TOMBSTONE, AZ -- (Marketwired) -- 07/17/17 -- Mansfield-Martin Exploration Mining, Inc. (OTC PINK: MCPI) announced today that it has closed a portion of its November 28, 2016, transaction with Armada Minerals, Inc. and other related persons and entities (collectively, the "Armada Group").
Mansfield-Martin's agreement with the Armada Group called for the acquisition of 100% of Tombstone Development Corporation, believed to be the oldest continually operating mining company in Arizona, and approximately 3,800 acres of mining properties and claims in the historically prolific Tombstone Mining District in exchange for the issuance of approximately 285 million shares of stock. Because this is a non-cash transaction, among other reasons, the Company will record the assets covered in this portion of the acquisition at either founder's cost or a nominal carrying value, using a gross asset value of approximately $5,081,000, against a liability for the assumption of acquisition-related debt of approximately $1,800,000. Details of the transaction with carrying values are set out in the Form 8-K filed on June 27, 2017.
The remainder of the transaction will be recorded at Fair Value, pending the completion of a Fair Value Opinion to be provided by qualified geologists.
Mansfield-Martin's properties cover numerous historic mines, including the Lucky Cuss, the Old Guard and the Ace in the Hole, along with undeveloped acreage west of Tombstone on the quartering slope of the caldera, including the Ground Hog claims and Western Mining District. Additionally, through its ownership of Tombstone Development Corporation, Mansfield-Martin is the repository of valuable, non-public mining and production records, along with geology reports, covering activities in the District from operations going back over 100 years.
From the 1870s to the First World War, over 260,000 oz. of gold and 32.5mm oz. of silver were processed from the historic mines in the District, along with commercial quantities of lead, zinc and copper. At current prices, these metals would be valued at more than $1 billion.
Geologists estimate that only approximately 25% to 40% of the available high-quality ore has been mined, leaving significant mineralization for re-entry mining operations. Furthermore, previously mined and unprocessed materials in surface dumps at or near these mines also contain significant gold and silver values, and preliminary drilling and testing on additional undeveloped acreage suggests mineralization that could far exceed these amounts.
About Mansfield-Martin Exploration Mining, Inc.
Mansfield-Martin Exploration Mining, Inc. is principally engaged in a variety of mining activities on owned and claimed property in Arizona's Tombstone Mining District, a historically prolific zone of silver and gold production. Mansfield-Martin is an SEC-Reporting company, and has approximately 335 million shares issued and over 200 shareholders. Additional information can be found at www.mansfieldmartin.com or in its SEC filings at https://www.sec.gov/cgi-bin/browse-edgar?company=Mansfield-martin&owner=exclude&action=getcompany.
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, trends, analysis, and other information contained in this press release including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," and other similar expressions of opinion, constitute forward-looking statements. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
Mansfield-Martin Exploration Mining, Inc.
1137 Highway 80 East
P.O. Box 1218
Tombstone, Arizona 85638