SOURCE: Tombstone Exploration

May 07, 2008 09:00 ET

Tombstone Exploration Corporation Files National Instrument 43-101 Technical Report -- Strong Drilling to Commence

PHOENIX, AZ--(Marketwire - May 7, 2008) - Tombstone Exploration Corporation (OTCBB: TMBXF) today announced it has filed its initial National Instrument 43-101 Technical Report.

SRK Consulting of Tucson, Arizona has completed the NI 43-101 technical report. SRK is an independent, international consulting group, employing leading specialists in environmental science and mineral engineering. Its seamless integration of services, and global base, has made the company a significant international practice in due diligence, feasibility studies and confidential internal reviews. SRK's global experience and reputation for excellence is widely recognized among the major financial institutions and are repeatedly called upon to advise on and evaluate projects for all types of market transactions. Formed in 1974, SRK employs more than 600 professionals internationally in 31 permanent offices on 6 continents.

National Instrument 43-101 (NI 43-101) is a rule developed by the Canadian Securities Administrators (CSA) and administered by the provincial securities commissions that govern how issuers disclose scientific and technical information about their mineral projects to the public. It covers oral statements as well as written documents and websites. It requires that all disclosure be based on advice by a "qualified person" and in some circumstances that the person be independent of the issuer and the property.

SRK Consulting makes the following recommendations:

It is strongly recommended that an extended program of vertical and inclined core drilling be conducted at the Tombstone Property. Drilling would be aimed at determining mineralization grades and fissure vein characteristics such as horizontal and vertical extent, relationships to other veins, widths and depths below the water table. It would also provide geotechnical information, samples for bulk density measurements, and samples for preliminary metallurgical testing. It is difficult to say how many drill holes would be indicated. A program is suggested that would include a minimum of five 1000-foot core holes along existing mineralized structural zones to define depth potential below the water table. A program of twenty 500-ft drill holes (RC) can be used to explore along strike of mapped extensions to known structures.

         1. Conduct additional inclined and vertical drilling for the
            following purposes:
            -- Evaluate the width of structural targets such as dikes,
               fissures, and veins;
            -- Confirm silver mineralization across the targets;
            -- Evaluate potential mineralization below the water table in
               the target areas;
            -- Provide fresh samples for mineralogical and metallurgical
               testing; and
            -- Conduct in-fill and/or extension drilling where necessary

Any additional drilling should be by the core drilling methods with HQ size core. The drilling should include some oriented drillcore, targeting the northeast-trending fissures, to intercept the greatest possible thickness and depth of mineralized rock. Additional drilling should be directed toward evaluating mineralization below the water table.

The recommended drilling will provide additional structural and assay information to allow for possible delineation of mineralized zones, and will provide additional geotechnical information. Closer spaced drillhole definition of higher grade and thicker mineralization should be the goal.

        2. Conduct down-hole surveys to measure drill-hole deviation,
           particularly for drill holes in excess of 100 m.
        3. Devise a suitable numerical drill log that will allow inclusion
           of detailed lithology, alteration and mineralization
           information, in numeric form, in addition to assay data, to
           allow for digital drill logs.
        4. Convert historical hard copy drill logs to digital format logs.

Tombstone Exploration has acquired a portfolio of exploration targets contained within four non-contiguous parcels. The largest parcel is in the western part of the mining district, on which are located many of the smaller historic mines with confirmed silver mineralization. The largest historic mines of the late 1800s and early 1900s are located principally to the east, in the central part of the district.

Alan Brown, President and CEO of Tombstone, stated, "We are pleased to have the 43-101 completed. We will commit $1.5 Million to $2 Million to conduct the drill program and are confident that the program will add significant value to the Company."

Dennis Dalton of Tombstone Exploration prepared the report and is an American Institute of Professional Geologists Certified Professional Geologist (C.P.G.) and is a Qualified Person (as defined by NI 43-101). Mr. Dalton also holds professional registrations as an Engineer in Training (E.I.T.), State of Nevada, and Certified Public Manager (C.P.M.) from the Arizona State University. He received a B.S. in Geology from the University of California Long Beach and a M.S. in Mining Engineering from McKay School of Mines at the University of Nevada, Reno. Dating back to 1976, Mr. Dalton has acquired widespread experience in mining geology and operations with the Bunker Hill Company, Union Mines, Barrick Goldstrike, Derry Michener and Booth, and Whitney and Whitney, Inc. Mr. Dalton was an environmental engineer with Arimetco, Inc., and held several civil engineering assignments with the Pima County, Arizona Department of Transportation.

Tombstone Exploration Corporation (TMBXF) is structured and positioned to capitalize on today's increasing demand and prices for precious metals and base metals such as copper, lead and zinc. Tombstone Exploration Corporation has the mineral rights to approximately 13,500 acres of historical mining land in the areas around Tombstone, Arizona and is now the largest land holder in the Tombstone mining district, which is one of the recent largest mining property acquisitions in Arizona. Through expansion, the Company will acquire new properties, as well as integrate the extraction of precious and base metals. The goal is to produce metals and minerals below standard industry costs.

For more information on Tombstone Exploration Corporation, please visit our web site at www.tombstonemining.com.

FORWARD-LOOKING STATEMENTS

Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements are estimates only, as the Company has not completed the preparation of its financial statements for those periods, nor has its auditor completed the audit of those results. Actual revenue may differ materially from those anticipated in this press release. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to Tombstone Exploration Corporation's ability to obtain additional financing. Tombstone Exploration Corporation undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Tombstone Exploration Corporation's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact Tombstone Exploration Corporation's success are more fully disclosed in Tombstone Exploration Corporation most recent public filings with the U.S. Securities and Exchange Commission.

Contact Information

  • CONTACT:
    Tombstone Exploration Corporation
    Alan M. Brown
    President
    Email Contact
    480-305-4507

    Investor Relations:
    The Eversull Group, Inc.
    Jack Eversull
    972-378-7917
    972-378-7981 (fax)
    Email Contact