SOURCE: Tombstone Exploration

Tombstone Exploration

September 27, 2011 09:00 ET

Tombstone Exploration Receives State Approval for Exploration Permits on Zebra Property

SRK Engaged to Update Company's NI 43-101 Report

PHOENIX, AZ--(Marketwire - Sep 27, 2011) - Tombstone Exploration Corporation (OTCBB: TMBXF) (OTCQB: TMBXF) announced today that the Company has received approval for the four new State Permits totaling 2,000 acres applied for in July located in the eastern edge of the Tombstone Mining District. These applications have been executed and finalized by the Arizona State Land Department and all fees have been paid. The property is approximately three miles east of its current holdings.

These leases, named 'Zebra Property,' were the focus of an exploration program in the 1980s that included geochemistry, geophysics, mapping, sampling, and drilling. A report on the property written in 1990 stated, "The total proven and probable reserves delineated to date on the Zebra Property are 100,632 tons averaging 0.0919 ounces per ton gold." This is a historical estimate and can only be categorized as inferred historical resources using current terminology.

Some of the historical drill hole intercepts include:

Hole Start of True Grade
# Intercept Thickness Oz/ton
(ft) (ft)
89-1 25 5 0.98
90-2 0' (surface) 40.8 0.182
90-3 25' 9.1 .077
90-4 15 18.2 .031
90-5 15 9.1 .041
28-4 0 10 .069
28-4 20 10 .041

The mineralization on the Zebra Property is thought to be epithermal in origin. TMBXF will evaluate the existing data, and design an exploration program to confirm the historic information, and also to search for both high grade gold mineralization, and large tonnage, low grade gold mineralization.

Alan Brown, President of TMBXF, stated, "We have made significant progress in expanding our acreage and are now able to focus on exploration and Company growth."

SRK Consulting of Tucson, Arizona has been engaged to update Tombstone's 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.

TMBXF is focused primarily on exploration and development of mineral resources. Tombstone Exploration Corporation has the mineral rights to approximately 11,500 acres of historical mining land in the areas around Tombstone, Arizona and is the largest landholder in the Tombstone Mining District.

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's most recent public filings with the U.S. Securities and Exchange Commission.

Contact Information

  • CONTACT:

    Tombstone Exploration Corporation
    Alan M. Brown
    President
    480-305-4507
    480-452-0286 (fax)
    Email Contact
    www.tombstonemining.com

    Investor Relations:
    The Eversull Group, Inc.
    Jack Eversull
    President
    972-571-1624
    214-469-2361 (fax)
    Email Contact