Message #23 From:
NewsBot Date: November 3, 2006 04:15:00 AM
ECPN News El Capitan Reports on Platinum and Gold Potential in Three Square Mile Area
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--El Capitan Precious Metals, Inc. (OTC/BB:ECPN)
Company President/CEO Chuck Mottley reports: “After
completion of the recent hyperspectral survey, thirty-eight surface
samples were collected from the various anomalies detected by the
survey. Assays from these samples indicated the potential for platinum
and gold.
“Specific attention is being given to two of
the anomalies located within a three square mile area surrounding the
primary El Capitan property which consists of approximately 75 acres.
Samples assayed from one of the anomalies indicated greater than 0.4
ounces per ton of gold and samples from both of the anomalies indicated
greater than 0.06 ounces per ton of platinum. These assays, performed by
AuRIC Metallurgical Labs, have not been verified by an independent third
party laboratory.
“Dr. Clyde Smith, the Company’s
consulting geologist has recommended two actions:
1. Drill two holes at each of the anomalies to determine depth and
potential grade.
2. Conduct a Priority #1 exploration program over the three square
mile area."
Dr. Smith details his recommendation:
“It is my recommendation that El Capitan
Precious Metals, Inc. conduct a Priority #1 exploration program over a
three square mile area surrounding the El Capitan gold-platinum deposit.
The program should consist of a detailed geologic mapping of mineralized
areas, and geochemical soil sampling and magnetic surveying on
north-south trending lines spaced 500 feet apart. As reported
previously, two locations, approximately one mile to the west-southwest
(AN-8) and one mile to the east-southeast (AN-6) of the El Capitan
deposit, both within the Priority #1 area, have been selected for
reverse circulation drilling. Although fusion assay results in gold (Au)
and platinum (Pt) reported for outcrop and float samples from AN-8 and
AN-6 have not been verified by an independent third party laboratory,
the results reported are sufficiently encouraging to justify the
Priority #1 program in the three square mile area that surrounds these
locations and the El Capitan deposit. The average reported for three
samples from AN-8 is 0.060 opt Au, 0.061 opt Pt; the average reported
for five samples from AN-6 is 0.435 opt Au, 0.066 opt Pt. Fusion assay
results from other sites within the El Capitan claim block have gold and
platinum values similar to those at AN-8 and AN-6 and will require
additional evaluation."
Mottley continues: “In addition we will
commence drilling to the West of the completed 3 Stage drilling program
(consisting of approximately 12,500 feet on approximately 75 acres) in
an attempt to locate the Western boundary of the mineralization.
Currently AuRIC Metallurgical Labs is completing the assays on the four
remaining drill holes of the 3 Stage drilling program. Upon completion
of these assays the results will be compiled by Dr. Smith in order to
estimate the total mineralized tonnage for the 3 Stage drilling program.”
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, 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 100% of the Weaver mine located 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,
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.
