Tombstone Mining Issues Corporate Update Ahead of Launch of Production Activities

PHOENIX, April 8, 2020 (GLOBE NEWSWIRE) -- Tombstone Exploration Corporation (OTCQB:TMBXF) (“Tombstone”, “Tombstone Exploration”, or the “Company”), a fully reporting U.S. based mining company, in partnership with Goldrock Resources Inc. (together, the “Bonanza Mining Company” or the “Partners”), is very excited to provide current and prospective shareholders with an update on the Company’s progress in permit acquisition as the Partners move toward bringing the Bonanza Mining Project fully online as a producing project.

“We have been through a comprehensive process and there is now only a step standing between Bonanza and an active gold producing operation, and we expect that step to be finalized very soon,” commented Alan Brown, Tombstone CEO and President. “It isn’t easy to ramp up a successful project like this. However, we enjoy a surplus of strong-handed support and a team characterized by a very high degree of domain specific expertise in handling exactly this type of process.”

The Company has already achieved the vast majority of permissions necessary to ramping up the Bonanza Project into active gold production:

·       July 2, 2019: The Air Quality Permit submitted

·       Sep. 25, 2019:  Aquifer Protection Permit (“APP”) application under substantive review phase by the Arizona Department of Environmental Quality (“ADEQ”)

·       Nov. 1, 2019: Received request from Bureau of Land Management (“BLM”) for reply to comments

·       Nov. 7, 2019: Comprehensive Request for Additional Information received from Arizona Department of Environmental Quality (ADEQ).

·       Nov. 16, 2016: Reply submitted to BLM request

·       Nov. 21, 2019: Permitting process required to commence initial operations on Harquahala Phase 1 joint venture heap leach project completed, all required permits filed: Plan of Operations- BLM, Aquafer Protection Permit – ADEQ, Reclamation Plan - Dept. Of Reclamation, Air Quality Registration- ADEQ

·       Nov. 21, 2019: Air Quality Registration approved

·       Dec. 5, 2019: Aquifer Protection Permit (APP), BLM Mine Plan of Operations for Public Land (MPO), and a Reclamation Plan for private property considered administratively complete. Reclamation Plan for private property through the State Mine Inspector has not identified any issues

·       Dec. 18, 2019: CDM Smith Corporation hired as general contractor for the Bonanza project

·       Jan 22, 2020: Arizona State Mining Inspector verified all criteria required to commence operations on the Bonanza Mining Project have been met

·       Feb. 20, 2020: ADEQ proposes to issue Aquifer Protection Permit for the Bonanza Mining Company

·       Feb. 27, 2020: Mandatory Bond Cash deposit been received by the ADEQ in the amount of $208,514.00

Management notes that the Company is now awaiting only one final permit from ADEQ before beginning construction and gold production activities. That final permit is expected to be granted over the very near term. Once that final permit is in place, the Company will begin construction. The initial portion of the Phase One leach pad is expected to accommodate 500,000 tons of already mined material that have been tested to show upwards or more of 26,000 - 50,000oz of gold.

Based on current gold pricing, this places the value of this tonnage at up to $85 million USD.

Brown continued, “It has taken a lot of work to get to where we are. But it has been well worth the effort considering we are now just one step away from the fun part, and the price of gold has done nothing but go straight up since we put this partnership together. We will look forward to providing additional updates as the process moves forward and construction and production begin in earnest.”

About Tombstone Exploration Corporation

Tombstone Exploration Corporation is a gold, silver and copper exploration & mining 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. 

FORWARD-LOOKING STATEMENTS

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. 

CONTACT:

Tombstone Exploration Corporation
Alan M. Brown, President
Phone: 480-588-8920
abrown@tombstonemining.com
www.tombstonemining.com