Kingman Minerals Ltd. Achieves Milestone with 100% Acquisition of Rosebud Mine Rights and AGM Results

Vancouver, B.C. (January 11, 2024) Kingman Minerals Ltd. (TSX-V: KGS) (OTCQB: KGSSF) (FSE:47A1) (“Kingman” or the “Company”) (“Kingman” or the “Company”) announces the successful completion of its acquisition of 100% ownership of the 72 Rosebud Mining Claims, including the historic Rosebud Mine, with the final payment to Seguro Project Inc. This strategic move, aligning with the surge in gold prices to all-time highs, positions Kingman Minerals Ltd. for significant growth in the precious metal exploration and development sector.

Key Highlights

The recent acquisition of the 72 Rosebud Mining Claims by Kingman Minerals Ltd., encompassing the historic Rosebud Mine and surrounding mining claims, as part of the Mohave Project in Mohave County, Arizona, marks a significant milestone in the company's portfolio. Through the successful exercise of its Option Agreement (the “Option Agreement” or the “Agreement”) with Seguro Projects Inc., dated September 13, 2019, has now gained full control of a promising exploration, development and mining asset in a Tier 1 mining jurisdiction, aligning with its company’s vision and business model.

• Strategic Acquisition and Jurisdiction: The complete acquisition of the Rosebud Mine rights located at about 26 miles North of Kingman in the Mohave County, Arizona, USA. underscores Kingman's commitment to consolidate and advancing its portfolio of precious metal mineral exploration assets in world class jurisdiction in a region known for mineral-rich deposits and mines.
• Rich History and Potential: The Rosebud Mine, located in the Music Mountains of Mohave County, Arizona, has been a site of high-grade gold and silver discoveries since the 1880s. With a past of substantial underground development, including a 400-foot shaft and about 2,500 feet of drifts, raises, and crosscuts, the site holds significant potential for future exploration and extraction.
• Market Outlook: With gold prices at an all-time high, Kingman is uniquely positioned to leverage the increasing market demand for precious metals. The acquisition is a critical step in enhancing our exploration capabilities and market footprint.
• Net Smelter Return (NSR) Agreement: A 2% Net Smelter Return is included in the agreement, with an option for the Company to repurchase it in full at any point prior to commercial production. The company is currently renegotiating the commercial terms of the NSR and is going to provide updates in due course.

Kingman’s Exploration Recap

Kingman Minerals Ltd.'s exploration at the Rosebud Mine has encompassed two significant drilling phases, yielding important findings. In Phase I, the company drilled five holes, confirming high-grade zones at various depths. This was aligned with the historical understanding of the mine's workings, which are known to be flooded at deeper levels. The second phase of drilling extended beyond the known Rosebud mine area and reached depths of up to 3000 feet, targeting porphyry-style mineralization and economic metal grades. Although this phase was only partially completed, it produced substantial results, particularly in terms of gold and silver grades. Hole H-05 uncovered 6.0 g/t gold over a 4-foot stretch in diorite and diabase, alongside 26.2 g/t silver. Additionally, within a diabase sulfide-breccia, it revealed 23.3 g/t gold over 1 foot, accompanied by 41.4 g/t silver.

The exploration also involved core hole MH-07, which aimed to reach a depth of 2000 feet but was stopped at 1185 feet due to increased drilling costs. Despite not reaching the target depth, the findings at the lower depths in MH-07 indicated the presence of a potential porphyry intrusive and associated alteration. This suggests the possibility of a larger mineralizing system below, highlighting the untapped potential of the Rosebud Mine.

These results from both phases of drilling are critical in understanding the historical bonanza grade gold and silver resources at the Rosebud Mine and pave the way for future exploration and development efforts of the Mohave Project.

AGM Results

Additionally the Company is pleased to announce the results of its Annual General and Special Meeting (the “Meeting”) held on January 11, 2024.

At the Meeting, 6 shareholders representing 13.65% of the Company’s outstanding shares, appointed Peter Born, Arthur Brown, Cyrus Driver, and Simon David Studer to the Board of Directors. Shareholders re- approved the 10-per-cent rolling stock option plan, re-appointed Dale Matheson Carr-Hilton Labonte LLP as auditor of the Company for the ensuing year and authorized the directors to fix the remuneration to be paid to the auditor.

About Kingman

Kingman Minerals Ltd. is currently engaged in the business of precious metal mineral exploration for the purpose of acquiring and advancing non grass roots mineral properties located in mining friendly jurisdictions of North America. The Mohave Project (the “Project”) is located in the Music Mountains in Mohave County, Arizona and is comprised of 72 lode claims which are inclusive of the past producing Rosebud Mine (the “Rosebud”). High-grade gold and silver veins were discovered in the area in the 1880’s and were mined mainly in the late 20’s and 30’s. Underground development on the Rosebud property included a 400-foot shaft and approximately 2,500 feet of drifts, raises and crosscuts.

For further information please contact:
Arthur Brown, Chairman & Director
(604) 685-7720
www.kingmanminerals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Kingman believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Kingman disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.