SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                    Current Report Pursuant to Section 13 or
                       15(d) of the Securities Act of 1934


       Date of Report (Date of earliest event reported): October 28, 2005


                        EL CAPITAN PRECIOUS METALS, INC.
             (Exact name of registrant as specified in its charter)


           Nevada                        333-56262                88-0482413
-------------------------------    ------------------------  -------------------
(State or other jurisdiction of    (Commission File Number)   (I.R.S. Employer
       incorporation)                                        Identification No.)


                       14301 North 87th Street, Suite 216
                            Scottsdale, Arizona 85260
               --------------------------------------------------
               (Address of principal executive offices) (Zip Code)


       Registrant's telephone number, including area code: (480) 607-7093


                   -------------------------------------------
         (Former name or former address, if changed since last report.)




<PAGE>

Item 1.01 Entry Into A Material Definitive Agreement.

      The  disclosures  set forth in Item  3.02(a)  are hereby  incorporated  by
reference to this Item 1.01.

Item 3.02 Unregistered Sales of Equity Securities.

      (a)   Agreement with Whitebox Intermarket Partners, L.P.

      On October 28, 2005, El Capitan  Precious  Metals,  Inc.  (the  "Company")
entered into a purchase  agreement  (the  "Purchase  Agreement")  with  Whitebox
Intermarket  Partners,  L.P.  ("Whitebox")  pursuant  to  which  the  Registrant
borrowed  $750,000 from Whitebox (the "Loan") in  consideration of the Company's
issuance  to  Whitebox  of an 8%  Secured  Convertible  Promissory  Note  in the
principal  amount of $750,000  (the  "Note")  and a warrant to purchase  500,000
shares of the  Company's  common  stock at an exercise  price of $0.60 per share
(the "Warrant").  The Company is required to make monthly interest-only payments
through April 2006, with the entire outstanding  principal and interest becoming
due and payable on April 28, 2007. The principal  balance on the Note,  together
with accrued interest  thereon,  is convertible at the option of the holder at a
conversion rate of $0.50,  subject to certain  adjustments.  Commencing May 2006
through the remainder of the term of the Note,  subject to certain  limitations,
the  Company  will  have the right  each  month to prepay  between  $50,000  and
$100,000 of the  outstanding  principal  and  interest  on the Note  through the
issuance of shares of its common  stock at a price per share equal to 85% of the
average of the high  closing bid prices of the  Company's  common  stock for the
trading  days during the 30 calendar  days  immediately  preceding  such date of
prepayment.  Pursuant to the Loan,  Whitebox also received an option until April
28,  2006 to loan an  additional  $550,000  in  consideration  of an  additional
promissory note in the principal amount of $550,000 and an additional warrant to
purchase 366,667 shares of common stock at an exercise price of $0.60. The terms
of the additional promissory note and the additional warrant, if issued, will be
the same as the Note and the Warrant, respectively.

      In connection with the financing,  the Company paid a 3% origination  fee,
agreed to pay up to $10,000 in legal expenses to Whitebox's  legal counsel,  and
an aggregate of $75,000 in  commissions to a finder.  Additionally,  the Company
issued  warrants to purchase an  aggregate  of 225,000  shares of the  Company's
common stock at an exercise price of $0.60 per share (the "Finder  Warrants") in
connection  with the loan and the  offering  (as  described  under Item 3.02 (b)
herein),  to the finder.  The Company also entered  into a  registration  rights
agreement (the "Registration Rights Agreement") with Whitebox, pursuant to which
the Company  agreed to file a registration  statement  relating to the resale of
the common stock to be issued upon  conversion  and payment of the Note and upon
the exercise of the Warrant within 30 days of the closing of the transaction.

      As  additional  consideration  for the Loan,  the Company  entered  into a
Security  Agreement dated October 28, 2005,  granting a security interest in the
Company's  assets to Whitebox to secure  performance of the Purchase  Agreement,
Registration Rights Agreement and Note.

      The Company  offered and sold the Notes,  Warrants and Finder  Warrants in
reliance on an exemption from registration  under Section 4(2) of the Securities
Act of 1933,  as  amended  (the  "Securities  Act"),  for  offers  and  sales of
securities that do not involve a public offering.  Neither the Note, the Warrant
nor the Finder Warrants,  or the common stock  underlying the Note,  Warrant and
Finder  Warrants,  may resold in the United  States  absent  registration  or an
applicable exemption from registration requirements.

