Mammoth Submits Application for Drill Permit at Its Tenoriba Property, Mexico and Closes First Tranche of Private Placement Financing
TORONTO, ONTARIO--(Marketwired - Sep 18, 2014) - Mammoth Resources Corp. (TSX VENTURE:MTH) is pleased to announce that it has submitted its permit application to drill its Tenoriba precious metal property located in southwestern Chihuahua state, Mexico (refer to the company's web site www.mammothresources.ca, for a detailed location map). The application is for permission to drill up to 20 drill holes under an "Informe Preventivo" or "Aviso de Inicio de Actividades de Proyectos de Exploracion Minera Directa" (NOM-120-ECOL-1997) and was submitted to the SEMARNAT (Secretariaria de Medio Ambiente y Recursos Naturales) office in Chihuahua, Mexico. It may require up to 30 business days to review and receive comments, or approve the company's application. Once the company has received approval and subject to financing, it intends to initiate access road and drill pad construction and repair as a preliminary step to drilling. Quotes have been received from seven drill contractors on 11 different drill rig (reverse circulation or core) services with all-in estimated costs (drilling, sample analysis, travel, accommodations and labour) as low as US $320,000.
In separate news, Mammoth has closed an initial tranche of its previously announced (press release dated July 16, 2014) Unit offering private placement of 8,620,285 units for gross proceeds of $301,709.98. Proceeds of the private placement will be used for working capital, general corporate expenses, property taxes and vendor payments, to undertake further exploration work and costs associated with the drill permit application. The private placement has been approved by the TSX Venture Exchange.
About Mammoth Resources:
Mammoth Resources (TSX VENTURE:MTH) is a mineral exploration company focused on acquiring and defining precious metal resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company has an option to acquire 100% in the Tenoriba Property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico. The company continues to seek other option agreements in the Americas on other properties it deems to host above average potential for economic concentrations of precious metals mineralization.
To find out more about Mammoth Resources and to sign up to receive future press releases, please visit the company's website at www.mammothresources.ca.
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Forward Looking Information: This news release may contain or refer to forward-looking information. All information other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements; examples include the listing of its shares on a stock exchange and establishing mineral resources. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty therein.