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.
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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://nnw.fm/KGS
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