SOURCE: Tombstone Exploration

February 17, 2009 09:00 ET

Tombstone Exploration Provides Shareholder Update

Spring Drill Program to Commence

PHOENIX, AZ--(Marketwire - February 17, 2009) - Tombstone Exploration Corporation (OTCBB: TMBXF) today announced an update for shareholders. On December 10, 2008, the results of its 2008 Drill Program and the preliminary mineral inventory for the Tombstone Silver Project in Cochise County were announced. The mineral inventory is comprised of approximately 2.53 million tons of 141 g/t Ag (silver) and carried significant ounces of gold and tons of base metals in addition to a manganese discovery. Since only 5% of the lateral extent of the Tombstone acreage has been explored, and the deposit remains open at depth, the overall magnitude of the Tombstone Silver Project has not yet been determined.

The Company intends an aggressive exploration and comprehensive drilling program, which is planned to commence in the Spring of 2009. The Company has contacted Layne Christensen Company of Mission Woods, Kansas to prepare an estimate and proposal for the planned Spring 2009 Drill Program. Layne Christensen's Mineral Exploration Division is one of the largest companies providing drilling services for geological assessment with over 150 drilling rigs worldwide. Layne Christensen Company conducted the 2008 Drill Program and is familiar with the Tombstone acreage.

Alan Brown, President and CEO of Tombstone, stated, "We have come a long way in having completed the 2007 and 2008 Drill Programs and look forward to the results of the 2009 Program. With silver and gold prices continuing to improve, we are encouraged by the potential of our acreage. We will keep shareholders apprised of assays and the 2009 Drill Program's progress."

The table below summarizes the mineral inventory, grades and tonnages of the various mineral commodities of the Tombstone Silver Project, as of November 2008.

 Silver        2.53 M tons at 141 g/t (metric)
               10.40 M ounces of silver
 Gold          25,200 ounces of gold
 Copper        386,000 pounds of copper
 Lead          7.50 M pounds of lead
 Zinc          1.25 M pounds of zinc
 Manganese     205 M pounds of manganese

Two drilling programs were completed during the field sessions of 2007 and 2008 consisting of 15 drill holes totaling 3,051 m (10,160 ft). 12 out of 15 drill holes were designed to test the central zone of the Bonanza structure. Three drill holes were located at Ace-in-the Hole and Black Horse area to test these structures. The 2007 Drill Program was conducted by reverse circulation and the 2008 Drill Program was carried out by core diamond drilling, using HQ diameter and triple tube technology for better recovery.

Upon the completion of its third year drilling program, the Company anticipates it will begin to implement a feasibility study on the recovery of resources.

On February 10, 2009, the Company announced that it sent six samples collected on February 5, 2009 to Copper State Analytical for assay for Gold, Silver, Manganese, Copper, Lead and Zinc. Three of the samples were taken from the State of Maine Mine and three from Randolph Mine. The assay results are expected soon.

Tombstone Exploration Corporation (TMBXF) is focused primarily on exploration and development of mineral resources. At the completion of the feasibility study, the Company will then consider joint venture mining or some other scenario that would eventually expedite a mining operation on the Tombstone property. More often in these scenarios, the Company would become subject to take over offers based on a positive economic feasibility study. The Company understands that the discovery to feasibility phase generally offers the best return on investment to shareholders. Tombstone Exploration Corporation has the mineral rights to approximately 11,500 acres of historical mining land in the areas around Tombstone, Arizona and is now the largest land holder in the Tombstone Mining District. Through expansion, the Company will acquire new properties.

For more information on Tombstone Exploration Corporation, please visit 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