AuraSource, Inc. (OTC Markets:ARAO) Files An 8-K

El Capitan Precious Metals, Inc. (OTCQB:ECPN) announced that it has executed its agreement with AuraSource, Inc. (OTC Markets:ARAO) for the sale of up to 600,000 metric tons of head ore over the next 12 months. This agreement, as previously reported, is renewable for five additional, one-year terms.

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The revenue to ECPN would be $180 million per year at a cost of approximately $30 per ton 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 at the meeting and those represented by proxy re-elected the entire slate of directors. The shareholders also authorized 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. The feedback from those who attended the meeting expressed that the meeting was very informative.

About El Capitan Precious Metals, Inc.:

El Capitan Precious Metals, Inc. is a mining company based in Scottsdale, Arizona that is principally engaged in the mining of precious metals and other minerals. The Company’s primary asset is its wholly owned subsidiary El Capitan, Ltd., an Arizona corporation, which holds the 100% equity interest in the El Capitan property located near Capitan, New Mexico. www.elcapitanpmi.com

 

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