Post by abby52 on Oct 6, 2005 9:21:37 GMT -6
ECPN Gains Rights to Claims Filed on Uranium Property
10/6/2005 7:00:01 AM
SCOTTSDALE, Ariz., Oct 06, 2005 (BUSINESS WIRE) -- El Capitan Precious Metals, Inc. (ECPN) reports: The Company has entered into an agreement with Tectronic Mining Associates to procure the rights to unpatented mining claims filed on more than 400 acres of property in San Bernardino County, California, believed to have values in uranium. This acquisition is in keeping with the Company's mission of exploration and development of mining properties.
The property was previously drilled and is reported to have tested positive for uranium. The previous claims expired and Tectronic Mining Associates recently filed new claims on the property.
A contractor who drove two adits for 603 feet on the property reports that a high-grade uranium vein was intersected. The Company plans to carry out geological evaluation and possibly drilling to determine the grade and quantity of mineralization.
Chuck Mottley, Company President/CEO, states: "The ever-growing energy crisis is creating the need for alternate forms of energy. I believe that nuclear energy is high on that list. This is especially true for China and India, not to mention the United States and European countries.
"It is interesting to note that the price of uranium has recently risen from approximately $8 per pound to nearly $30 per pound over the past few years. All indications are that this trend will continue."
El Capitan Precious Metals, Inc. is an exploration stage company that owns a 40% interest in the El Capitan mine 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 contractual rights to the Rainbow Valley mine consisting of 1660 acres and 100% of the Weaver mine, both 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, 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; competition from iron ore producers worldwide, which producers have greater resources and more established operations than those of the company; the company's ability to arrange transportation from its mining properties to ocean ports on satisfactory terms; 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; 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.
SOURCE: El Capitan Precious Metals, Inc.
El Capitan Precious Metals, Inc.
Ron Perkins, 480-607-7093
www.elcapitanpmi.com
Copyright Business Wire 2005
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10/6/2005 7:00:01 AM
SCOTTSDALE, Ariz., Oct 06, 2005 (BUSINESS WIRE) -- El Capitan Precious Metals, Inc. (ECPN) reports: The Company has entered into an agreement with Tectronic Mining Associates to procure the rights to unpatented mining claims filed on more than 400 acres of property in San Bernardino County, California, believed to have values in uranium. This acquisition is in keeping with the Company's mission of exploration and development of mining properties.
The property was previously drilled and is reported to have tested positive for uranium. The previous claims expired and Tectronic Mining Associates recently filed new claims on the property.
A contractor who drove two adits for 603 feet on the property reports that a high-grade uranium vein was intersected. The Company plans to carry out geological evaluation and possibly drilling to determine the grade and quantity of mineralization.
Chuck Mottley, Company President/CEO, states: "The ever-growing energy crisis is creating the need for alternate forms of energy. I believe that nuclear energy is high on that list. This is especially true for China and India, not to mention the United States and European countries.
"It is interesting to note that the price of uranium has recently risen from approximately $8 per pound to nearly $30 per pound over the past few years. All indications are that this trend will continue."
El Capitan Precious Metals, Inc. is an exploration stage company that owns a 40% interest in the El Capitan mine 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 contractual rights to the Rainbow Valley mine consisting of 1660 acres and 100% of the Weaver mine, both 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, 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; competition from iron ore producers worldwide, which producers have greater resources and more established operations than those of the company; the company's ability to arrange transportation from its mining properties to ocean ports on satisfactory terms; 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; 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.
SOURCE: El Capitan Precious Metals, Inc.
El Capitan Precious Metals, Inc.
Ron Perkins, 480-607-7093
www.elcapitanpmi.com
Copyright Business Wire 2005
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