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PHOENIX, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Tombstone Exploration Corporation (OTCQB: TMBXF), a fully reporting company, announced today in combination with the OTC Markets Group Inc. that TMBXF is approved for trading on the OTCQB Venture Markets as of August 27, 2019.
While Tombstone has been a fully reporting company since its inception, the Company believes that the move to OTCQB will provide investor benefits including enhanced reporting standards, greater access to analyst coverage and news services, management certification and more comprehensive compliance requirements.
Alan M Brown, Chief Executive Officer, commented, "We anticipate that the broader exposure afforded by the OTCQB Venture Market will raise our visibility within the investment community, assist in increasing the liquidity of our common stock and help to broaden our shareholder base. Upgrading to OTCQB is a significant milestone for any company, as it provides shareholders and potential investors with greater transparency and liquidity and will help generate exposure of our company to institutional investors.”
The OTCQB is a venture market designed for early-stage and developing US and international companies. To be eligible, companies must be current in their reporting and undergo an annual verification and management certification process.
Tombstone continues with its immediate focus on the permitting process for the Bonanza Mine property which 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.
The Bonanza Mining Company (Joint Venture Company) (Bonanza) identified that their permitting engineers, CDM Smith, submitted the Air Quality permit on July 2nd and received a determination of completeness letter the same day. The completeness determination effectively starts the clock for air permit engineering review with expectations of completing the air permitting in November.
The Arizona Department of Environmental Quality (ADEQ) received the required Aquifer Protection Permit (APP) for the Bonanza Mining Company. The Department considered the application administratively complete on August 12th, 2019. This application has now entered the Substantive Review Phase. Further to these filings, the BLM Plan of Operation has been started along with a flora and fauna study which is expected to be filed within the next two weeks.
The Leach Pad and construction design are now in progress for the Bonanza Gold Project and continue to progress and be ready to implement upon receiving approval of all required permits. The Company is expecting completion and approval of all the required permits for this venture during November/December 2019 and then starting the construction phase on receipt of all.
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.