git, below is the PR announcing the storage of 7 tons of cons worth $3.7 million. You can buy about 3000 ounces of gold for $3.7 million. So that works out to about 400 opt Au_eq ton. Sorry decimal error in my previous calculation. Still after making this announcement, ecpn has the absolute obligation to correct the announced value of the concentrates if and when they have information that the announced value is not correct. They have clear and convincing evidence that the announced value is incorrect. Therefore they are indisputably in breach of securities law by not announcing the error.
El Capitan Precious Metals Reports $3.7 Million in Value on Precious Metals Concentrates Warehoused via Logistica U.S. Terminals
May 31, 2016 02:38 PM Eastern Daylight Time
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--El Capitan Precious Metals, Inc. (OTCQB: ECPN) announced today that its contracted processing agent, Logistica U.S. Terminals, LLC, has placed in excess of seven tons of precious metals concentrates into a bonded COMEX warehouse in the name of El Capitan Precious Metals, Inc. The warehouse receipt demonstrates the value of the concentrates to be $3.7 million.
It is expected that the proceeds from the sale of these concentrates will support the operating capital needs of the Company as it ramps up its operating plan. It is also expected that the processing technology utilized by Logistica to obtain these precious metals concentrates will be the basis for the production line, under development, that will be established for the ongoing processing of concentrates from the El Capitan mine at a rate of 50 tons per day.
Chairman of the Board John F Stapleton stated emphatically that this news marks the most significant accomplishment in the decades-long history of the El Capitan mine, making the future of El Capitan Precious Metals, Inc. a commercial reality.
