Kingman Minerals (TSX.V: KGS) (FSE: 47A1) today
announced the company’s entrance into an option agreement with two arms’ length
vendors to acquire 100% interest in 52 lode claims located within an area of
1,071.2 acres in Mohave County, Arizona. Kingman can earn the 100% interest in
the Music Mountain EXT Property by paying a total of $150,000 USD, issuing
2,500,000 common shares, and $1,000,000 in exploration expenditures at
different periods over four years from the date of approval from the TSX
Venture Exchange. All shares issued in this transaction will be subject to a
hold period of four months and one day. The transaction is subject to TSX
Venture Exchange Approval. “The company is incredibly pleased with the addition
of this property to its current holdings which comprise the Mohave Project in
the Music Mountain Mining District, Arizona. We have successfully completed two
phases of underground exploration thus far in 2020. The results show enormous
potential for this area and warrant further work and acquisitions. The
company’s Qualified Person is currently working on the interpretation of these
results and Kingman hopes to bring the historic resource estimate up to current
NI 43-101 compliant standards in the near future,” Kingman Minerals chairman and
director Sandy MacDougall stated in the news release.
To view the full press release, visit http://ibn.fm/5fkyN
About Kingman
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 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. 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.
For more information, visit the company’s website at www.KingmanMinerals.com.
NOTE TO INVESTORS: The latest news and updates relating
to KGS are available in the company’s newsroom at http://ibn.fm/KGS
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