MAMMOTH RESOURCES CORP. : http://www.mammothresources.ca/ : QwikReport

News Releases

#December 06, 2019
MAMMOTH PROVIDES UPDATE ON ACTIVITIES AT ITS TENORIBA GOLD PROPERTY, MEXICO

 Toronto, Canada (December 6, 2019) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company", or "Mammoth") would like to provide an update on exploration activities at its Tenoriba precious metal, gold-silver property located in the prolific Sierra Madre precious metal belt in southwestern Chihuahua State, Mexico.

Mammoth announced on December 20, 2018, that it and Centerra Gold Inc. (Centerra) had reached an agreement to option Mammoth's Tenoriba property to Centerra whereby Centerra acting as Operator of the property can earn up to a 70% interest in the Tenoriba property upon total project expenditures of US$9.9 million (C$12.0 million) and payments to Mammoth of US$900,000 (C$1.2 million) to be expended over a maximum seven-year period, expenditure amounts which can be accelerated depending on exploration success. During the option earn-in period, Centerra will act as operator and be responsible for developing and performing exploration programs.

On February 26, 2019 Mammoth provided an update press release on early activities at the property in which it described how Mammoth and Centerra personnel met at Centerra's office in Mexico in late January 2019 to plan and set a budget for the upcoming exploration program. In early February Mammoth and Centerra exploration team members kicked off activities at Tenoriba arriving onsite with its exploration team, including Centerra geologists and consulting geologists to Centerra with specific experience and expertise in High Sulphidation (HS) systems. From February through the end of April various logistical and geological support and exploration activities took place on the property while from March through early June and then recommencing in late October Centerra was engaged in community relations activities to secure new surface access agreements with two communities ("ejidos") upon which the Tenoriba property resides.

Thomas Atkins, President and CEO of Mammoth commented on activities at Tenoriba, stating: "It's likely been a frustrating time for Mammoth shareholders the past months there being no news on activities at the Tenoriba property. This lack of news was a result of ongoing community consultation activities between Centerra and primarily one of two ejidos that oversee surface access to the property, including Centerra's four-month absence from mid-June until mid-October the area when it became apparent that the lack of a surface access agreement, combined with the rainy season in the area, would restrict its planned exploration program. In early August, the one ejido from which a small number of community members had concerns, having performed some of its own due diligence and no doubt as a result of Centerra's earlier community consultation efforts and Mammoth's history in the area, gained enhanced comfort on the possible benefits of mineral exploration to the community and region and an improved understanding of how environmental disturbances can be managed and mitigated to reduce the impact on their community controlled land. Members of this one ejido met in early August with concerned citizens from a community closest to the property who were strongly in support of the project and then later, in early September voted in favour of granting surface access to Centerra. Centerra returned to the area in mid-October to renew its consultation efforts with the objective of formalizing surface access agreements with both of the two ejidos and the re-initiation of exploration activities on the property as soon as possible. Two additional meetings are scheduled this year to advance this process with the two ejidos."

Logistical and Geological Support Activities:
  • Local field accommodations, banking, core/sample transport, local sourcing of various consumables and field supplies were established and all historic geological data was loaded into composite geological data sections for Centerra's review and interpretation, orthophoto imagery and contoured topography of the property and surrounding areas was completed and a three dimensional model of the downhole drill data and surface data was begun.
  • An environmental consulting firm was contacted to conclude Mammoth's previous drill permit and begin the process of applying for a new drill permit to build drill access roads and drill pads prior to any additional drilling.
  • Restoration and expansion of the onsite core shed was completed and maintenance of the property access road began.
Geological Activities:
  • Detailed diamond drill core review, initial field confirmation mapping and sampling focused on tracing structures and alteration with rock chip samples collected for identification of alteration clay minerals in an attempt to assist in interpreting the alteration facies and controls to mineralization on the property.
  • Geophysical data was reinterpreted with the inclusion of all surface data, including drawing/interpreting geophysical sections from the raw geophysical data at angles (north-easterly oriented sections from north-south performed survey lines-sections) to the original sections.
  • Drill core from numerous holes from the historic drilling were relogged with particular attention to the locations and orientation of structures within the path of the hole as a means to locate and orient control structures to mineralization observed on surface.
  • Assay of the non-assayed sections of the historic drill core and assay of the two final holes drilled on-site.

