El Capitan Precious Metals Reports Breach of Contract by Buyer of Concentrates
El Capitan Precious Metals Inc. (OTCQB: ECPN) reported today that the Company was informed on March 30, 2018, that the contracted buyer to purchase and process the concentrates from El Capitan Precious Metals had decided not to process the material, and instead is offering to ship the material back to El Capitan Precious Metals.
This information was relayed by legal counsel for the purchaser in response to inquiries by the Company regarding the timely payment for the recovered metal that El Capitan Precious Metals had been informed had been successfully recovered from the concentrate material over the 60 days prior to the contracted payment date.
El Capitan Precious Metals is investigating the matter, and will take all necessary and proper steps to pursue civil and criminal litigation of the matter, if appropriate upon further investigation, once the material is returned.
The Company will provide more details at the 2018 Shareholder Meeting scheduled for Wednesday, May 23, in Scottsdale, Arizona. It will be held at the Gainey Ranch Golf Club and is scheduled to begin at 10:00 a.m. local time. The meeting agenda will include detailed updates on operations and revenue generation.
About El Capitan Precious Metals, Inc.:
El Capitan Precious Metals Inc. is an exploration stage company (as defined by the Securities and Exchange Commission’s Industry Guide 7) based in Scottsdale, Arizona that is principally engaged in the exploration of precious metals and other minerals. The Company’s primary asset is its wholly owned subsidiary El Capitan, Ltd., an Arizona corporation, which holds the 100% equity interest in the El Capitan property located near Capitan, New Mexico. www.elcapitanpmi.com
Forward-Looking Safe Harbor Statement:
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. Forward-looking statements are statements that are not historical facts. Words such as “expect(s),” “feel(s),” “believe(s),” “will,” “may,” “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding the expected completion, timing and results of metallurgical testing, interpretation of drill results, the geology, grade and continuity of mineral deposits, results of initial feasibility, pre-feasibility and feasibility studies and expectations with respect to the engaging in strategic transactions. All of such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Specifically, there can be no assurance regarding the timing and terms of any transaction involving the Company or its El Capitan property, or that such a transaction will be completed at all. In addition, there can be no assurance that periodic updates to the Company’s geological technical reports will support the Company’s prior claims regarding the metallurgical value and make-up of the ore on the New Mexico property. Additional risks and uncertainties affecting the Company include, but are not limited to, the possibility that future exploration, development, testing or mining results will not be consistent with past results and/or the Company’s expectations; discrepancies between different types of testing methods, some or all of which may not be industry standard; the ability to mine precious and other minerals on a cost effective basis; the Company’s ability to successfully complete contracts for the sale of its products; fluctuations in world market prices for the Company’s products; the Company’s ability to obtain and maintain regulatory approvals; the Company’s ability to obtain financing for continued operations and/or the commencement of mining activities on satisfactory terms; the Company’s ability to enter into and meet all the conditions to consummate contracts to sell its mining properties that it chooses to list for sale; and other risks and uncertainties described in the Company’s filings from time to time with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
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Contact
El Capitan Precious Metals Inc.
Steve Antol, 928-515-1942