Vancouver, B.C. (April 15, 2020) Kingman Minerals Ltd. (TSX-V:KGS) (“Kingman” or the “Company”) is pleased to provide shareholders with an overview of the history and prospect of the Mohave Project.
The Mohave Project (the “Project”) is located in the Music Mountains in Mohave County, Arizona. It lies approximately 35 miles from the town of Kingman with direct access by car from highway 66 and Pierce Ferry road. In total, the Project is comprised of 20 lode claims which are inclusive of the historic Rosebud Mine (the “Rosebud”). The Rosebud was discovered in the 1880’s and was mined mainly in the late 20’s and 30’s. The underground workings consist of a total of 2,300 feet of drifts, raises and crosscuts. Mining took place pre-dominantly at the 100-foot level. Two major stopes are present from which approximately 3,000 tons of ore was removed.
Kingman is very pleased with this acquisition and the prospect of twinning the historic work and brining the historic resource estimates to current day standards. Timing is incredibly favourable for the Company as gold has extended its rally to hit the highest in more than seven years due to concern that the coronavirus pandemic will have a deep effect on the global economy, hammering corporate earnings while supercharging demand for havens.
An article in BNN Bloomberg dated April 13, 2020 stated the following:
Futures in New York moved closer to US$1,800 an ounce, a level last seen in 2011. Spreads between futures and spot prices remain wide, suggesting thinner liquidity, which is further exacerbating price dislocation.
“Liquidity conditions are challenging, and market participants are understandably cautious,” Joni Teves, a strategist at UBS Group AG, said Tuesday in a note. “Gold’s journey has been quite bumpy so far but given the macro backdrop we think the destination remains higher”…
Overall, gold still has room to run, according to Hans Goetti, founder and chief executive officer of HG Research.
“What’s happening here is that the Fed is expanding its balance sheet and every other central bank in the world is doing the same,” he told Bloomberg TV. “What you’re looking at is massive currency debasement in the long term. That’s the major reason why gold is higher, and I would think that over the next few weeks or months, we’re probably going to retest the high that we saw in 2011.”
The Federal Reserve’s massive U.S. monetary program and the fiscal stimulus “could see long- end rates rise during the recovery phase, but not without rising inflation expectations, which should keep real rates suppressed,” TD Securities analysts said in an emailed note. “In this context, we suspect that investment demand for gold will continue to rise as capital seeks shelter from a long-term environment in which real rates are negative.”
Kingman Minerals is well-positioned to capitalize upon the bullish nature of the gold sector. In addition, the property is a promising prospect for silver as well. Silver prices are sharply up and as of the date of this news release, at a four week high.
Kingman Minerals Ltd. (www.kingmanminerals.com) is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in North and South America.
For further information please contact:
Arthur Brown, President & Director
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 dis closed 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.