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AuRIC NEWS >   10/21/04 >  

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El Capitan Precious Metals Signs Loi With AuRIC Metallurgical Laboratories to Process Precious Metals From Its El Capitan Mine and Completes $1,000,000 Private Placement

PHOENIX, AZ, Oct. 21, 2004 -- El Capitan Precious Metals, Inc. (ECPN) announced today the signing of a Letter of Intent with AuRIC Metallurgical Laboratories, LLC whereby AuRIC will be installing processes to recover the precious metals separated from the iron ore mined at the Company's El Capitan Mine in New Mexico. AuRIC has already begun work at the mine that will continue as the parties work to execute a definitive agreement, which is anticipated to occur in the next thirty days.

The Company intends to produce a pelletized magnetic fraction mined from El Capitan for the sale and shipment to various US steel companies. Meanwhile, for the next six months AuRIC will be continuing its ongoing research and development efforts and start the construction of a 10 tons per day Pilot Scale Precious Metals Recovery facility to process the non-magnetic fraction of the ore.

"The potential of producing precious metals while making a high-grade, pelletized iron ore product from the El Capitan site is very exciting and we are pleased to participate in this leading edge opportunity," AuRIC Managing Partner, Ahmet Altinay said.

The Company also announced it has completed a $1,000,000 private placement of common stock and warrants. This placement was led by Perkins Capital Management of Minneapolis, Minnesota.

El Capitan President/CEO, Chuck Mottley stated, "AuRIC is known in the mining industry as a leader in the recovery of platinum and palladium. The $1,000,000 in new capital will allow us to accelerate our mining plans to help meet our current demand for iron-ore and potentially prove up the levels of platinum and other precious metals at El Capitan.

"This is a very exciting time for the El Capitan shareholders. We believe we are well positioned to benefit from both the world-wide shortage of iron ore and possibly a platinum discovery much larger than we originally believed," Mr. Mottley continued.

El Capitan Precious Metals, Inc. is a 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.

For Further Information Contact:
Chuck Mottley
(480) 948-0724

SOURCE: El Capitan Precious Metals

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