Owner
Post by Franko10 ™ on Apr 17, 2006 6:16:51 GMT -5
El Capitan Reports Status on Assays and Stage 3 Drilling (bwire)
SCOTTSDALE, Ariz. (Business Wire) -- El Capitan Precious Metals, Inc. (OTCBB:ECPN).
Richard Daniele, Metallurgical Engineer, the Qualified Person, (QP) who coordinates the assayers under the direction of Dr. Clyde Smith, the Company's consulting geologist, made the following statement regarding the progress on the assay confirmation:
"Although the analytical evaluation and verification procedures are progressing, it may appear to those inexperienced in new precious metal project development that progress is exceedingly slow. In reality, the analytical work on this unique precious metal containing rock is progressing quite well. I have worked with four different analytical laboratories and about six different analytical procedures within those laboratories. Currently an agreed upon tin fire assay procedure is underway at three laboratories with results expected by the end of April."
In addition, Dr. Smith reported:
"The El Capitan Stage 3 drill program is progressing well. The initial 12 holes were completed to an average depth of 401 feet and totaled 4,815 feet. These holes were drilled as step-outs of approximately 400 feet around the perimeter of the previously drilled 14 holes of the Stage 1 and Stage 2 drill programs. Although assays have not yet been received, geologic logging of the 12 holes indicates that the El Capitan deposit has inferred boundaries to the north and south; these inferred boundaries define an overall east-west trend to the deposit. No geologic boundaries may yet be inferred to the west or east. This being the case, three step-out holes are currently planned to test the possible extension of the deposit to the east.
"In addition, four holes are being drilled (two have now been completed) to depths of 600 feet or deeper on spacings of approximately 400 feet in a north-south cross-section through the apparent middle of the deposit. These deeper holes are located to test the deposit to depth; they are located adjacent to seven Stage 1 or Stage 2 holes that were drilled to depths of 91-340 feet and showed significant gold equivalent assay values in their deepest levels.
"The results of a hyperspectral survey of the El Capitan claim block area have recently been received from Earth Search. Several anomalies which show coincident calc-silicate minerals (the host rock for the El Capitan deposit) and iron oxide minerals (the El Capitan mineralization occurs with iron oxide minerals) have been located. Of particular interest is a belt of anomalies that define a trend that extends to the east and to the west of the El Capitan deposit. Field examination of these anomalies is now in progress."
El Capitan Precious Metals, Inc. is an exploration stage company that owns a 40% interest in the El Capitan property 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 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, interpretation of drill results, the geology, grade and continuity of mineral deposits, results of initial feasibility, pre-feasibility and feasibility studies and the possibility that future exploration, development or mining results will not be consistent with past results and/or the Company's expectations, 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.
El Capitan Precious Metals, Inc.
Ron Perkins, 480-607-7093
www.elcapitanpmi.com
SCOTTSDALE, Ariz. (Business Wire) -- El Capitan Precious Metals, Inc. (OTCBB:ECPN).
Richard Daniele, Metallurgical Engineer, the Qualified Person, (QP) who coordinates the assayers under the direction of Dr. Clyde Smith, the Company's consulting geologist, made the following statement regarding the progress on the assay confirmation:
"Although the analytical evaluation and verification procedures are progressing, it may appear to those inexperienced in new precious metal project development that progress is exceedingly slow. In reality, the analytical work on this unique precious metal containing rock is progressing quite well. I have worked with four different analytical laboratories and about six different analytical procedures within those laboratories. Currently an agreed upon tin fire assay procedure is underway at three laboratories with results expected by the end of April."
In addition, Dr. Smith reported:
"The El Capitan Stage 3 drill program is progressing well. The initial 12 holes were completed to an average depth of 401 feet and totaled 4,815 feet. These holes were drilled as step-outs of approximately 400 feet around the perimeter of the previously drilled 14 holes of the Stage 1 and Stage 2 drill programs. Although assays have not yet been received, geologic logging of the 12 holes indicates that the El Capitan deposit has inferred boundaries to the north and south; these inferred boundaries define an overall east-west trend to the deposit. No geologic boundaries may yet be inferred to the west or east. This being the case, three step-out holes are currently planned to test the possible extension of the deposit to the east.
"In addition, four holes are being drilled (two have now been completed) to depths of 600 feet or deeper on spacings of approximately 400 feet in a north-south cross-section through the apparent middle of the deposit. These deeper holes are located to test the deposit to depth; they are located adjacent to seven Stage 1 or Stage 2 holes that were drilled to depths of 91-340 feet and showed significant gold equivalent assay values in their deepest levels.
"The results of a hyperspectral survey of the El Capitan claim block area have recently been received from Earth Search. Several anomalies which show coincident calc-silicate minerals (the host rock for the El Capitan deposit) and iron oxide minerals (the El Capitan mineralization occurs with iron oxide minerals) have been located. Of particular interest is a belt of anomalies that define a trend that extends to the east and to the west of the El Capitan deposit. Field examination of these anomalies is now in progress."
El Capitan Precious Metals, Inc. is an exploration stage company that owns a 40% interest in the El Capitan property 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 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, interpretation of drill results, the geology, grade and continuity of mineral deposits, results of initial feasibility, pre-feasibility and feasibility studies and the possibility that future exploration, development or mining results will not be consistent with past results and/or the Company's expectations, 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.
El Capitan Precious Metals, Inc.
Ron Perkins, 480-607-7093
www.elcapitanpmi.com
