Message #27 From:
NewsBot Date: January 17, 2007 04:15:00 AM
ECPN News El Capitan Announces an Increase of Tonnage from Approximately 48 Million to over 141 Million Tons
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--El Capitan Precious Metals, Inc. (OTCBB:ECPN)
reports: Chuck Mottley, the Company President and CEO, reported that
the Company’s consulting geologist, Dr. Clyde
Smith, has submitted an interim report on additional tonnage added by
new assays received on the remaining approximately 7,500 feet of the
Stage III drilling on the El Capitan project. This brings the indicated
resource up to approximately 141 million tons, which is almost three
times the previously reported tonnage.
Meanwhile the ongoing research producing “metal
in hand” by standard fire assay in order to
determine a benchmark grade is progressing. Details of these results
will be presented upon the receipt of the Qualifying Person’s
report.
Dr. Smith will prepare a formal report for the Company on his findings.
This report will be posted on the Company Web Site. His interim report
is as follows:
“A resource calculation has recently been
completed on the El Capitan gold-platinum deposit, Lincoln County, New
Mexico. The calculation was performed by Gemcom Software International
in their Vancouver, B.C. offices using software GEMS version 6.0.3 and
was based on fusion assay results reported by Auric Metallurgical
Laboratories, Salt Lake City, Utah on diamond drill core, open hole
rotary, and reverse circulation samples from 37 vertical drill holes
spaced an average of approximately 400 feet apart totaling 12,157 feet
of drilling. The Gemcom calculation included the following parameters: a
model using blocks 100 feet square and 20 feet high, composites based on
20 foot benches, a 500 foot spherical search radius around drill holes,
and an inverse distance squared interpolation.
“Using a 0.01 ounce per ton (opt) gold (Au)
cut-off, the calculation results are: 141,444,000 short tons grading
0.020 opt Au; 0.205 opt silver (Ag); 0.011 opt platinum (Pt) with a
contained 2,769,106 ounces Au; 28,997,185 ounces Ag; 1,517,868 ounces Pt.
“At current metal prices of $625 per ounce Au,
$12.50 per ounce Ag, $1145 per ounce Pt, the gold equivalent (Au eq.)
for the above 141,444,000 short tons calculates at 0.044 opt Au eq. with
a contained 6,126,747 ounces Au eq.
“The El Capitan gold-platinum deposit appears
to exhibit good continuity over an area of approximately 2400 feet by an
average 2700 feet to an average depth of approximately 250 feet from
surface. The deposit appears to have good potential for open-pit
production."
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.
