Mammoth shareholders approve all matters at AGM

Executive Summary

• Mammoth Resources Corp. reported the results of its Annual and Special Meeting of Shareholders, where all proposed matters, including the election of six directors and the appointment of Kreston GTA as auditor, were approved.
• The company provided a significant operational update on its 100%-owned Tenoriba gold-silver property in Mexico, detailing plans for a resource definition drill program and metallurgical testing for potential small-scale production.
• Mammoth announced active discussions and due diligence regarding the acquisition of near- to immediate-term precious and base metal operating mines in Mexico, in partnership with strategic partner RM Mineria S de RL de CV.

Key Details

• Shareholder Meeting Results: All matters submitted to shareholders were approved by a majority of votes cast.
• Board Elections: The following directors were elected: Thomas Atkins, Paul O'Brien, Jose Antonio Berlanga Balderas, Edgardo Espinosa Velasco, Jose Antonio Berlanga Lopez, and Richard Simpson.
• Auditor Appointment: Kreston GTA, chartered accountants, appointed as auditor for the ensuing year; remuneration to be fixed by the board.
• Stock Option Plan: Shareholders approved the company's rolling 10-per-cent stock option plan.
• Tenoriba Property Activities:
  • Planning and permitting are underway for a resource definition drill program to confirm gold-silver mineral resources.
  • Goal is to meet a greater-than-one-million-ounce-gold-equivalent target identified in prior studies.
  • Studies are confirming potential gold-silver recoveries from coarser fraction heap leach metallurgical tests.
  • Identification of potential drawpoints from elevated grade areas in the Carneritos area for pilot, small-scale gold-silver production.
• M&A / Strategic Alliance:
  • Mammoth is advancing the acquisition of near- to immediate-term precious and precious-with-base-metal operating mines.
  • Strategic partner RM Mineria S de RL de CV is involved in extensive discussions and due diligence.
  • Management anticipates announcing specific opportunities in the near future.
• Company Profile: Mammoth holds a 100% interest in the 5,333-hectare Tenoriba property in southwestern Chihuahua, Mexico, subject to a 2% net smelter royalty purchasable for $1.5 million within two years of commercial production.

Notable Quotes

• Thomas Atkins, President and CEO: "We acknowledge that several months have passed since our last press release discussing project activities. I appreciate the patience and understanding of our shareholders during this time as we have been busy re-establishing the company to advance its Tenoriba project following an absence from the property during the past couple of years, while the equity capital markets proved difficult to raise capital for mineral exploration. With gold and silver prices reaching new highs in the past months and with our strategic alliance with RM Mineria, we feel confident we are better positioned to both advance Tenoriba and to seek and acquire other near-term to imminent precious and precious with base metal operating mine opportunities in Mexico."