El Capitan Precious Metals has announced that it has executed its agreement with AuraSource, for the sale of up to 600,000 metric tonnes of head ore over the next 12 months. This agreement is renewable for five additional one-year terms.
The revenue to ECPN would be US$180 million per year at a cost of approximately US$30 per tonne for mining and loading. The agreement is contingent upon Right of Way road access and AuraSource’s ability to secure its buyer and financing for the prepayments to El Capitan. The Company is confident it will be able to provide the road access required.
At the Shareholders’ Meeting in New Mexico last week, shareholders were presented with a description of the precious metals recovery process, including samples of the processed precious metals product.
The votes of those shareholders’ present and those represented by proxy re-elected the entire slate of directors. The shareholders also authorised an additional 100 million shares of common stock and ratified the appointment of MaloneBailey LLP as the company’s auditors.
The shareholder meeting included a trip to the mine site and approximately 80 shareholders saw, firsthand, the operations, the road, and the site that is producing the ore and concentrates.