Summary of Initial Observations:

  • Much of the gold mineralization on the property is associated with approximately 4 to 6 kilometres of east, north-easterly striking advanced argillic, argillic and occasionally vuggy silica altered volcanic and volcanic breccias with local associations of north-westerly and north-easterly oriented control structures to gold mineralization.
  • Centerra's re-processing of the geophysics cross sections and creation of various north-easterly oriented long sections identified associations between geophysical resistive lows and drilled gold intercepts. The targets revealed in the resistivity geophysical sections indicate there are much larger potential untested, buried targets than those previously drill tested. Centerra planned to cross verify and expand with its field mapping results, a planned 30 kilometres of new geophysical lines oriented in a northeast direction to cover approximately 3 kilometres of the up to 6-kilometre strike length of gold mineralized and hydrothermally altered rocks mapped and sampled on the property by Mammoth.
  • A large, seven-element geochemical anomaly was noted by Centerra in the soil sampling in the eastern portion of the property area. The upper and central elevations of this anomaly contain abundant low temperature elements while the lower elevations begin to expose gold. Centerra geologists believe the observed zonation among these elements may imply there is potential for more gold below the barren quartz cap and that this anomaly is larger in comparison to some of the other shallow anomalies with gold intercepts present in the previously drilled areas on the property. A second anomaly to the north of this area outcrops from beneath the post-mineral volcanic cover at the edge of the soil sample grid. Geophysics has not covered either of these areas to date and Centerra believes these areas are good geophysics target areas.
  • A plot of Terraspec alteration clay facies sampled on the property produces a map showing similar features to that of a typical High Sulphidation model including zonation of clay alteration minerals a product of the intrusion of potentially, and in many cases sampled, precious metal bearing high temperature hydrothermal solutions at the time of deposition of precious metal mineralization.

Community Consultation:

Field activities generally advanced as intended to the end of April when Mammoth's previous two-year surface access agreements concluded with the two ejidos that oversee surface access upon which the Tenoriba property resides. Centerra successfully secured the support of one of the two ejidos for a new surface access agreement (the agreement remains to be finalized), however a small number of community members of the second of the two ejidos had concerns regarding the impact and disturbances associated with exploration activities. A number of community consultation meetings were held with members of this ejido during Centerra's field rotations into the area commencing mid March through mid June, however Centerra was unable to reach an agreement with this one ejido. In late July with the arrival of the rainy season in the region, Centerra elected to curtail field activities as the heavy rain during this period would challenge their performing planned exploration activities. Although absent from the area Centerra attempted to maintained contact with the executives of the two ejidos. In Centerra's absence, it's understood that ejido community members of this one, as yet confirmed surface access ejido, met in early August and it was noted from this meeting that the ejido was in favour of Centerra returning to formalize a surface access agreement. It's further reported that during an ejido meeting held in early September, where more than 100 voting ejido members were in attendance, a vote was taken on allowing mineral exploration on portions of the ejido territory occupied by the Tenoriba property with all but two members in attendance voting in favour. Although this vote wasn't binding and no agreement was at that time confirmed, it appears a positive step in this process. It's worth noting that it required six months of community consultation for Mammoth to arrive at its first two-year agreement for surface access at Tenoriba and then in 2017 it required four months of consultation efforts to arrive at its second two-year surface access agreement with this same ejido. In late October Centerra personnel returned to the Tenoriba area and recommenced community consultation activities with the objective of arriving at surface access agreements with both ejidos. Additional meetings between Centerra and the two ejidos are scheduled in December with the objective of Centerra advancing surface access agreements with the two ejidos governing surface access on the Tenoriba property. Despite some positive indications, there are no assurances at this time that surface access agreements will be finalized on terms acceptable to all parties and in a timely manner.

Mammoth Seeking Additional Exploration Properties:

In addition to Mammoth working with Centerra attempting to advance community consultation efforts to secure surface access at Tenoriba, company management has also been engaging with numerous individuals and companies in search of additional exploration stage precious metal properties located in Mexico and in southwestern United States. Although no guarantees can be made regarding securing additional properties, management remains optimistic it can arrive at terms with these entities to option additional attractive precious metal exploration opportunities in the future.

