Post by Catdaddy on Nov 6, 2010 21:22:48 GMT -5
El Capitan Metals headed to a merger
www.istockanalyst.com/article/viewiStockNews/articleid/4645752
Friday, November 05, 2010 12:03 AM
(Source: Ruidoso News)By Jim Kalvelage, Ruidoso News, N.M.
Nov. 05--The two Scottsdale, Ariz. mineral exploration companies with interests in a potential mining claim north of Capitan plan to merge.
El Capitan Precious Metals (ECPN) and Gold and Minerals Company (G&M) Tuesday took their merger proposal to shareholders of each firm. ECPN owns 40 percent of the El Capitan claim. G&M owns 60 percent.
In a filing with the U.S. Securities and Exchange Commission, the companies said the merger would consolidate the ownership of the interest in the El Capitan property under a single, publicly held company.
Currently G&M is a privately held firm.
The firms have been in partnership on the potential gold and other metals claim in the Capitan Mountains since 2002. Merger discussions began in 2006.
The proposed merger is seen by the companies as a way to bring "lower overhead costs and a cohesive management team."
The boards of directors of each firm have unanimously determined the merger is in their best interests.
The El Capitan property originally consisted of about 200 acres of lands bounded by the Lincoln National Forest. Over the past five years additional property surrounding the original site was claimed.
In August 2006 and 2009 the number of claims was reduced to the current 3,000 acres or so based on geological work and recommendations of a consulting geologist.
The main El Capitan deposit is exposed in an open-pit and outcrops within a nearly circular 1,300 area with smaller bodies of up to a distance of 7,000 feet.
In 2007 exploration work was halted by the New Mexico Energy, Minerals and Natural Resources Department be-cause of un-permitted activities.
Several years ago El Capitan submitted a plan of operation to the U.S. Forest Service for exploration of about 2,000 acres.
Core samples were extracted in 2005 and 2006 in an attempt to determine the property's gold and platinum potentials.
Agreements have been reached with contractors to complete additional exploration projects on the property.
ECPM said in a Nov. 2 prospectus that if the cost of separating precious metals from other ore is not prohibitive, the company believes it can contract with an investment bank to sell the El Capitan property in the future.
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www.istockanalyst.com/article/viewiStockNews/articleid/4645752
Friday, November 05, 2010 12:03 AM
(Source: Ruidoso News)By Jim Kalvelage, Ruidoso News, N.M.
Nov. 05--The two Scottsdale, Ariz. mineral exploration companies with interests in a potential mining claim north of Capitan plan to merge.
El Capitan Precious Metals (ECPN) and Gold and Minerals Company (G&M) Tuesday took their merger proposal to shareholders of each firm. ECPN owns 40 percent of the El Capitan claim. G&M owns 60 percent.
In a filing with the U.S. Securities and Exchange Commission, the companies said the merger would consolidate the ownership of the interest in the El Capitan property under a single, publicly held company.
Currently G&M is a privately held firm.
The firms have been in partnership on the potential gold and other metals claim in the Capitan Mountains since 2002. Merger discussions began in 2006.
The proposed merger is seen by the companies as a way to bring "lower overhead costs and a cohesive management team."
The boards of directors of each firm have unanimously determined the merger is in their best interests.
The El Capitan property originally consisted of about 200 acres of lands bounded by the Lincoln National Forest. Over the past five years additional property surrounding the original site was claimed.
In August 2006 and 2009 the number of claims was reduced to the current 3,000 acres or so based on geological work and recommendations of a consulting geologist.
The main El Capitan deposit is exposed in an open-pit and outcrops within a nearly circular 1,300 area with smaller bodies of up to a distance of 7,000 feet.
In 2007 exploration work was halted by the New Mexico Energy, Minerals and Natural Resources Department be-cause of un-permitted activities.
Several years ago El Capitan submitted a plan of operation to the U.S. Forest Service for exploration of about 2,000 acres.
Core samples were extracted in 2005 and 2006 in an attempt to determine the property's gold and platinum potentials.
Agreements have been reached with contractors to complete additional exploration projects on the property.
ECPM said in a Nov. 2 prospectus that if the cost of separating precious metals from other ore is not prohibitive, the company believes it can contract with an investment bank to sell the El Capitan property in the future.
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