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SCOTTSDALE, Ariz.--(BUSINESS WIRE)--El Capitan Precious Metals,
Inc. (OTCBB: ECPN - News) reports:
El Capitan has agreed to advance the proposed venture with Planet Resource
Recovery, Inc. (PRRY.PK) and move to Phase II as delineated in the executed
Memorandum of Understanding announced on June 29, 2009. Both companies have
agreed to engage and commence discussions to establish a definitive
joint-venture agreement.
Phase II is pursuant to the favorable completion of Phase I, which
called for Planet to utilize its existing technologies, run multiple assays
of El Capitan head ore samples provided to determine quantities of target
metal species, and develop new technologies for the deployment in the El
Capitan mine specific to target metal species identified.
The assays resulted in values assessed at .355 oz/ton of gold
equivalent. The top three target metals showed values of 0.088 Gold, 0.616
Silver and 0.128 Platinum.
Phase II of the proposed venture calls for Planet and El Capitan to
address the issues of larger equipment and an acceptable site to begin
treating agreed upon tonnage from the 200 tons of gravity concentrate
located on the El Capitan site. Metals extracted from the 200 tons will be
a joint sale, benefiting both parties. Additional samples of El Capitan’s
gravity concentrate ore have been shipped to Planet for immediate
evaluation.
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, Ariz.
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.
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