The El Capitan property consists of 354 Bureau of Land Management (BLM) lode claims and four patented claims. The claim block is located in Lincoln County, New Mexico and occupies a total of approximately 7,000 acres in townships T 7 S, T 8 S and range R 14 E. The BLM lode claims were staked and recorded by consultants employed by El Capitan Precious Metals, Inc. and personnel of the company. The El Capitan property is owned by El Capitan Ltd., an Arizona corporation. El Capitan Precious Metals, Inc. purchased a 40% equity interest in El Capitan Ltd. from Gold and Minerals, Inc. in 2002; as of this date, Gold and Minerals retains a 60% equity interest in the property.