      The Note, the Warrant,  the Purchase  Agreement,  the Registration  Rights
Agreement and the Security  Agreement are attached  hereto as Exhibits 4.1, 4.2,
10.1, 10.2, and 10.3, respectively, and are incorporated herein by reference.

      (b)   Private Placement Offering of Securities

      Between October 14 and October 30, 2005, the Company approved and accepted
subscriptions,  pursuant to a private placement offering to accredited investors
that  commenced  in May 2005 and was  extended  through  October  30,  2005 (the
"Offering"),  for 2,353,333 Units of its securities at a price of $.40 per Unit.
Each Unit  consisted of one share of common stock  (collectively,  the "Shares")
and one three-year warrant to purchase an additional share of common stock at an
exercise price of $.50 (collectively, the "Offering Warrants").

<PAGE>


      Including  the Units sold in May 2005 trough  July 2005 (as  reported in a
Current Report on Form 8-K filed by the Company with the Securities and Exchange
Commission  on July 22,  2005),  the Company has sold an  aggregate of 3,593,333
Units under the Offering,  resulting in proceeds to the Company of $1,112,790 in
cash, net of expenses, including legal fees, and the cancellation of $300,000 of
debt of the  Company  which  was  converted  by the  holder  into  Units  in the
Offering.  The Company  intends to use the cash  proceeds  from the offering for
general working capital.

      The  Company  has agreed to file a  registration  statement  covering  the
resale of the Shares and the common stock issuable upon exercise of the Offering
Warrants and Finder  Warrants within 90 days of the final closing date under the
Offering,  and use commercially  reasonable  efforts to cause such  registration
statement  to be  declared  effective  by the SEC and to keep such  registration
statement effective for one year following the effective date.

      Neither  the  Shares  nor the  Offering  Warrants  sold and  issued in the
Offering  (including  the shares of common stock  issuable  upon exercise of the
Offering  Warrants),  were registered under the Securities Act and therefore may
not be offered or sold in the United States absent registration or an applicable
exemption  from  registration  requirements.  For these  issuances,  the Company
relied on the  exemption  from federal  registration  under  Section 4(2) of the
Securities Act and/or Rule 506  promulgated  thereunder,  based on the Company's
belief  that the offer and sale of the  Shares  and  Offering  Warrants  did not
involve a public  offering  as each  investor  was  "accredited"  and no general
solicitation  was  involved  in the  Offering.  The form of Warrant  used in the
Offering  is  attached  hereto  as  Exhibit  4.3 and is  incorporated  herein by
reference.

<PAGE>

Item 9.01 Financial Statements And Exhibits

      (c)   Exhibits

      4.1   Note of the  Company  dated  October  28,  2005  issued to  Whitebox
            Intermarket Partners, L.P.

      4.2   Warrant of the  Company  dated  October  28, 2005 issued to Whitebox
            Intermarket Partners, L.P.

      4.3   Form of Warrant issued pursuant to the Offering.

      10.1  Purchase Agreement dated October 28, 2005 by and between the Company
            and Whitebox Intermarket Partners, L.P.

      10.2  Registration  Rights Agreement dated October 28, 2005 by and between
            the Company and Whitebox Intermarket Partners, L.P.

      10.3  Security Agreement dated October 28, 2005 by and between the Company
            and Whitebox Intermarket Partners, L.P.


                 ----------------------------------------------

<PAGE>

                                   SIGNATURES

      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.



                                      EL CAPITAN PRECIOUS METALS, INC.



Date: November 3, 2005                /s/ Stephen J. Antol
                                      --------------------------------------
                                      Stephen J. Antol
                                      CFO/Treasurer

<PAGE>


                                  EXHIBIT INDEX


Exhibit No.                       Description
-----------                       -----------

      4.1   Note of the  Company  dated  October  28,  2005  issued to  Whitebox
            Intermarket Partners, L.P.

      4.2   Warrant of the  Company  dated  October  28, 2005 issued to Whitebox
            Intermarket Partners, L.P.

      4.3   Form of Warrant issued pursuant to the Offering.

      10.1  Purchase Agreement dated October 28, 2005 by and between the Company
            and Whitebox Intermarket Partners, L.P.

      10.2  Registration  Rights Agreement dated October 28, 2005 by and between
            the Company and Whitebox Intermarket Partners, L.P.

