El Capitan Precious Metals (OTCQB: ECPN) confirms that it received its first payment on the sale of precious metals extracted from El Capitan ore in June of this year from a domestic precious metals refinery. The Company has since dispatched a second shipment of precious metal alloy bars to the refinery for processing and payment.
According to John F Stapleton, Chairman and CEO, the first shipment—weighing slightly over four pounds—was a key step in establishing protocols and procedures that will be implemented in future, larger translations. The second shipment of precious metal alloy bars had a total weight of approximately 13.5 pounds, or about three times the weight of the first shipment.
From the first alloy bar shipment, the refinery recovered gold, silver, and platinum, which represented approximately six percent of the total weight of the bar. For these precious metals, El Capitan was paid approximately $3,600, or approximately $900 for each pound of the concentrated metal alloy.