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Post by Franko10 ™ on May 3, 2006 16:17:58 GMT -5
El Capitan Reports Status of Assay Verification and Extraction Method; Dr. Clyde Smith Summarizes Hyperspectral Survey (bwire)
SCOTTSDALE, Ariz. (Business Wire) -- El Capitan Precious Metals, Inc. (OTCBB:ECPN) reports:
Verification and Extraction Method
Chuck Mottley, Company President and CEO, would like to clarify the assay and extraction procedure: "The tin fusion analytical procedure currently being employed at the three laboratories results in the actual extraction of precious metals from mineralized samples. This is in contrast to typical assays in which analytical results are reported as readings determined in solutions tested by an atomic absorption (AA) instrument. This being the case, the tin fusion procedure has the potential for use as a method of metallurgical extraction in a production plant."
Richard Daniele, Qualified Person (QP), the Company's consulting metallurgist, states: "The results from the tin fusion analytical procedure are running behind schedule. The analytical laboratories have made test runs to ensure that the complex tin fusion procedure is effective. Each teleconference status review has resulted in incremental improvements in the procedure. After the Monday, April 24th, review several new improvements were agreed upon. All three laboratories will begin the 'Round Robin' samples this week using all the new agreed upon procedures. The planned Wednesday, May 3rd, teleconference review is expected to compare final results."
Hyperspectral Survey
Mottley also stated: "The boundaries of mineralization were found to be expanded as a result of the Stage 1 and 2 drilling program. Consequently the Company claimed over 10,000 acres contiguous to the primary El Capitan site. Upon Dr. Smith's recommendation we contracted for a hyperspectral survey to locate anomalies and give us some indication as to possible the extent of the El Capitan mineralization. The survey is complete and a preliminary report has been provided to the Company."
Dr. Smith provided the following summary of his preliminary report on the hyperspectral survey:
"Earth Search Sciences, Inc. conducted an airborne hyperspectral survey in February, 2006 over a 35 square mile area that surrounds the El Capitan gold-platinum group deposit in Lincoln County, New Mexico. The Earth Search technology has the capability to detect the distinct reflectance spectral characteristics of those minerals that characterize the El Capitan deposit. In addition to the airborne survey, and as an aid to interpretation, Dr. Joe Zamudio conducted a ground spectral survey of the principal minerals in the deposit. Zamudio's interpretation of the integrated airborne and ground spectral data resulted in identification of anomalies with characteristics similar to the El Capitan deposit. Field examination of the geology of the principal anomalies has recently been completed; a total of 34 samples collected at these sites will soon be submitted for fusion assays.
"Three of the anomalies examined revealed outcropping magnetite/ hematite mineralization similar to the El Capitan deposit. One of these sites is located one mile to the west-southwest of El Capitan and another is located one mile to the east-southeast of the deposit. These locations possibly reflect an east-west trending belt of similar geology, that includes the deposit, with potential for additional deposits. A preliminary two hole drill program has been recommended to test the mineralized location to the west-southwest of El Capitan and a program of geologic mapping, ground magnetic surveying, and geochemical soil analysis has been recommended to cover a three square mile area around the deposit and the two mineralized locations. Nearly three miles to the north of El Capitan a hyperspectral anomaly reflects an impressive area of outcropping magnetite/hematite mineralization. A preliminary three hole drill program has been recommended for this site as well as a similar program of mapping, magnetics, and soil geochemistry to cover a two and one-half mile area around the mineralized site. El Capitan Precious Metals, Inc. is now applying for permits to drill the above locations."
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) reports:
Verification and Extraction Method
Chuck Mottley, Company President and CEO, would like to clarify the assay and extraction procedure: "The tin fusion analytical procedure currently being employed at the three laboratories results in the actual extraction of precious metals from mineralized samples. This is in contrast to typical assays in which analytical results are reported as readings determined in solutions tested by an atomic absorption (AA) instrument. This being the case, the tin fusion procedure has the potential for use as a method of metallurgical extraction in a production plant."
Richard Daniele, Qualified Person (QP), the Company's consulting metallurgist, states: "The results from the tin fusion analytical procedure are running behind schedule. The analytical laboratories have made test runs to ensure that the complex tin fusion procedure is effective. Each teleconference status review has resulted in incremental improvements in the procedure. After the Monday, April 24th, review several new improvements were agreed upon. All three laboratories will begin the 'Round Robin' samples this week using all the new agreed upon procedures. The planned Wednesday, May 3rd, teleconference review is expected to compare final results."
Hyperspectral Survey
Mottley also stated: "The boundaries of mineralization were found to be expanded as a result of the Stage 1 and 2 drilling program. Consequently the Company claimed over 10,000 acres contiguous to the primary El Capitan site. Upon Dr. Smith's recommendation we contracted for a hyperspectral survey to locate anomalies and give us some indication as to possible the extent of the El Capitan mineralization. The survey is complete and a preliminary report has been provided to the Company."
Dr. Smith provided the following summary of his preliminary report on the hyperspectral survey:
"Earth Search Sciences, Inc. conducted an airborne hyperspectral survey in February, 2006 over a 35 square mile area that surrounds the El Capitan gold-platinum group deposit in Lincoln County, New Mexico. The Earth Search technology has the capability to detect the distinct reflectance spectral characteristics of those minerals that characterize the El Capitan deposit. In addition to the airborne survey, and as an aid to interpretation, Dr. Joe Zamudio conducted a ground spectral survey of the principal minerals in the deposit. Zamudio's interpretation of the integrated airborne and ground spectral data resulted in identification of anomalies with characteristics similar to the El Capitan deposit. Field examination of the geology of the principal anomalies has recently been completed; a total of 34 samples collected at these sites will soon be submitted for fusion assays.
"Three of the anomalies examined revealed outcropping magnetite/ hematite mineralization similar to the El Capitan deposit. One of these sites is located one mile to the west-southwest of El Capitan and another is located one mile to the east-southeast of the deposit. These locations possibly reflect an east-west trending belt of similar geology, that includes the deposit, with potential for additional deposits. A preliminary two hole drill program has been recommended to test the mineralized location to the west-southwest of El Capitan and a program of geologic mapping, ground magnetic surveying, and geochemical soil analysis has been recommended to cover a three square mile area around the deposit and the two mineralized locations. Nearly three miles to the north of El Capitan a hyperspectral anomaly reflects an impressive area of outcropping magnetite/hematite mineralization. A preliminary three hole drill program has been recommended for this site as well as a similar program of mapping, magnetics, and soil geochemistry to cover a two and one-half mile area around the mineralized site. El Capitan Precious Metals, Inc. is now applying for permits to drill the above locations."
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
