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ENGLEWOOD, Colo.--(BUSINESS WIRE)--Sept. 20, 2004--El Capitan Precious Metals, Inc. (OTCBB:ECPN - News) announced today that it has signed an iron ore sale and purchase agreement with Baosteel America, Inc. ("Baosteel"), a subsidiary of the Baosteel Group, based in Shanghai, China.
This agreement is a Memorandum of Understanding the completion of which is subject to approval by both companies' board of directors within the next 30 days.
The agreement calls for ECPN to deliver to Baosteel up to three million (3,000,000) tons of iron ore per year for the next fifteen years from its El Capitan mine in New Mexico along with its recently acquired Rainbow Valley mine in Arizona.
"At the El Capitan mine in New Mexico the Company is presently working with a precious metals refinery to recover gold, silver and platinum group metals after the removal and sale of the iron ore," stated El Capitan President, Chuck Mottley. "We are pleased to be associated with one of the world's largest steel companies that is also the largest steel company in China."
El Capitan Precious Metals, Inc. is a nominally capitalized development stage company that owns a 40% interest in the El Capitan mine located near Capitan, New Mexico as well as a joint venture and 20% ownership of 13 mining claims and other assets known as the C.O.D. Property located near Kingman, Arizona.
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. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in El Capitan Precious Metals/DML Services' Securities and Exchange Commission filings; economic downturns affecting the operations of El Capitan Precious Metals/DML Services; the inability to initiate or complete a possible sale of the El Capitan property or any other restructuring, offering, acquisition, disposition or similar transaction; adverse financial performance by El Capitan Precious Metals/DML Services; failure to obtain or maintain regulatory approval for products and services offered by El Capitan Precious Metals/DML Services; the accuracy of geological and geophysical results including drilling and assay reports; the inability of the Company to develop and/or mine the El Capitan property; and the unavailability of financing to complete management's plans and objectives. The forward-looking statements contained in this press release speak only as of the date hereof and El Capitan Precious Metals/DML Services disclaims any intent or obligation to update these forward-looking statements.
