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Mansfield-Martin Exploration Mining, Inc. Announces Joint Venture and Earn-In Agreement With Tarku Resources

SmallCaps Daily October 22, 2020

248 2 minutes read

Companies’ plans include development of Tombstone
Mining District Properties

Tombstone, AZ – (NewMediaWire) – October 22, 2020 – 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.