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ECPN Nears Completion of Assays on the El Capitan Mine Drilling Program; Receives Positive Precious Metal Results From Rainbow Mine

Posted on: Monday, 18 July 2005, 09:07 CDT

El Capitan Precious Metals, Inc. (OTCBB:ECPN) reports: The assays from the initial drilling program have been completed and the third party assays are expected to be completed very soon. Dr. Clyde Smith, the Company's consulting geologist, stated: "AuRIC Metallurgical has been reporting significant Au, Pt values on drill core samples form the first five holes assayed from a recent 12 hole diamond drilling program."

The third party assays are being performed by an independent laboratory as required by Dr. Smith. This process is similar to an audit and these assays will certify the validity of the assays performed by AuRIC. With this extensive data, Dr. Smith will provide the Company with a detailed report estimating the value per ton of material indicated in the mine as well as the estimated tonnage of material.

In addition, the second drilling project is more than half completed. We believe that the results from this could indicate that the tonnage of material containing precious metals mineralization is larger than previously expected.

The Company has been performing bench tests for precious metals on several different properties, one of which is the Rainbow Mine. The Rainbow Mine was previously indicated to have approximately thirty million tons of iron ore of which entities in China have shown some interest. Those negotiations have slowed due to price and transportation issues.

Preliminary indications are that the precious metal values in the Rainbow Mine property are high enough to warrant extensive evaluation. The Company should have more information on this project in the near future.

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 results of metallurgical testing, 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 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 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; the Company's ability to obtain necessary financing; 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.

Source: Business Wire

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