To find out more about Mammoth Resources and to sign up to receive future press releases, please visit the company's website at www.mammothresources.ca., or contact Thomas Atkins, President and CEO at: 416 509-4326.

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.

Forward Looking Information: This news release may contain or refer to forward-looking information. 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. Please refer to the Company's website at the following link: http://www.mammothresources.ca/s/FAQ.asp to review the Company's complete forward looking statement.
 
#February 26, 2019
MAMMOTH PROVIDES UPDATE ON EXPLORATION ACTIVITIES AT ITS TENORIBA PRECIOUS METAL PROJECT, MEXICO

 Toronto, Canada (February 26, 2019) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company", or "Mammoth") is please to provide an update on exploration activities at its Tenoriba precious metal, gold-silver property located in the prolific Sierra Madre precious metal belt in southwestern Chihuahua State, Mexico.

Mammoth announced on December 20, 2018, that it and Centerra Gold Inc. (Centerra) had reached an agreement to option Tenoriba to Centerra whereby Centerra can earn up to a 70% interest in Tenoriba upon total project expenditures and payments of US$9.9 million (approximately C$13.0 million) to be expended over a maximum seven-year period, expenditure amounts which can be accelerated depending on exploration success. On January 20, 2019 Mammoth and Centerra personnel met at Centerra's exploration office in Mexico to plan the 2019 exploration program and soon thereafter Mammoth's Vice President Exploration and Centerra exploration team mobilized to the project area, secured accommodations, began community consultations and introductions and began an initial mapping, sampling and diamond drill core review. Of note, during the early days of the commencement of this work the project was visited by a team of Centerra and consultants to Centerra geologists with specific experience and expertise in High Sulphidation (HS) systems as a first stage review of opportunities and geological potential at Tenoriba.

Early activities since mobilizing to Tenoriba include review and the analysis of infill drill core intervals and samples from an additional two drill holes not yet analyzed from the Mammoth 2017-18, 13-hole diamond drill program. Work has also begun on the initial stages of the Centerra-Mammoth 2019 field exploration program, to include:
  • Continue to map and sample project areas previously mapped and sampled by Mammoth along with infill and extensions to these areas. The purpose of this work is two-fold. First, to enhance Centerra geologists' knowledge of Tenoriba geology. Secondly, through this mapping and sampling enhance the understanding of the geological features relevant to gold-silver mineralization at Tenoriba taking into account Centerra's expertise in such mineralogical systems, Mammoth's prior work, including knowledge gained by Mammoth having drilled various surface and geological features and the results obtained from this drilling.
  • Using Centerra personnel, equipment and expertise, perform a ground Induced Polarization (IP) and Magnetometer (Mag) geophysical survey over a combination of the 40% of the mineralized trend already covered by the Mammoth IP-Mag survey, however in the Centerra survey employing a different, potentially higher resolution technique to enhance certain features observed in the Mammoth survey, possibly re-orient the direction of certain geophysical lines to test additional features and coverage over portions of the 60% of the mineralized trend not yet covered by any IP-Mag geophysics.
  • Following this work and results attained, Centerra is expecting to drill test any combination of extensions to attractive intercepts from the Mammoth 2017-18 diamond drill program and new targets generated by the aforementioned mapping, sampling and geophysics survey.
Thomas Atkins, President and CEO of Mammoth commented on the commencement of exploration activities at Tenoriba, stating: "I was very pleased to see, only a week into the new year that Centerra and Mammoth were already coordinating activities to meet and plan the 2019 field exploration program and that geologists for both companies were in the field before month's end. There's a lot of work to be done for a new crew to hit the ground on a new project, however Centerra was quick to get their team in gear and in the field. I was equally impressed that members of Centerra's senior, geological team of advanced experience and knowledge in High Sulphidation precious metal mineral systems and a highly experienced consulting geologist to Centerra were also on-site, reviewing project data, drill core, walking the ground and making contributions to the development of the 2019 exploration program. From Mammoth's perspective a project with the large gold-silver mineralized footprint of Tenoriba benefits enormously from any revisions and enhancements of exploration efforts, techniques and analysis by additional geologists, especially those with many years of experience in these types of mineral systems. We look forward to reporting on results from this work in the weeks and months ahead leading to additional drill testing of targets later this year."

