with major mining companies such as O-N Minerals, Newmont Gold Company and Santa Fe Pacific Gold.
Currently, he heads Pavlich Associates, providing consulting services to numerous metals and industrial minerals companies in the areas of business and project development, operational cost optimization, project evaluation and market studies. Mr. Pavlich has been retained by El Capitan Precious Metals, Inc. to organize and conduct the marketing effort to offer the El Capitan property, located in New Mexico, for sale to major mining companies.
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, discrepancies between different types of testing methods, 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; 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; the Company's ability to enter into and meet all the conditions to close contracts to sell its mining properties that it chooses to list for sale, 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
