TOMBSTONE, AZ — (Marketwire) — 07/14/11 — Tombstone Exploration Corporation (OTCBB: TMBXF) (OTCQB: TMBXF) announced today the closing of its non-brokered private placement of 10 million common shares at a price of $0.05 per share, for gross proceeds of $500,000 from Haywood Securities (). Haywood also received a warrant to purchase 5 million shares at $0.10.
The proceeds of this offering will be used to continue TMBXF–s exploration program, including geophysical work and ground IP on its wholly owned property in the Tombstone Mining District along with additional sampling and possibly drilling of further near surface silver/gold targets that have not been drilled and are historically the most sought after resource in the Tombstone area.
The Company will also be working to secure additional financing in the amount of $5 million, of which the proceeds will be used to drill the deep porphyry copper targets that will be identified with the completion of the geophysical program. These deep drill holes will also drill through near surface structures expected to contain Silver/ Gold mineralization.
Tombstone will apply for a TSX Venture exchange listing in Canada as priority for the Company to engage a much greater number of financing opportunities. TMBXF will also continue to trade on the OTCBB and OTCQB.
TMBXF has renewed all of its State Exploration Permits in the Tombstone Mining District and they have been executed and finalized by the Arizona State Land Department. The renewals encompass five sections, totaling approximately 2,600 acres in the Tombstone Mining District. These sections are underlain principally by the Bisbee Group sediments and metasediments that have been highly productive in both the Tombstone Mining District and in the Warren (Bisbee) Mining District, Arizona.
Alan Brown, President of TMBXF, stated, “We are pleased to receive the financing from Haywood Securities. Considerable work on the property can be accomplished to advance the exploration with the $500,000 prior to the significant drill program planned.”
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:
Tombstone Exploration Corporation
Alan M. Brown
President
480-305-4507
480-452-0286 (fax)
Investor Relations:
The Eversull Group, Inc.
Jack Eversull
President
972-571-1624
214-469-2361 (fax)