Mammoth President and CEO, Thomas Atkins, also a Director of Transition Metals Corp. (XTM), will be at the XTM booth, number 2126 in the Investor Exchange section of the Prospectors and Developers Association Conference (PDAC) in Toronto from Sunday, March 3rd to Wednesday, March 6th and can be contacted there if a meeting is desired.

To find out more about Mammoth Resources and to sign up to receive future press releases, please visit the company's website at: www.mammothresources.ca., or contact Thomas Atkins, President and CEO at: 416 509-4326.

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.

Forward Looking Information: This news release may contain or refer to forward-looking information. 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. Please refer to the Company's website at the following link: http://www.mammothresources.ca/s/FAQ.asp to review the Company's complete forward looking statement.
 
#January 16, 2019
MAMMOTH POSTS TECHNICAL REPORT ON 2017-18 DIAMOND DRILLING PROGRAM ON ITS WEBSITE WITH RECOMMENDATIONS FOR FOLLOW UP DRILLING

 Toronto, Canada (January 16, 2019) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company", or "Mammoth") would like to announce that it has posted an internal company technical report describing and summarizing activities, results, conclusions and recommendations for future work based on its 2017 - 2018 diamond drill program in which it drilled 13 holes for a total of 2,700 metres at its Tenoriba precious metal property located in the prolific Sierra Madre precious metal belt in southwestern Chihuahua State, Mexico.

Mammoth announced on December 20, 2018, it and Centerra Gold Inc. (Centerra) having reached an agreement to option Tenoriba to Centerra whereby Centerra can earn up to a 70% interest in Tenoriba upon total project expenditures of US$9.0 million over a seven-year period, expenditure amounts which can be accelerated depending on exploration success. The results of the 2017 - 2018 diamond drill program plus all other technical information stemming from exploration activities at Tenoriba have been shared with Centerra and Mammoth and Centerra technical personnel are expected to meet in the coming days to share perspectives on future exploration activities as they formulate the initial phases of the 2019 exploration program at Tenoriba.

Thomas Atkins, President and CEO of Mammoth commented on the report and the upcoming exploration program, stating: "Our optimistic outlook on the potential at Tenoriba are heightened following the recent drill program and the encouraging results obtained from that work. We see potential for both typical High Sulphidation gold-silver mineralization at Tenoriba, similar to what has been intersected in more than a dozen drill holes over a four kilometre strike length of ubiquitous surface gold and silver mineralization, plus there appears strong signs from drill intersections in the western end of the property, which lies as much as 600 metres topographically and stratigraphically deeper in the system, to host a Porphyry-style mineralized deposit. Porphyry- style mineralization is the root of High Sulphidation mineralizing systems and so these two styles at Tenoriba would not be unexpected.

We're excited about the upcoming exploration season to be advanced by Centerra at Tenoriba and look forward to the commencement of activities once we've had the opportunity to coordinate program plans, expected to be determined in the coming days."

