Tombstone Exploration Corporation Announces Progress on EuroGas, Inc.’s Commitment of $5 Million for Exploration and Drilling Program
Phoenix, AZ—November 26, 2014—Tombstone Exploration Corporation (OTCQB: TMBXF) (Berlin Stock Exchange: UDNA), announced today that the Company is back on track to receive from EuroGas, Inc. a committed financing in the amount of $5 million USD for extensive drilling in its wholly owned USA porphyry copper-gold project in Arizona, USA. The lawsuit previously filed by the Company in the U.S. District Court of Utah against EuroGas, Inc., EuroGas, A.G., ZB Capital, A.G., Riata Minerals, Inc., Wolfgang Rauball, Edward Mueller and Jack Bauska has been dismissed due to the parties agreeing to terms for EuroGas, Inc. to continue with its financing commitment which began in May 2014 and will continue with the second phase which is to be received by the Company in January, 2015.
Alan Brown, President of TMBXF, stated, “We are very happy to be moving forward with the Financing Agreement with EuroGas. TMBXF’s immediate focus will be executing a drill program on its wholly owned gold targets on the Zebra Property along with updating the plan for the major porphyr targets identified via Geotech Ltd., ZTEM report released in 2011. Of the targets that have been identified are two precious metal (Gold and Silver) occurrences as ‘halos’ around the properties, which are significant characteristics of porphyry systems. These extensive drill programs are to prove a mineable ore body that has been overlooked for generations.”
Wolfgang Rauball, Chairman & CEO of EuroGas Inc. said, “We are glad at EuroGas that the differences between our companies have finally been amicably resolved and we are now moving strongly ahead together again as we have successfully done with TMBXF over the past 7 years. As a substantial TMBXF shareholder, EuroGas is also very happy that besides the renewed financial commitment towards TMBXF, it was also able to reinstate in favor of TMBXF the previously granted 20% net interest from EuroGas’ potential Final Award in EuroGas’ upcoming ICSID Arbitration proceedings against the Slovak Republic at the World Bank’s ICSID tribunal in Washington D.C..”
Tombstone Exploration Corporation is an exploration and development company located within the historic Tombstone Mining District, Cochise County, Arizona. Detailed geophysical studies of the Tombstone Mining District shows the presence of a wide assortment of minerals including gold, silver, copper, lead, zinc, manganese, tellurium, molybdenum and vanadium. The Company's immediate focus will be its Zebra prospect, a well-disseminated gold property located on TMBXF's Arizona state leases, 4,760 acres, approximately three miles southeast of the town of Tombstone. The Company believes Zebra lies within the metallogenic zonation halo that has been well-defined in the Tombstone Mining District. In accordance with zonational patterns, the assay data suggests the presence of a large disseminated bulk tonnage gold deposit. In addition, other geophysical studies indicate the presence of a well-defined copper-porphyry deposit at depth. TMBXF is in the process of preparing an exploration plan for Zebra. In addition, the company is planning to expand Zebra's gold resource which, so far, has been found on a small part of the property, leaving considerable acreage to be explored. Hence, an active drill program could easily expand known reserves to an exceptional gold, silver copper resource, easily accessible and mineable.
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.
The Eversull Group, Inc.
Jack Eversull, President