El Capitan Precious Metals Inc (ECPN)

[georgeiporgi]

panipoo, iron grades at el cap are not rich, they are about 30% Fe and are in narrow layers so will have to be mined selectively internal waste discarded. Then the 30% dirt will need to be concentrated to 60%. Australian and Brazil have huge massive high gradew deposits that they just dig up and ship.

There is no steel mils in New Mexico. If construction started tomorrow it would be years until they started buying iron ore. At most there may be a company looking at the feasibility of building a mill. New Mexico is probably one of many options. Even if they decided to build one in New Mexico, purchase of iron is years away.

At 30% Fe el cap has about $40/ton of contained iron which is heavy and expensive to ship.

The fastasy PM numbers invented by ecpn range from 0.4 to 1.2 opt Au equivalent for the dirt. That is $500 to $1500 per ton of contained fantasy metal. If they really had PMs they would not be even thinking about iron.