Conclusions from the internal company report as drafted by Richard Simpson, Mammoth's Vice President and Qualified Person, include:
  • The El Moreno area (located in the western portion of the mineralized area on the property) exists as much as 600 metres deeper in the mineralizing system (please refer to longitudinal section: http://www.mammothresources.ca/i/maps_figures/30-11-2018_Long-Section.jpg.) and although limited to only 200 metres of coverage by the Induced Polarization (IP) geophysical survey drilling tested geophysical features to vertical depths of as much as 200 metres where Feldspar Porphyry intrusive rocks were intersected (intrusive rocks are the source of the hydrothermally altered volcanics abundant in other higher elevation drill holes and surface outcrops on the property), with Porphyry-style mineralization, including: disseminated sulphides and complex stockwork-sulphide rich veinlets yielding lengthy intersections of lower grade gold (TEN 17-02 intersected 80.0 m grading 0.18 g/t gold Eq and  TEN 17-11 intersected 227.0 m grading 0.14 g/t  gold Eq) in combination with other Porphyry-style features, including:
    • Phyllic-Pyritic alteration (as indicated by the presence in drill core of alteration minerals illite, tourmaline and dickite);
    • presence of chlorite, magnetite and epidote, indicative of alteration at temperatures of approximately 350 degrees Celsius, temperatures commonly found nearer the  Porphyry  source in a Porphyry-High Sulphidation system, versus minerals formed under cooler temperatures (200 degrees Celsius) nearer the area of typical High  Sulphidation  mineralization;
    • Potassium Feldspar alteration-flooding observed at deeper intervals within the drill core; and
    • the presence of copper; 7.2 m grading 3.59% copper in hole TEN 17-03.
  • Having intersected Porphyry-style intrusive rocks at El Moreno, the opportunity exists over a 2 kilometre strike length of intermittent surface gold-silver mineralized  outcrop,  east  of  El  Moreno west towards the Cerro Colorado area, to  discover  a  large  Porphyry  gold-copper  mineralizing  system with drilling to date encountering features typical of those found on the flanks of Porphyry systems.
  • At the Los Carneritos area (located in the eastern portion of the mineralized trend),  the  surface  geology is more typical of High Sulphidation (HS) epithermal  alteration/mineralization.  Limited  drilling to date  in this area  (only drilled 5 drill holes to date have tested the entire approximate 4  square kilometre area of Carneritos) has intersected intervals of narrow pyrite rich veinlets in a stockwork texture associated with silica, dickite and local patchy vuggy silica alteration, typical of alteration found on the shoulders of large HS deposits. Potentially economical grades of gold-silver mineralization were intersected, including: hole TEN 17-06 grading 0.52 g/t gold Eq  over  126.8 metres, including 1.21 g/t gold Eq over 25.0 metres. The opportunity exists  for the  discovery of  a large, economical gold-silver mineralized body within Carneritos and/or the extension, up  to  800 metres east of Carneritos, which has not yet been covered by geophysics.
  • Within the main east-west trend of alteration and mineralization at Tenoriba there appear three orientations of generally normal displacement faults; one set of faulting has its axis oriented generally east-west, parallel to the general trend of mineralization, another set trends northeast- southwest and a third set trends northwest-southeast, near perpendicular to the second set. Displacement appears in the order of 25 to 100 metres. There are instances (particularly within the Central-Masuparia area of the property) where precious metal mineralization is associated with the general trend of these structures (TEN 17-05 intersected 23.5 metres grading 1.32 g/t gold Eq and 27.0 m grading  0.63 g/t gold Eq) and  opportunity exists to delineate gold mineralization  within and in proximity to these structures.
In other news, Mammoth President and CEO Thomas Atkins will be attending the Vancouver Resource Investment Conference (VRIC) from Sunday January 20th and 21st and looks forward to meeting current and any interested future investors at its booth, number 1035 to share information and insights on Tenoriba and the Company.

The Company would also like to announce that the Company's Board of Directors has granted approval to issue a total of 865,000 stock options to management, officers and directors of the Company and an independent third party consultant to the Company as part of Mammoth's annual option grant, such options to be issued at an exercise price of $0.06 per share, the equivalent of the 10-day volume weighted average share price of the Company's shares traded on the TSX-V exchange as of close of business on January 15, 2019. Options are granted subject to the terms of the Company's Stock Option Plan.

To find out more about Mammoth Resources and to sign up to receive future press releases, please visit the company's website at: www.mammothresources.ca., or contact Thomas Atkins, President and CEO at: 416 509-4326.

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.

Forward Looking Information: This news release may contain or refer to forward-looking information. 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. Please refer to the Company's website at the following link: http://www.mammothresources.ca/s/FAQ.asp to review the Company's complete forward looking statement.
 
#January 14, 2019
MAMMOTH POSTS NEW CORPORATE PRESENTATION. MAMMOTH TO ATTEND VRIC, BOOTH 1035

 Click here to view Corporate Presentation
 
#December 20, 2018
MAMMOTH ENTERS OPTION AGREEMENT WITH CENTERRA GOLD ON ITS TENORIBA PRECIOUS METAL PROPERTY, MEXICO

 Toronto, Canada (December 21, 2018) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company", or "Mammoth") is pleased to announce the signing of an option agreement with Centerra Gold Inc. ("Centerra") to option Mammoth's Tenoriba precious metal property located in the prolific Sierra Madre precious metal belt in southwestern Chihuahua State, Mexico. Centerra has the option to earn up to a 70% interest in Tenoriba upon total project expenditures of US$9.0 million over a seven-year period, expenditure amounts which can be accelerated depending on exploration success.

