Acquires Mine Water Remediation Technologies and Property Financing
Tombstone, Arizona, March 20, 2018 (GLOBE NEWSWIRE) -- Mansfield-Martin Exploration Mining, Inc. (OTCMKTS: MCPI) announced today that it has reached terms with London-based RAB Capital, Ltd. to purchase 100% of Ionic Water Technologies, Inc. for stock and other consideration. IWT will be acquired by Mansfield-Martin's environmental and remedial technology arm, Environmental Reclamation and Recovery, Inc., and the transaction includes IWT's assignments of patents relating to The Rotating Cylinder Treatment System, a proven technology for mine waste and drainage remediation. The Company expects to close the transaction in 2Q 2018.
Mansfield-Martin is also concluding transactions in the Tombstone Mining District to complete its prior acquisition of patented claims. Westgrove Partners LLC, Garland, Texas, Mansfield-Martin's joint venture partner in the Tombstone Mine Run Program, will be providing private funding designated for property purchases and claims. Independent geologists have determined the fair value of Mansfield-Martin's current TMD properties at $72 million, in current state of development, and the Company has a $55 million estimate for precious metals mineralization on the Tombstone Mine Run Program surface deposits; these values represent an NAV of over .30/share. The planned acquisitions will be accretive to existing reserves.
IWT's IP portfolio includes sulfate-reducing bioreactors and potassium permanganate passivation technology along with the rotating perforated cylinder treatment system. ERR anticipates using IWT's science for water quality remediation, analysis and monitoring operations, to serve mining industry needs for acid mine drainage, manganese oxidation removal, net acid/alkaline drainage, and industrial metal removal applications.
Vic Martin, Development Director for Westgrove Partners, stated, "Initial reports on our joint venture with Mansfield Martin in the Mine Run Project are very good, and it looks like the Tombstone Mining District is on the upswing. A deal now gives our investors a ground floor opportunity to participate in future development.”
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.
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.