      10.3  Security Agreement dated October 28, 2005 by and between the Company
            and Whitebox Intermarket Partners, L.P.
{"company-data": {"conformed-name": "EL CAPITAN PRECIOUS METALS INC", "cik": "0001135202", "assigned-sic": "1311", "irs-number": "880482413", "state-of-incorporation": "NV", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-56262", "film-number": "051175795"}, "business-address": {"street1": "10876 E. TIERRA DRIVE", "city": "SCOTTSDALE", "state": "AZ", "zip": "85259", "phone": "480-948-0724"}, "mail-address": {"street1": "10876 E. TIERRA DRIVE", "city": "SCOTTSDALE", "state": "AZ", "zip": "85259"}, "former-company": {"former-conformed-name": "DML SERVICES INC", "date-changed": "20010216"}}
SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                    Current Report Pursuant to Section 13 or
                       15(d) of the Securities Act of 1934

       Date of Report (Date of earliest event reported): October 28, 2005

                        EL CAPITAN PRECIOUS METALS, INC.
             (Exact name of registrant as specified in its charter)

           Nevada                        333-56262                88-0482413
-------------------------------    ------------------------  -------------------
(State or other jurisdiction of    (Commission File Number)   (I.R.S. Employer
       incorporation)                                        Identification No.)

                       14301 North 87th Street, Suite 216
                            Scottsdale, Arizona 85260
               --------------------------------------------------
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (480) 607-7093

                   -------------------------------------------
         (Former name or former address, if changed since last report.)
Item 1.01 Entry Into A Material Definitive Agreement.

      The  disclosures  set forth in Item  3.02(a)  are hereby  incorporated  by
reference to this Item 1.01.

Item 3.02 Unregistered Sales of Equity Securities.

      (a)   Agreement with Whitebox Intermarket Partners, L.P.

      On October 28, 2005, El Capitan  Precious  Metals,  Inc.  (the  "Company")
entered into a purchase  agreement  (the  "Purchase  Agreement")  with  Whitebox
Intermarket  Partners,  L.P.  ("Whitebox")  pursuant  to  which  the  Registrant
borrowed  $750,000 from Whitebox (the "Loan") in  consideration of the Company's
issuance  to  Whitebox  of an 8%  Secured  Convertible  Promissory  Note  in the
principal  amount of $750,000  (the  "Note")  and a warrant to purchase  500,000
shares of the  Company's  common  stock at an exercise  price of $0.60 per share
(the "Warrant").  The Company is required to make monthly interest-only payments
through April 2006, with the entire outstanding  principal and interest becoming
due and payable on April 28, 2007. The principal  balance on the Note,  together
with accrued interest  thereon,  is convertible at the option of the holder at a
conversion rate of $0.50,  subject to certain  adjustments.  Commencing May 2006
through the remainder of the term of the Note,  subject to certain  limitations,
the  Company  will  have the right  each  month to prepay  between  $50,000  and
$100,000 of the  outstanding  principal  and  interest  on the Note  through the
issuance of shares of its common  stock at a price per share equal to 85% of the
average of the high  closing bid prices of the  Company's  common  stock for the
trading  days during the 30 calendar  days  immediately  preceding  such date of
prepayment.  Pursuant to the Loan,  Whitebox also received an option until April
28,  2006 to loan an  additional  $550,000  in  consideration  of an  additional
promissory note in the principal amount of $550,000 and an additional warrant to
purchase 366,667 shares of common stock at an exercise price of $0.60. The terms
of the additional promissory note and the additional warrant, if issued, will be
the same as the Note and the Warrant, respectively.

      In connection with the financing,  the Company paid a 3% origination  fee,
agreed to pay up to $10,000 in legal expenses to Whitebox's  legal counsel,  and
an aggregate of $75,000 in  commissions to a finder.  Additionally,  the Company
issued  warrants to purchase an  aggregate  of 225,000  shares of the  Company's
common stock at an exercise price of $0.60 per share (the "Finder  Warrants") in
connection  with the loan and the  offering  (as  described  under Item 3.02 (b)
herein),  to the finder.  The Company also entered  into a  registration  rights
agreement (the "Registration Rights Agreement") with Whitebox, pursuant to which
the Company  agreed to file a registration  statement  relating to the resale of
the common stock to be issued upon  conversion  and payment of the Note and upon
the exercise of the Warrant within 30 days of the closing of the transaction.

      As  additional  consideration  for the Loan,  the Company  entered  into a
Security  Agreement dated October 28, 2005,  granting a security interest in the
Company's  assets to Whitebox to secure  performance of the Purchase  Agreement,
Registration Rights Agreement and Note.

      The Company  offered and sold the Notes,  Warrants and Finder  Warrants in
reliance on an exemption from registration  under Section 4(2) of the Securities
Act of 1933,  as  amended  (the  "Securities  Act"),  for  offers  and  sales of
securities that do not involve a public offering.  Neither the Note, the Warrant
nor the Finder Warrants,  or the common stock  underlying the Note,  Warrant and
Finder  Warrants,  may resold in the United  States  absent  registration  or an
applicable exemption from registration requirements.

