El Capitan Precious Metals Inc. representatives have announced the sale of precious-metals-rich tailings from their El Capitan mine to a Hong Kong-based trading company. The terms were undisclosed, but the company officials anticipate a consequent positive cash flow by Q4 2014.
The buyer will purchase up to 10,000 tons of precious-metals-rich tailings monthly through 2019, with payment guaranteed against a multimillion-dollar letter of credit, according to company officials. El Capitan CEO Chuck Mottley said the sale validates the potential of the New Mexico asset.
