VANCOUVER, BC / ACCESSWIRE / May 26, 2020 / Kingman Minerals Ltd. (TSXV:KGS)(FSE:47A1) ("Kingman" or the "Company") is pleased to announce that it has entered into an option agreement with two arms' length vendors to acquire 100% interest in 52 lode claims covering an area of 1,071.2 acres, located in Mohave County, Arizona.
The Company can earn the 100% interest in the Music Mountain EXT Property (the "Property") by paying an aggregate of $150,000 USD, issuing 2,500,000 common shares and $1,000,000 in exploration expenditures at various periods over four years from the date of TSX Venture Exchange Approval.
All share issued pursuant to this transaction will be subject to a hold period of four months plus a day. This transaction is subject to TSX Venture Exchange Approval.
"The Company is incredibly pleased with the addition of this property to its current holdings which comprise the Mohave Project in the Music Mountain Mining District, Arizona. We have successfully completed two phases of underground exploration thus far in 2020. The results show enormous potential for this area and warrant further work and acquisitions. The Company's Qualified Person is currently working on the interpretation of these results and Kingman hopes to bring the historic resource estimate up to current NI 43-101 compliant standards in the near future" stated Sandy MacDougall, Chairman and Director.
About Kingman
Kingman Minerals Ltd. is currently engaged in the business of precious metal mineral exploration for the purpose of acquiring and advancing non grass roots mineral properties located in mining friendly jurisdictions of North America.
The Mohave Project (the "Project") is located in the Music Mountains in Mohave County, Arizona and is comprised of 20 lode claims which are inclusive of the past producing Rosebud Mine (the "Rosebud"). High grade gold and silver veins were discovered in the area in the 1880's and were mined mainly in the late 20's and 30's. Underground development on the Rosebud property included a 400-foot shaft and approximately 2,500 feet of drifts, raises and crosscuts.
For further information please contact:
Sandy MacDougall, Chairman & Director
(604) 685-7720
[email protected]
www.kingmanminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Kingman believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Kingman disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
SOURCE: Kingman Minerals Ltd.