El Capitan Precious Metals Inc. announced that it has reached a final agreement for the sale of precious-metals-rich tailings from the El Capitan mine to Hong Kong-based trading company. The buyer will purchase between 5,000 and 10,000 tons of precious-metals-rich tailings per month, with payment guaranteed against a multimillion-dollar letter of credit. ECPN Board Chairman John F. Stapleton reported that the term of the new agreement is five years.

The terms of the agreement were not disclosed, but the company expects to see positive cash flow in of first quarter its fiscal year, which is fourth quarter of the 2014 calendar year.