Mansfield-Martin Exploration Mining, Inc. Announces Joint Venture and Earn-In Agreement With Tarku Resources
Companies’ plans include development of Tombstone Mining District Properties
Tombstone, Arizona, Oct. 22, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Mansfield-Martin Exploration Mining, Inc. (MMEM) announced today that it has entered into a joint venture and earn-in agreement with Tarku Resources, Ltd. (TSX.V: TKU). The parties’ agreement requires Tarku to spend $3mm (USD) over the next three years to explore mineralization on Tombstone Mining District properties held by MMEM, in exchange for which Tarku will earn a 75% interest in ownership. As part of the deal, Tarku assumed purchase money obligations due from MMEM’s affiliates and will pay lease and claim bounties, rentals and other expenses relating to the claims and patent properties.
MMEM will receive 3mm Tarku common shares as signing compensation, which will have leak-out restrictions, and will be paid $175,000 per year in cash and stock during the term of the Agreement. MMEM anticipates using the proceeds from stock sales to commence development of its properties in Idaho and to complete its acquisition of Devonian Metals, Inc.
The parties’ Agreement segregates mine run and tailings on the MMEM properties and claims, establishing a joint venture for development with MMEM receiving a 50% carried working interest in any recoveries from On-the-Ground materials.
About Mansfield-Martin Exploration Mining, Inc.
Mansfield-Martin Exploration, 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, and in Idaho.
About Tarku Resources Ltd. (TSX.V : TKU)
Tarku is an exploration company focused on making new discoveries. In Quebec, Tarku owns 100% on the “Three A’s” exploration projects, (Apollo, Admiral and Atlas Projects), in the Matagami greenstone belt, which has been interpreted by management as the eastern extension of the Detour Belt, and which has seen recent exploration successes by Midland Exploration Inc., Wallbridge Mining Company Ltd., Probe Metals Inc. In Arizona, Tarku owns the option to acquire 75% over 3 year on the Silver Tombstone project.
Tarku has a tightly held capital structure with 28,074,036 outstanding shares, of which approximately 80% are owned by 20 insiders and major shareholders.
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.
Contact:
Mansfield-Martin Exploration Mining, Inc.
Information@mansfieldmartin.com
Tombstone, AZ 85638
Tarku Resources, Ltd.
Julien Davy, President & CEO
info@tarkuresources.com - www.tarkuresources.com
