Tombstone, AZ, Jan. 04, 2018 (GLOBE NEWSWIRE) -- Mansfield-Martin Exploration Mining, Inc. (OTC Pink: MCPI) announced today that it has expanded its preliminary arrangement with Qu Ltd. Mansfield-Martin previously agreed to provide up to 5 million oz. silver doré to Qu, Ltd. to support the Silverback ICO. Joint Venture owners in the Mine Run Program will now have the option of taking returns in Silverbacks, Qu Ltd.’s current ICO, as well as doré or US currency.
The Silverback is a cooperative decentralized crypto coin running on the Ethereum block chain. Qu Ltd. will offer 5,000,000 coins, each backed by 1 oz. of .999 silver. Pricing for Silverbacks will be exclusively in Ether, and set at a sliding discount to spot silver pricing: 50% over the first 10 days; 25% over the second 10 days; 10 % over the third 10 days; and 5% over the fourth 10 days. The ICO has a term of 60 days; thereafter, Silverbacks will be priced by traditional auction/bid-ask methods. If less than 75% of the Silverbacks are purchased, all funds will be returned to subscribers.
Mansfield-Martin’s Mine Run Program covers processing of approximately 165,000 tons of previously mined and unprocessed materials on four historic mine sites in the Tombstone Mining District. Preliminary estimates are for upwards of $55 million in silver, gold and other metals to be produced from these deposits. The company anticipates delivery of its portion of the silver production to Qu, Ltd. in accordance with the parties’ streaming agreement, with a portion of the payment in Silverbacks. The other parties in the joint venture can now elect the same crypto-currency payment option.
About Mansfield-Martin Exploration Mining, Inc.
Mansfield-Martin Exploration Mining, 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. Mansfield-Martin is an SEC-Reporting company, and has approximately 335 million shares issued and over 200 shareholders. Additional information can be found at www.mansfieldmartin.com or in its SEC filings at https://www.sec.gov/cgi-bin/browse-edgar?company=Mansfield-martin&owner=exclude&action=getcompany.
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