ECPN news! Iron ore deal worth $2.5M over 12 month period. Iron ore spot is $57 metric ton x 45K tons $2,565,000
El Capitan Precious Metals, Inc. (OTCQB: ECPN) announced today that it has reached a long-term agreement for the sale of iron ore that will commence in December. It is expected that this new agreement will result in the sale of approximately 45,000 tons of iron ore over the next 12 months.
According to ECPN President and CEO Chuck Mottley, this contract has been in negotiation for several months and represents what is expected to be a sustainable revenue stream throughout this fiscal year and beyond. As previously reported, it is anticipated that iron ore revenues will not only cover the costs of mining and crushing operations, but will provide stability and positive cash flow for the Company.
In a related move that will enhance processing capabilities and efficiencies, the Company announced the installation of a rod mill crusher at the mine site capable of processing more than 100 tons of ore per hour. This major piece of equipment completes the head ore processing requirements for both iron ore and precious metals concentrates. Processed head ore from the rod mill crusher will be uploaded to the AuraSource device for final separation of the ore that will ship as either iron ore or precious metals concentrates.
The Company is also negotiating with a North American buyer for the purchase of precious metals concentrates.
John F. Stapleton, ECPN Board Chairman, announced that the El Capitan Annual Shareholder Meeting has been scheduled for March 22, 2016 in Scottsdale, Arizona. Details related to the meeting will post to the ECPN web site in December
