Tombstone Exploration Updates Shareholders on Progress and Current Plans
9:02a ET April 20, 2009 (Market Wire)
Tombstone Exploration Corporation (TMBX) (OTCBB: TMBXF) today provided shareholders with a progress report and update on plans currently underway. TMBX has the mineral rights to approximately 11,500 acres of historical mining land, consisting of over 300 contiguous mineral claims. The property includes eight structures that were prolific producers in the past: State of Maine, Bonanza-Solstice, Merrimac, Black Horse, Santa Ana, Mamie, Groundhog and Randolph.
During the last three months, TMBX has made significant strides towards maximizing the further development of its current acreage and announced the following:
-- Feb 18th - Simon Russell joins TMBX as Chief Operating Officer. Mr. Russell is a Geological Engineering graduate of the University of Arizona. He is also an alumnus of the New Mexico Institute of Mining and Technology, and completed several graduate courses at the University of Nevada, Reno's Mackay School of Mines. -- Feb 20th - TMBX receives a comprehensive proposal from Layne Christensen's Mineral Exploration division for the 2009 Tombstone Drill Program. Layne Christensen conducted Tombstone's 2008 Drill Program and is one of the largest providers of drilling services for geological assessment with over 150 drilling rigs. -- March 17th - Evaluation of several prospective acquisitions with known silver and gold mineralization in several mining districts is being conducted by the Company. To help expedite these activities, Tombstone hires two additional consulting geologists with extensive mining and exploration experience. -- April 2nd - TMBX's staff identifies 3 exploration strategic priorities for advancing near-term value and long term economic potential on its Tombstone, Arizona properties. These targets will be the focus of their 2009 exploration program. -- Apr 7th - The Company receives a Speculative Buy rating with a price target of $0.44 by Beacon Analyst, Victor Sula, Ph.D. -- April 15th - TMBX receives encouraging assay results from rock chip samples on its Tombstone properties, with grades up to 6.26 grams per ton gold and 190.4 g/ton silver confirming the presence of gold-rich, silicified zones of mineralization adjacent to historically mined silver- lead orebodies.
TMBX began an extensive drill program in 2007 involving geological research, testing, and identification of key target areas and reserve categories. During the Phase 1 Drill Program, the Company identified a very rich mineral zone that potentially represents a significant precious and base metals discovery. Preliminary mineral inventory for the Tombstone project consisted of approximately 2.53 million tons at 141 grams/ton silver; 25,200 ounces of gold; 386,000 pounds of copper; 7.50 million pounds of lead and 1.25 million pounds of zinc. In addition, the Drill Program indicated 205 million pounds of manganese deposits. This inventory is from discoveries made on only 5% of the Company's acreage; 95% remains unexplored. In 2009, the Company plans to extend its exploration and drilling program at Groundhog and Randolph.
Alan Brown, President and CEO of TMBX, remarked, "We have been extremely busy this year enhancing our geological team and strategically evaluating the most productive priorities to achieve the greatest short term and long term results from our current acreage. We are also looking to expand beyond our current acreage and are actively looking at additional opportunities to acquire property."
Tombstone Exploration Corporation (TMBXF) is focused primarily on exploration and development of mineral resources. At the completion of the feasibility study, the Company will then consider joint venture mining or some other scenario that would eventually expedite a mining operation on the Tombstone property. More often in these scenarios, the Company would become subject to take over offers based on a positive economic feasibility study. The Company understands that the discovery to feasibility phase generally offers the best return on investment to shareholders. Tombstone Exploration Corporation has the mineral rights to approximately 11,500 acres of historical mining land in the areas around Tombstone, Arizona and is now the largest landholder in the Tombstone Mining District. Through expansion, the Company will acquire new properties.
