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El Capitan Precious Metals Signs LOI With AuRIC Metallurgical Laboratories...




El Capitan Precious Metals Signs Definitive Agreement with AuRic Metallurgical Labs to Develop the Precious Metals Recovery at the El Capitan Mine

PHOENIX -- El Capitan Precious Metals, Inc. (OTCBB:ECPN) announced today the signing of a Definitive Agreement with AuRic Metallurgical Labs ("AuRic") of Salt Lake City, Utah. This agreement enables AuRic to develop a process to recover gold, and other precious-metals from the El Capitan Mine in New Mexico. The plan is to have a 10 ton per day pilot plant in production by August, 2005.

Charles C. Mottley, President/CEO of El Capitan said: "The Company is expecting current drilling and testing to confirm positive assay results that AuRic has previously indicated from the El Capitan Mine. Our expectations are that the gold and other precious metals assays will continue to be positive, which would be one of the most significant events in our Company's history.

"If the values of the random assays are consistent throughout the mining property then we have an economic precious metals mine. Because of the testing results that AuRic has completed, we have now moved to the next step to develop the process of recovering precious metals with the deployment of a pilot plant. This is a major event for the Company and we are very encouraged with AuRic assay results from the El Capitan Mine," continued Mr. Mottley.

The results by AuRic can be found on the Company's website: elcapitanpmi.com.

Ahmet B. Altinay, Managing Partner of AuRic Metallurgical Laboratories, LLC said: "We are pleased to have concluded the Letter of Intent signed between our companies on October 21, 2004, with a 'Process Development and Transfer Agreement.' Beginning with the new-year a Research and Development Program, expected to last 8 months, will be undertaken. This program will be designed, specifically, to address the production-oriented aspects of the El Capitan Ore. Developing reliable analysis methods customized for the unique properties of this ore; developing and optimizing the most economical recovery methods for the precious metals contained within and obtaining independent party confirmation of the above will be among the targets of this program. Meanwhile our laboratory will be using the developed methods for analyzing the ore samples coming from the surface grid and the drill program to be run by the company geologists. We are looking forward to successful completion of this program and the following work aimed to show the potential feasibility of the El Capitan property."

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. mine located near Kingman, Arizona. In addition, the Company owns 100% of the Rainbow Valley and Weaver mines near Phoenix, 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. This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the company's ability to successfully complete contracts for the sale of its iron ore and other products; fluctuations in world market prices for the company's products; competition from iron ore producers worldwide, which producers have greater resources and more established operations than those of the company; the company's ability to arrange transportation from the its mining properties to ocean ports on satisfactory terms; the company's ability to obtain or maintain regulatory approvals; the company's ability to obtain financing for the commencement of mining activities on satisfactory terms; and other risks and uncertainties described in the company's filings from time to time with the Securities and Exchange Commission. The company disclaims any obligation to update its forward-looking statements.

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