lopster : El Capitan Precious Metals
Yesterday, during the victorious for ECPN trade session the shares jumped by $0.06, or 22%, to $0.33. Since this Monday's rousing, ECPN stock price increased 73.68%. ..............
El Capitan President/CEO Details Company Plans
El Capitan Precious Metals, Inc. (OTC/BB:ECPN) reports: Chuck Mottley, President/CEO of ECPN submitted the following letter to the Company?s shareholders:
Approximately a year ago El Capitan Precious Metals (ECPN) was virtually bankrupt with its stock selling for pennies and a management team with no plans for the future.
Since that time the Board of Directors and Management have been replaced with John Stapleton chosen as the Chairman of the Board, Jim Ricketts as a member of the Board and Steve Antol as Chief Financial Officer. I came out of retirement to again assume the role of President and CEO.
At the new Board of Directors? first meeting, set in April of 2009, the Board set a specific plan of action. First and foremost they elected to develop an assay procedure that dealt with the very complex ore from the El Capitan property. Gold and Minerals Co., Inc. is a 60% owner of the property and has been working on this project with Copper State Labs along with other commercially recognized labs.
It appears that the metallurgical problems have been resolved. (For reference see the September 2009 press release. It is posted on ECPN?s web site: www.elcapitanpmi.com.)
In Dr. Clyde Smith?s geological report (also posted on the Company?s web site) he reports that the property has 141 million tons of ?Measured Resources.?
Part of the Board of Directors? plan of management was to engage, at the proper time, an Investment Bank charged with the task of marketing the property to a major international mining company. Now that the metallurgical research project is finalized with Copper State Labs we are in the position to proceed with this action.
The original 2,300 assays performed by AuRic Metallurgical Labs under the direction of Dr. Smith?s guidance would likely have to be re-run by any potential buyer as part of their due diligence. Ore samples from those assayed are currently in storage under chain of custody. When these samples are assayed again it will be done using the new metallurgical procedure that has been recently developed.
In addition, management has been working with the Company?s consultants and legal team in New Mexico to secure the permitting for exploratory drilling on an additional 2,000 acres. This action would potentially create additional value to the property and thus to the shareholders.
Gold and Minerals Co., Inc. have invested the funds for the existing projects and will continue to do so for all future efforts.
The Company has been working closely with Planet Resource Recovery, Inc. to develop a recovery procedure for the El Capitan ore. They have completed their research and we are expecting a press release from them very soon detailing their results.
Chuck Mottley, President/CEO