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Post by driller on May 2, 2005 9:50:08 GMT -5
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Post by irishpack on May 2, 2005 11:53:21 GMT -5
ECPN is going forward. This could turn into a real revenue maker.
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--May 2, 2005--Chuck Mottley, President of El Capitan Precious Metals, Inc. (OTCBB:ECPN - News) gives a report on the progress of the drilling project at the El Capitan property. "The drilling has gone very well. Nine holes are complete, one is 50% complete with four remaining. It is expected that the drilling contractors will complete the job within the next ten days. There have been delays due to weather and other typical issues encountered in a project such as this.
Dr. Clyde Smith, the Company's contracted geologist, has recommended that the combined drilling depth be increased from 1200 feet to 1400 feet. The reason for this is that the drilling to date has shown that hematite (the ore that carries the precious metals) extends deeper than 100 feet in several of the holes. This is deeper than expected and indicates that the amount of ore carrying precious metals could prove to be significantly larger that previously suspected. This is very exciting news.
The Company's contracted metallurgist, AuRIC, is in the process of assaying the cores from the partially completed drilling. The third party assayer will be commencing his assaying immediately. It is expected that all of the assaying will be completed within the next thirty days.
Shortly after the completion of the assays, Dr. Clyde Smith will prepare a report on the results of the drilling and assays. At that point we should have enough information to estimate a value of the resources and present the property for sale to major mining companies."
Chuck Mottley concluded, "As we close in on the pinnacle of this project, I am confident that the value of this property will prove to be significantly greater than we projected."
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.
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