( BW)(AZ-EL-CAPITAN-PRECIOUS)(ECPN.OTCBB) El Capitan Details Company Strategy to Establish True Asset Value
Business Editors/Mining Editors
SCOTTSDALE, Ariz.—(BUSINESS WIRE)—Jul. 08, 2009— El Capitan Precious Metals, Inc. (OTCBB: ECPN) reports: Based on the May 7, 2009 press release, the Company is taking the following steps to establish the true asset values. This includes eliminating overhead and consulting with mining industry experts, while remaining open to development of any opportunities that may present themselves as indicated by the completed and ongoing projects listed below.
A. ECPN has completed moving its Reno office to complimentary office space in Scottsdale, Ariz., eliminating significant overhead, and has replaced a paid financial consultant and the $45,000 a month salaries for two previous officers with officers who will be compensated with equity for specific performance. Additionally, ECPN has established an all-volunteer shareholder advisory board for consultation.
B. Gold and Minerals Co. Inc., ECPN’s 60% partner in the EL Capitan project, has committed to furnishing virtually all necessary cash flow funding moving forward until revenue eliminates that need.
C. Research metallurgists have developed a multi-step fire assay procedure on the Capitan ore which first removes the iron that has caused many problems in the past by masking the precious metal content. The values from 200 gram assays are encouraging, and will be duplicated and confirmed at numerous commercial labs in the U.S. and Canada on dozens of samples. Consulting Geologist David Smith has collected hundreds of pounds of ore samples from the El Capitan mine site following standard industry chain of custody practice. These samples are currently being prepped and will be distributed for evaluation. Gold and silver results will be determined using fire assay techniques on 60 gram & 200 gram samples with atomic absorption, or ICP finish, and the insertion of standards and blanks into all sample streams. ECPN plans to run dozens of these newly acquired samples through numerous confirmation tests at commercial labs in the U.S. and Canada during the next several months.
D. ECPN is also currently interviewing research facilities whose services include laboratory-scale research on new processes, or adaptation of known technology to new situations, followed by pilot plant demonstration, preliminary engineering and cost analysis.
E. Planet Resource Recovery, Inc. (Planet) (PRRY:PK) is progressing with its evaluation on 100 pound samples of the El Capitan head ore relating to a proposed venture for the exploration, development and production of base and precious metals, including gold and silver, from the 7,000 acre El Capitan property located in New Mexico. Planet (www.planetresource.com) is the developer, manufacturer and marketer of the PetroLuxus(TM) family of remediation and recovery technologies that is expected to revolutionize the way metals and minerals are managed and recovered. PetroLuxus(TM) redefines the term “Green Technology,” and the products are non-toxic, non-flammable and environmentally friendly.
Further updates will be provided as these events evolve.
About El Capitan Precious Metals, Inc.
El Capitan Precious Metals, Inc. is an exploration stage company that owns a 40% interest in the El Capitan property located near Capitan, N.M., 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.
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, 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 iron ore and other products; fluctuations in world market prices for the Company’s products; 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.
CONTACT: El Capitan Precious Metals, Inc.
James G. Ricketts, 303-472-3298
KEYWORD: UNITED STATES NORTH AMERICA ARIZONA NEW MEXICO
INDUSTRY KEYWORD: NATURAL RESOURCES MINING/MINERALS
SOURCE: El Capitan Precious Metals, Inc. Copyright Business Wire 2009 http://www.businesswire.com/news/home/20090708005111/en
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