|Toronto, Canada (November 4, 2014) - Mammoth Resources Corp. (Mammoth, or the Company) (TSX-V: MTH) is pleased to announce that it has received approval to drill up to 20 drill holes on its Tenoriba property, located in the prolific Sierra Madre precious metal belt in southwest Chihuahua state, Mexico from the SEMARNAT (Secretariaria de Medio Ambiente y Recursos Naturales) office in Chihuahua, Mexico. The permit allows the company's Mexican subsidiary Recursos Minera Mamut SA, which is earning the right to acquire 100 percent of the Tenoriba property, the ability to conduct its drill program at any time over the 24 month period commencing November 3, 2014.
Prior to applying for the drill permit Mammoth had solicited quotes from seven drill contractors on 11 different drill rig (reverse circulation or core) combinations to perform the drill program at Tenoriba. The all-in estimated costs (drilling, sample analysis, travel, accommodations and labour) for a 15 hole, 2,500 metre program was as low as US $320,000. Having now received the drill permit the Company intends to review the most competitive of these quotes for further cost reductions and is also considering the merits of a reduced, initial phase program consisting of 10 drill holes for approximately 1,800 metres as a means to further reduce the cost of drilling and yet enable the Company to test some of the many attractive targets at Tenoriba.
Mammoth President and CEO Thomas Atkins, commented on receiving the drill permit, stating: "Obtaining this permit is a significant milestone in the Company's ability to advance exploration at Tenoriba. Based on our surface mapping, sampling, elevated precious metal values and the IP geophysics survey we have some compelling targets over a large 15 square kilometre area. Drill testing these targets should enhance our understanding of the extensive controls to precious metal mineralization both laterally and at depth. Next steps are to fine tune costs to reduce where possible while preserving some of the best targets for drill testing and then to seek investment capital to fund this program."
About Mammoth Resources:
Mammoth Resources (TSX-V: 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.
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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.