SCOTTSDALE, Ariz.--(BUSINESS WIRE)--El Capitan Precious Metals, Inc. (OTCBB:ECPN) reports:
Today El Capitan Precious Metals, Inc. will be providing analytic results to an investment banker. One of the results to be reported shows a per ton value of approximately 1.2 ounces of gold equivalent.
The Company recently confirmed its ore values through production, sold to a refining company, Gannon and Scott, not through assays. Copper State Analytical Laboratory used a direct smelt with silver-lead collection method on two hundred pounds of ten to one concentrate, (the equivalent of 1 ton of head ore) and produced 41.5 ounces of silver and .19 ounces of gold. This equates to the approximately 1.2 ounces of gold equivalent, per ton of ore previously mentioned.
Management believes that the cost of recovery of these assets will be within the industry average common to open pit mines.
The El Capitan deposit consists of 141 million tons of “Measured Resource” based on the Canadian National Instrument 43-101 guideline. Measured Resource is an accepted mining term which means the indicated resources have undergone enough further sampling that a 'competent person' (defined by the norms of the relevant mining code) has declared them to be an acceptable estimate, at a high degree of confidence, of the grade, tonnage, shape, densities, physical characteristics and mineral content of the mineral occurrence stated above.
The Company will continue to work with Arrakis, Inc., as well as other laboratories, to get a complete report detailing recovery of minerals other than gold and silver, to document incremental ore values not recovered by silver-lead collection. The values already documented represent such significant value that Management believes further delay would not be in our stakeholders’ interests.
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, testing or mining results will not be consistent with past results and/or the Company’s expectations; discrepancies between different types of testing methods, some or all of which may not be industry standard; 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 products; fluctuations in world market prices for the Company’s products; the Company’s ability to obtain and maintain regulatory approvals; the Company’s ability to obtain financing for continued operations and/or the commencement of mining activities on satisfactory terms; the Company’s ability to enter into and meet all the conditions to consummate 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.