Vancouver, B.C. (September 24, 2020) Kingman Minerals Ltd. (TSX-V:KGS) (FSE:47A1) (“Kingman” or the “Company”) is pleased to announce that it has entered into an option agreement with two arms’ length vendors to acquire 100% interest in 52 lode claims covering an area of 1,071.2 acres, located in Mohave County, Arizona.
The Company can earn the 100% interest in the Music Mountain EXT Property (the “Property”) by paying an aggregate of $300,000 USD and completing $1,000,000 in exploration expenditures at various periods over four years from the date of signing of the agreement. This transaction is not subject to TSX Venture Exchange Approval as it is deemed an exempt transaction under the policies of the TSX Venture Exchange.
Figure 1 – Current Mohave Project Claims (blue), newly acquired Music Mountain EXT claims (red) and the privately owned Music Mountain claims (yellow).
“The Company is incredibly pleased with the addition of this ground to its current holdings. From what we have gathered so far, the land package has incredible potential and we wanted to ensure that we capitalized upon the extensions of the veins both to the north and south in addition to the surrounding the Music Mountain property with 12 known veins and past high grade production” stated Sandy MacDougall, Chairman and Director.
Kingman Minerals Ltd. is currently engaged in the business of precious metal mineral exploration for the purpose of acquiring and advancing non grass roots mineral properties located in mining friendly jurisdictions of North America.
The Mohave Project (the “Project”) is located in the Music Mountains in Mohave County, Arizona and is comprised of 20 lode claims which are inclusive of the past producing Rosebud Mine (the “Rosebud”). High grade gold and silver veins were discovered in the area in the 1880’s and were mined mainly in the late 20’s and 30’s. Underground development on the Rosebud property included a 400-foot shaft and approximately 2,500 feet of drifts, raises and crosscuts.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Kingman believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Kingman disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.