El Capitan Precious Metals Inc. (ECPN) prospers on mining results filing
Posted on: August 8th, 2011Written by:
El Capitan Precious Metals Inc. (OTCBB: ECPN) climbed in price Monday morning by 48.1% to 70 cents, on word the company had submitted results to an investment banker. Volume for the stock topped 969,000 shares, in comparison with a full-day average of 347,000.
A release put out August 8 revealed that one of the results to be reported shows a per-ton value of approximately 1.2 ounces of gold equivalent.
The Company recently confirmed its ore values through production, sold to a refining company, Gannon and Scott, not through assays. Copper State Analytical Laboratory used a direct smelt with silver-lead collection method on 200 pounds of 10-to-one concentrate, (the equivalent of one ton of head ore) and produced 41.5 ounces of silver and 0.19 ounces of gold. This equates to the approximately 1.2 ounces of gold equivalent, per ton of ore previously mentioned.
Management believes that the cost of recovery of these assets will be within the industry average common to open pit mines.
The Scottsdale, Arizona-headquartered El Capitan said its deposit consists of 141 million tons of “Measured Resource” based on the Canadian National Instrument 43-101 guideline. Measured Resource is an accepted mining term which means the indicated resources have undergone enough further sampling that a ‘competent person’ (defined by the norms of the relevant mining code) has declared them to be an acceptable estimate, at a high degree of confidence, of the grade, tonnage, shape, densities, physical characteristics and mineral content of the mineral occurrence stated above.
