ECPN Transfers 2,000 Acres to Wholly-Owned Subsidiary with Goal of Potential Shareholder Dividends
SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- El Capitan Precious Metals, Inc. (OTC/BB: ECPN) announced today that it is transferring 2,000 acres to its wholly-owned subsidiary, ECPN Technologies. The 2,000 acres of land is adjacent to the 250-acre El Capitan property in New Mexico with 141 million tons of measured resources.
ECPN Technologies has mineral rights on 720 acres of leased BLM (Bureau of Land Management) land and mineral rights on an additional 240 acres of patented land.
In addition, according to El Capitan CEO Chuck Mottley, the Company is currently seeking permits to allow the drilling of approximately 100 exploration drill holes on the 2,000 acres.
Mottley confirmed that the 250-acre El Capitan property will remain with the parent Company, El Capitan Precious Metals, Inc., and stated that the purpose of this transfer is to provide flexibility, allowing for the ability to spin off the subsidiary to the ECPN shareholders in the form of a stock dividend when appropriate.
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.
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.
TEN Associates, LLC
Tom Nelson, 480-232-5469
KEYWORDS: United States North America Arizona New Mexico
The article ECPN Transfers 2,000 Acres to Wholly-Owned Subsidiary with Goal of Potential Shareholder Dividends originally appeared on Fool.com.
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