El Capitan Precious Metals, Inc. Reports on Gold and Minerals Merger Status

RENO, Nev.--(Business Wire)--
El Capitan Precious Metals, Inc. (OTCBB: ECPN) ("ECPN") reported
that the proposed merger between ECPN and Gold and Minerals Company,
Inc. ("G&M") has reached the stage at which ECPN is ready to file a
Form S-4 registration statement with the Securities and Exchange
Commission.

Due to the time-consuming nature of the preparation of a Form S-4
and the uncertainty of the timing of the SEC review process, the
companies have worked with counsel to examine alternative structures
for the transaction. While alternatives were identified, none held
significant promise to be less time-consuming or more cost-effective
for shareholders.

The companies have now concluded that the Form S-4 registration
process will ultimately be the optimal path forward, and have decided
to continue to pursue the merger structure as previously announced.

Both companies have agreed, however, that ECPN will delay the
filing of the Form S-4 until sufficient funding is raised to cover
accrued and future merger expenses. Once the registration statement is
filed, the SEC review process is expected to take several months. Upon
receiving SEC consent, G&M would call a special shareholders meeting
to approve the merger. Shares of ECPN stock would be distributed to
G&M shareholders shortly after approval of the merger.

Ken Pavlich, president and CEO of ECPN, stated, "While we had
originally anticipated that the merger would be complete by this point
in time, we experienced numerous unexpected delays in the due
diligence process, primarily related to obtaining current audited
financial statements and documentation related to historical G&M
transactions. Preparation of these due diligence documents
substantially increased the costs of the process for both parties. G&M
management has made every effort to provide ECPN with appropriate
documentation, and we are confident that the merger can now move
forward as sufficient funding becomes available.

"The management and Boards of both companies agree that primary
use of funds must be dedicated to furthering progress on the
metallurgical and permitting tasks associated with the El Capitan
precious metals project. As joint venture accounts are brought current
by G&M, the merger process will continue."

About El Capitan Precious Metals, Inc.

El Capitan Precious Metals, Inc. is a U.S. based mineral
exploration company whose primary asset is a 40% interest in the El
Capitan precious metals project, located in Lincoln County, New
Mexico. The Company's stock trades on the Over-the-Counter Bulletin
Board under the symbol ECPN.

Forward-Looking Statements

Statements herein which are not historical facts, such as
estimates of the volume and grade of mineral deposits, future
production levels, exploration results and plans, costs, and prices
are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, and involve a number of
risks and uncertainties that could cause actual results to differ
materially from those projected, anticipated, expected or implied.
These risks and uncertainties include, but are not limited to, metals
price and production volatility, exploration risks and results,
discrepancies between different types of testing methods, some or all
of which may not be industry standard, political risks, permitting
risks, project development risks and ability to raise financing. For a
more detailed discussion of risks and other factors that may impact
these forward-looking statements please refer to the Risk Factors and
other discussion contained in the Company's quarterly and annual
periodic reports on Forms 10-QSB and 10-KSB on file with the SEC. The
Company undertakes no obligation and has no intention of updating
forward-looking statements.

For further information, please visit the company's website at
www.ElCapitanPMi.com.

El Capitan Precious Metals, Inc.
Ken Pavlich, 775-201-0168
info@ElCapitanPMi.com
www.ElCapitanPMi.com

Copyright Business Wire 2008