Thomas Atkins, President and CEO of Mammoth commented on the signing of this agreement, stating: "We're exceptionally pleased to be partnering with Centerra in the exploration-development of Tenoriba. The depth of Centerra's technical experience in these types of mineral systems, their experience in project exploration and mine development, combined with their financial strength and the economies in costs and services a company of Centerra's strength and size can achieve have the potential to assist in advancing Tenoriba beyond what Mammoth could achieve on its own. The option agreement ensures robust exploration expenditures over a reasonable time frame, amounts which can be accelerated depending on the level of success, and which enables Mammoth shareholders to retain a 30 percent interest in the project upon Centerra having fulfilled its total US$9.0 million expenditure obligation.

"We're excited for the new year and the advancement of exploration activities with Centerra, following up on the successes of the 2018 and 2007 drill programs at Tenoriba which together totalled 28 drill holes in various locations along an approximate 4 kilometre strike length which remains open to the east and west. Drilling intersected potentially economical grades in the majority of these holes with many intersections occurring over tens of metres."

Details on the terms of the option agreement include a committed minimum US$500,000 in project exploration Expenditures (all exploration costs, property taxes, surface rights and administrative fees) over the first twelve-month period from the Effective Date of signing this option agreement and which over the four-year term of the first option include total Expenditures of US$5,000,000 upon which having completed such Expenditures, Centerra will earn a 51% interest in the property. The schedule of Expenditures are as follows:
I. On or before the first anniversary of the Effective Date,
Expenditures in the aggregate are no less than $500,000;
II. On or before the second anniversary of the Effective Date,
Expenditures when aggregated are no less than $1,500,000;
III. On or before the third anniversary of the Effective Date,
Expenditures when aggregated are no less than $3,000,000; and
IV. On or before the fourth anniversary of the Effective Date,
Expenditures when aggregated are no less than 5,000,000;

Centerra having earned this initial 51% interest has a second option entitlement to earn an additional 19% of the ownership interests in the Tenoriba property by performing the following within the three-year period following initiation of this second option:
I. Incurring additional Expenditures on Tenoriba in the aggregate
amount of US$4,000,000 and completing a preliminary economic
assessment level study on Tenoriba which identifies a mineral
resource which is compliant with National Instrument 43-101; and
II. Upon having completed the additional Expenditures under the second
option, make cash payments of US$550,000 to Mammoth, or at
Centerra's option issue to Mammoth Centerra common shares
totalling US$550,000 (in the event that common shares are issued,
the five-day volume weight trading price of a Centerra common
share on the Toronto Stock Exchange immediately prior the date of
issuance will be used to determine the number of shares to be
issued, any Centerra common shares issued subject to a hold period
during which shares cannot be sold, as required by the Ontario
Securities Act).

In the event either party selects not to fund its respective interest going forward such non-participating party may be diluted to a 10 percent interest whereupon such interest would revert to a two percent NSR, of which one percent can be purchased for US$1.0 million and the non-diluted party has a right of first refusal on the sale of the remaining one percent NSR interest.

During the term of this option agreement, and until Centerra's interest drops below a 50 percent interest (following its having earned the initial 51 percent interest), Centerra will be the project operator. As project operator Centerra will submit program activities and budgets to Mammoth for review and input prior to approval. Centerra will be eligible to receive a management fee equal to 5% of invoiced drilling and certain other high cost Expenditure activities (any single activity that exceeds $50,000) or otherwise receive a 10% management fee on all other Expenditures.

Mammoth would like to take this opportunity to correct a statement made in a press release dated December 6, 2018. In this press release it was stated that Mammoth requested approval to issue 2,414,000 common shares of Mammoth at a deemed issuance price of $0.05/share to settle amounts owed two third party creditors. The Company would like to correct this statement to read that it has requested approval to issue 1,535,600 shares of the Company at a deemed issuance price of $0.05/share to these creditors. The issuance of these shares remain subject to TSX Venture Exchange approval.

To find out more about Mammoth Resources and to sign up to receive future press releases, please visit the company's website at: www.mammothresources.ca., or contact Thomas Atkins, President and CEO at: 416 509-4326.

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.

Forward Looking Information: This news release may contain or refer to forward-looking information. 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. Please refer to the Company's website at the following link: http://www.mammothresources.ca/s/FAQ.asp to review the Company's complete forward looking statement.
 

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