Although El Capitan Precious Metals, Inc. (PINK:ECPN) has been delivering a run-of-the-mill performance on the stock market for the last two weeks, this circumstance has yet to produce an adverse impact on the upward trend which started last December.
Yesterday, ECPN stock went down 15%. Closing at $0.98 per share, ECPN stock was again relegated to the sub-dollar area. The price slump was accompanied by a two-fold surge in the volume. By the time yesterday’s session came to a close, more than 780 thousand shares of ECPN stock had changed hands.
Obviously, ECPN stockholders have not been favourably impressed by the latest update provided by CEO Chuck Mottley on Mar. 17. It revealed that ECPN had signed a contract with a partner for the exploration of its new drilling project, i.e a property based in New Mexico. While a final agreement has really been reached, its execution still falls into the category of forward-looking statements. [BANNER]
ECPN stock has not been a focus of interest among promoters since Jan. 25. Nevertheless, it has somehow managed to maintain a relatively sustainable growth.
El Capitan Precious Metals, Inc. describes itself as a company occupying the metal mining industry. The main focus of its activity seems to be the exploration of precious metals and other minerals. Headquartered in Scottsdale, Arizona, ECPN owns several properties in the southwestern part of the USA.
Being a regular SEC filer, ECPN only recently submitted its report covering Q4 of 2010. According to it, the company has accumulated:
- $630K in cash;
- a working capital surplus to the amount of $270 thousand;
- a quarterly net loss in excess of $250 thousand.
Just as in Q3, no revenues are to be seen in Q4. Of course, this may vanish into thin air if the properties owned by ECPN end up containing large deposits of gold, silver and/or other precious metals.
