TOMBSTONE, Ariz., March 21, 2007 (PRIME NEWSWIRE) -- Tombstone Exploration Corporation (the "Company") (OTCBB:TMBXF) is pleased to announce that Tombstone Exploration and Mining Corporation ("TEMC"), a wholly owned subsidiary of the Company, completed its first reverse circulation drill hole (RT-1) to a depth of 500 feet and intercepted ore grade silver/gold mineralization when it hit its target at the project site located in the historic district of Tombstone, Ariz. ("Tombstone Project"). Thirty-five feet averaging 0.0108 opt Au and 2.43 opt Ag was drilled. The RT-1 intercept occurred from 415 feet to 450 feet in a vertical hole. Included within the mineralized zone are two consecutive five foot intervals (from 430-435 and 435-440 feet) that assayed 0.008 opt Au, 6.16 opt Ag and 0.046 Au, 3.30 opt Ag, respectively. This zone has been identified as the Bonanza Vein structure and the ore zone was penetrated approximately 185 feet below the lowest level of the Bonanza Mine. Assay results received from Mountain States R&D International are:
Drill Hole Interval ft. Au opt Ag opt Cu % Pb % Zn %
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RT-1 415-420 0.009 2.66 0.021 0.375 0.074
420-425 0.008 1.93 0.022 0.241 0.052
425-430 0.008 6.16 0.041 0.414 0.155
430-435 0.046 3.30 0.017 0.112 0.064
435-440 0.004 0.81 0.005 0.019 0.103
440-445 ND 0.97 0.003 0.010 0.098
445-450 0.001 1.19 0.002 0.017 0.075
Projecting the surface occurrence of the Bonanza Vein to the mineralized zone in drill hole RT-1 results in an average dip of 73 degrees for this structure. Based upon the estimated dip of 73 degrees, the true width of the mineralized zone is calculated as 10.2 feet. The Bonanza and the Chance Vein structures were mined for a distance in excess of 1,000 feet along strike, with surface mapping strongly suggesting that the extent of the Bonanza/Chance structure is greater than 3,000 feet along strike. If the tenor of the ore intercepted in RT-1 remains the same over 3,000 feet of strike and continues to only a depth of 500 feet then this structure might yield 1.17 million tons containing 2.85 million oz. Ag, 12,710 oz. Au, 18,000 lbs. Cu, 198,000 lbs. Pb, 103,000 lbs Zn.
Exclusive of its current holdings, TEMC has submitted applications for exploration permits for an additional 3,070 acres of prospective Arizona state lands. This means that mineral entry upon these lands is closed to other entities. TEMC expects to be granted these exploration permits after review by the Arizona State Land Department, which includes q 100 acre area that was evaluated by Interstat Resources, Inc. for its open pit silver potential in 1985. The Interstat report assay records show values ranging up to 220.07 opt Ag and 0.980 opt Au were encountered across narrow structures. In 1986, the state issued a recommendation that Interstat be granted a mineral lease to mine a 50,000 ton deposit of +1.5 opt Ag (Au values were not noted) by open pit methods from surface to 100 feet in depth. Much of this resource appears to be in the mineralized hangwall of the State of Maine mine.
Dennis Dalton, the Company's Chief Geologist, stated, "this deposit was not mined and is within the bounds covered by the TEMC exploration permit application, along with other past producing mines. In fact, the surface occurrences of Ag, Au, Cu, Pb, and Zn in projections of past producing mines such as the Bonanza/Chance, State of Maine, San Pedro, Ethel's Folly, Perseverance, and Ace-in-the-Hole, among others, including newly identified structures and similarities of favorable geologic environments, provided the basis for submitting the exploration permit applications. If some of these target structures within the state exploration permit boundaries prove to contain ore similar in value to that drilled in RT-1, then the size of the Tombstone Project ore potential will be increased many times over."
Mr. Dalton received his B.S. in geology from the University of California Long Beach, and an M.S. in mining engineering from McKay School of Mines at the University of Nevada.
Drilling on Hole No. 2 commenced on March 19, 2007, and will target the depth extension of the Ace-in-the-Hole mine which was a past producing mine. It is located approximately 950 feet southeasterly from the Bonanza/Chance structure. The mapped surface trace of the Ace-in-the-Hole extends 1,600 feet.
"We are very pleased with the results of the Tombstone Project drill program to date, as they confirm and improve upon historic drilling results, verify our geologic model for the deposit, establish the high quality and consistency of the mineralization, and make excellent progress towards increasing the silver resource," continued Dennis Dalton.
"We expect that our current drilling program, combined with the historical drill results reported by other companies, will allow the Company to further quantify both a near-surface oxide silver resource and a deeper, higher-grade gold-silver resource," added Alan Brown, President and CEO of Tombstone Exploration Corporation.
Forward-Looking Statements
Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements are estimates only, as the Company has not completed the preparation of its financial statements for those periods, nor has its auditor completed the audit of those results. Actual revenue may differ materially from those anticipated in this press release. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to Tombstone Exploration Corporation's ability to obtain additional financing. Tombstone Exploration Corporation undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Tombstone Exploration Corporation's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact Tombstone Exploration Corporation's success are more fully disclosed in Tombstone Exploration Corporation most recent public filings with the U.S. Securities and Exchange Commission.