Today, El Capitan Precious Metals (OTCQB: ECPN) announced it had reached a milestone. Precious metals recovered from the company’s El Capitan mining site generated the company’s first-ever revenue. The payment is the initial shipment pursuant to a new contract with a United States based refinery. The company’s CEO, John F Stapleton, has confirmed that the initial transaction gave the company the ability to establish procedures and protocols for future ships and payments, which are expected to continue throughout the year.
The revenue for the first shipment will impact the quarter ending on June the 30th. After a thorough inspection of the shipment, it was found that the metal bar contained 65% gold, 15% platinum and 20% silver. In addition to the first payment, the company also confirmed it had sent a larger shipment in the form of precious metal bars to the same refinery. The company will continue this process. It believes subsequent shipments will continue to increase in size, until the maximum capacity for the pilot plant is reached.
Stapleton went on to conclude that management was enthusiastic at the company’s prospects of becoming a revenue-generating mining operation. The company made the transition from an exploration company to a mining company less than a year ago. The company is planning to discuss additional details during their Shareholders’ Informational Meeting. The meeting will be held at the Gainey Ranch Golf Club in Scottsdale, Arizona on July the 26th at 10 AM. Until then, additional details can be found here.