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PHOENIX, June 25, 2019 (GLOBE NEWSWIRE) -- Tombstone Exploration Corporation (OTC PINK: TMBXF), a fully reporting company, announced today their signed agreement with Goldrock Resources, Inc. to begin a strategic plan of Mineral Processing and Exploration in the Bonanza Mine area.
The Bonanza Mine property includes the Harquahala and Golden Eagle mines, located approximately eight miles south of Salome, Arizona. The project totals 2,656 acres and has significant underground workings, from which some 180,000-200,000 ounces of gold were reportedly produced from high-grade ore in the late 1800's and early 1900’s. Mined rock and tailings from previous operations represent an additional potential resource.
Tombstone Exploration is in an investment partnership with Goldrock Resources, Inc, whose CEO is Richard C. Moores, the former president and director of Anatolia Minerals Development Limited and COO is Todd Fayram, who designed and constructed American Bonanza's Copperstone gold mine 40 miles NW of Bonanza and Minefinders' Dolores Gold Mine in northern Mexico. Tombstone is investing to earn a 40% participation in the initial phase of development at Bonanza, with the subsequent right to participate and gain a larger interest in the exploration and development of the entire package. CDM Smith has been hired to initiate permitting for the first phase.
“We are excited to be working with Richard Moores and Todd Fayram on the Bonanza Mine Project,” Alan Brown, Tombstone Exploration Corporation’s President and CEO, said. “This investment is a fantastic opportunity for TMBXF and we’re excited to see it moving forward. This will progress us from an exploration company to a mining concern that we anticipate significant revenues and cash flow for the coming year."
Bonanza Mining Corporation was recently formed in Nevada and is licensed to do business in Arizona and will be the active entity for this partnership with Richard Moores as President and CEO to oversee all exploration and mining activities for this project. Mr. Moores has an illustrious career finding and developing Gold and Porphyry discoveries both in the USA and abroad. Todd Fayram is a Metallurgical Engineer with 26 years of experience with global assignments and extensive experience in mining, crushing, mineral processing and mineral economics.
Work on the Bonanza Mining Project is currently underway and the 1st phase has started.
About Tombstone Exploration Corporation
Tombstone Exploration Corporation is a gold, silver and copper exploration company based in Phoenix, Arizona. The company’s goal is to maximize shareholder value through focused exploration, testing and development of high quality mineral targets in the prolific mineral producing areas in the Southwest United States. This goal will be achieved through the application of the best mineral exploration practices and techniques available, including the adherence to the highest possible standards of corporate responsibility, governance and conduct.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Tombstone Exploration Corporation, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are Tombstone Exploration Corporation’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Tombstone Exploration Corporation’s filings with the Securities and Exchange Commission.
Tombstone Exploration Corporation
Alan M. Brown, President