El Capitan Precious Metals Signs Contracts with Glencore Xstrata for Sale of Iron Ore
March 17 2014 - 7:15AM
Business Wire
El Capitan Precious Metals, Inc. (OTCBB: ECPN) announced today
that the Company has reached an agreement with GlencoreXstrata
(GLEN.L) for the purchase of iron ore from the El Capitan mine.
Under the terms of the agreement, GlencoreXstrata commits to
ongoing purchases of iron ore from the El Capitan mine.
GlencoreXstrata will issue a Letter of Credit to guarantee payment
on iron-ore sales.
“This new contract with GlencoreXstrata is a significant
milestone in meeting the Company’s strategic objectives,” said ECPN
President and CEO Chuck Mottley in a statement released to
shareholders. “In recent weeks the Company has accomplished three
significant things: executed a contract for the mining and
transport of the high-quality iron ore from the El Capitan mine,
entered into an agreement for the sale of enough iron ore to
generate positive cash flow for the Company, and provided for the
separation of precious-metals-rich tailings at the mine site for
future processing,” Mottley added.
Mottley reported that, as a result of last week’s agreements
with Logistica US Terminals, equipment will move to the site
immediately and mining operations are expected to commence within a
few weeks.
According to John F. Stapleton, Chairman of the ECPN Board of
Directors, “This is a game-changer for us and the ECPN
shareholders. Never before in the history of this property have we
seen such positive, revenue-producing progress.”
About El Capitan Precious Metals,
Inc.:
El Capitan Precious Metals, Inc. is an exploration stage
precious minerals 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
About GlencoreXstrata:
Glencore Xstrata is one of the world’s largest global
diversified natural resource companies. As a leading integrated
producer and marketer of commodities with a well-balanced portfolio
of diverse industrial assets, we are strongly positioned to capture
value at every stage of the supply chain, from sourcing materials
deep underground to delivering products to an international
customer base. The Group’s industrial and marketing activities are
supported by a global network of more than 90 offices located in
over 50 countries. Our diversified operations comprise over 150
mining and metallurgical sites, offshore oil production assets,
farms and agricultural facilities. We employ approximately 190,000
people. www.glencorexstrata.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.Frank Capilla, Investor
Relations480-440-1449
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