Mansfield-Martin Exploration Mining (OTC PINK: MCPI) announced today that it has entered into a letter of intent with Qu to provide up to 5 million oz. silver doré to back a new crypto-currency offering.
The Silverback is a cooperative decentralized crypto coin running on the Ethereum block chain. Qu will offer 5,000,000 coins, each backed by 1 oz. of .999 silver. Pricing for Silverbacks will be exclusively in Ether, and set at a sliding discount to spot silver pricing: 50% over the first 10 days; 25% over the second 10 days; 10% over the third 10 days; and 5% over the fourth 10 days. The ICO has a term of 60 days; thereafter, Silverbacks will be priced by traditional auction/bid-ask methods. If less than 75% of the Silverbacks are purchased, all funds will be returned to subscribers.
Qu has entered into joint ventures with operating mining companies and the owners of mineralized properties to utilize proprietary extraction and refining technology for production of up to 5 million oz. silver per year.
John T. Bauska, President of Mansfield-Martin, stated:
“The Silverback ICO jumpstarts our production cycle. We’ve allocated the previously mined materials in surface dumps on a portion of our historical mine sites in the Tombstone Mining District that are estimated to hold over $65 million in silver, gold and other metals – that’s a big part of Qu’s requirements for the next couple of years.
We have additional properties we can commit in later periods, if we don’t develop them on our own. If we choose payment in Silverbacks, we can participate in future market price increases as well.”
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