SCOTTSDALE, Ariz.--(BUSINESS WIRE)--El Capitan Precious Metals, Inc. (OTCQB: ECPN) announced today that it has realized the first payment on a large purchase order for the sale of high-quality iron ore. This revenue represents the beginning of what Company officials believe will be an on-going revenue stream—and this operating cash flow, in effect, transitions the Company from an exploration company to a mining operations company.
ECPN President and CEO, Chuck Mottley, reported that the complete mining system that is now in place and operational at the New Mexico mine site has created two product lines: high-quality iron ore for use in construction and precious metals concentrates for smelting.
In addition to iron ore production and sales, and simultaneously, high-value precious metals concentrates are being processed by the Company’s AuraSource heavy-metals separation system at the mine site. The precious-metals-rich concentrates will be offered at competitive prices to previously identified prospective buyers. This is a positive revision to and expansion of our business plan that is based on both iron ore and precious metals sales.
According to ECPN Board Chairman John F. Stapleton, “The iron ore revenues not only cover the costs of mining and crushing operations, but provide stability and positive cash flow for the Company.”
Mottley added that this revenue generation represents “a major milestone in the decades-long history of the El Capitan property” and that these accomplishments are “examples of the Company achieving its established goals despite the challenges of the current international economy and mining climate.”
Photos of on-site operations and a video of mining and crushing operations can be viewed on the ECPN website: www.elcapitanpmi.com
About El Capitan Precious Metals, Inc.:
El Capitan Precious Metals, Inc. is a mining company based in Scottsdale, Arizona that is principally engaged in the mining of precious metals and other minerals. The Company’s primary asset is its wholly owned subsidiary El Capitan, Ltd., an Arizona corporation, which holds the 100% equity interest in the El Capitan property located near Capitan, New Mexico. www.elcapitanpmi.com
Forward-Looking Safe Harbor Statement:
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. Forward-looking statements are statements that are not historical facts. Words such as “expect(s),” “feel(s),” “believe(s),” “will,” “may,” “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding the expected completion, timing and 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 expectations with respect to the engaging in strategic transactions. All of such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Specifically, there can be no assurance regarding the timing and terms of any transaction involving the Company or its El Capitan property, or that such a transaction will be completed at all. In addition, there can be no assurance that periodic updates to the Company’s geological technical reports will support the Company’s prior claims regarding the metallurgical value and make-up of the ore on the New Mexico property. Additional risks and uncertainties affecting the Company include, but are not limited to, 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. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
