El Capitan Confirms Agreement for Sale of Precious-Metals-Rich Tailings to Hong Kong-Based Trading Company
September 25 2014 - 7:15AM
Business Wire
El Capitan Precious Metals, Inc. (OTCBB: ECPN) announced today
that it has reached a final agreement for the sale of
precious-metals-rich tailings from the El Capitan mine to a Hong
Kong-based trading company. The terms of the agreement were not
disclosed, but the Company expects to see positive cash flow in Q1
of its fiscal year, which is Q4 of the 2014 calendar year.
The buyer will purchase between 5,000 and 10,000 tons of
precious-metals-rich tailings per month, with payment guaranteed
against a multimillion-dollar letter of credit.
ECPN Board Chairman John F. Stapleton reported that the term of
the new agreement is five years.
Chuck Mottley, El Capitan President and CEO, cites this sale as
validation of the potential of this New Mexico property.
Stapleton will communicate this news at the El Capitan
Shareholder Meeting today, as this new development for the sale of
precious-metals-rich tailings marks the Company’s transition from
an exploration company to an operating mining company.
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
exploration 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.
El Capitan Precious Metals, Inc.John Stapleton, 480-440-1449
El Capitan Precious Metals (CE) (USOTC:ECPN)
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