On May 24, for no apparent reason, El Capitan Precious Metals, Inc. (OTC:ECPN) lost a quarter of its value on a significant volume. It bounced back up the very next session.
Yesterday, ECPN opened and closed at $0.798 per share – a 2.31% increase. 195 thousand shares changed hands during the session – below the average for ECPN.
The quick recovery on May 25 may have had something to do with the PR issued by the company. It stated the company’s annual stockholders’ meeting would be held on June 2. Additionally, the PR said the company would add a live quote for its stock and a message board on its site.[BANNER]
On the day of the meeting, ECPN dropped 12.94% on 558 thousand shares, and again, bounced right back up the next session.
The shareholders’ meeting revealed some of the plans of the company. With a number of assays done, ECPN has decided to focus on a 200 acre block that supposedly contains 140 million tons of ore. The concentration mentioned during the meeting was 1.2 oz per ton and the recovery cost would be in the $225 – $450 per ton range, depending on the method.
For now, little is
certain, but if those numbers are accurate ECPN may eventually realize its plan to sell the property and make the shareholders happy. A video of the formal part of the June 2 meeting is available through ECPN’s site.