      The Note, the Warrant,  the Purchase  Agreement,  the Registration  Rights
Agreement and the Security  Agreement are attached  hereto as Exhibits 4.1, 4.2,
10.1, 10.2, and 10.3, respectively, and are incorporated herein by reference.

      (b)   Private Placement Offering of Securities

      Between October 14 and October 30, 2005, the Company approved and accepted
subscriptions,  pursuant to a private placement offering to accredited investors
that  commenced  in May 2005 and was  extended  through  October  30,  2005 (the
"Offering"),  for 2,353,333 Units of its securities at a price of $.40 per Unit.
Each Unit  consisted of one share of common stock  (collectively,  the "Shares")
and one three-year warrant to purchase an additional share of common stock at an
exercise price of $.50 (collectively, the "Offering Warrants").
Including  the Units sold in May 2005 trough  July 2005 (as  reported in a
Current Report on Form 8-K filed by the Company with the Securities and Exchange
Commission  on July 22,  2005),  the Company has sold an  aggregate of 3,593,333
Units under the Offering,  resulting in proceeds to the Company of $1,112,790 in
cash, net of expenses, including legal fees, and the cancellation of $300,000 of
debt of the  Company  which  was  converted  by the  holder  into  Units  in the
Offering.  The Company  intends to use the cash  proceeds  from the offering for
general working capital.

      The  Company  has agreed to file a  registration  statement  covering  the
resale of the Shares and the common stock issuable upon exercise of the Offering
Warrants and Finder  Warrants within 90 days of the final closing date under the
Offering,  and use commercially  reasonable  efforts to cause such  registration
statement  to be  declared  effective  by the SEC and to keep such  registration
statement effective for one year following the effective date.

      Neither  the  Shares  nor the  Offering  Warrants  sold and  issued in the
Offering  (including  the shares of common stock  issuable  upon exercise of the
Offering  Warrants),  were registered under the Securities Act and therefore may
not be offered or sold in the United States absent registration or an applicable
exemption  from  registration  requirements.  For these  issuances,  the Company
relied on the  exemption  from federal  registration  under  Section 4(2) of the
Securities Act and/or Rule 506  promulgated  thereunder,  based on the Company's
belief  that the offer and sale of the  Shares  and  Offering  Warrants  did not
involve a public  offering  as each  investor  was  "accredited"  and no general
solicitation  was  involved  in the  Offering.  The form of Warrant  used in the
Offering  is  attached  hereto  as  Exhibit  4.3 and is  incorporated  herein by
reference.
Item 9.01 Financial Statements And Exhibits

      (c)   Exhibits

      4.1   Note of the  Company  dated  October  28,  2005  issued to  Whitebox
            Intermarket Partners, L.P.

      4.2   Warrant of the  Company  dated  October  28, 2005 issued to Whitebox
            Intermarket Partners, L.P.

      4.3   Form of Warrant issued pursuant to the Offering.

      10.1  Purchase Agreement dated October 28, 2005 by and between the Company
            and Whitebox Intermarket Partners, L.P.

      10.2  Registration  Rights Agreement dated October 28, 2005 by and between
            the Company and Whitebox Intermarket Partners, L.P.

      10.3  Security Agreement dated October 28, 2005 by and between the Company
            and Whitebox Intermarket Partners, L.P.

                 ----------------------------------------------
SIGNATURES

      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                      EL CAPITAN PRECIOUS METALS, INC.

Date: November 3, 2005                /s/ Stephen J. Antol
                                      --------------------------------------
                                      Stephen J. Antol
                                      CFO/Treasurer
EXHIBIT INDEX

Exhibit No.                       Description
-----------                       -----------

      4.1   Note of the  Company  dated  October  28,  2005  issued to  Whitebox
            Intermarket Partners, L.P.

      4.2   Warrant of the  Company  dated  October  28, 2005 issued to Whitebox
            Intermarket Partners, L.P.

      4.3   Form of Warrant issued pursuant to the Offering.

      10.1  Purchase Agreement dated October 28, 2005 by and between the Company
            and Whitebox Intermarket Partners, L.P.

      10.2  Registration  Rights Agreement dated October 28, 2005 by and between
            the Company and Whitebox Intermarket Partners, L.P.

      10.3  Security Agreement dated October 28, 2005 by and between the Company
            and Whitebox Intermarket Partners, L.P.