King's Bay Gold Corporation reports that the 3rd and final anniversary payment under an option agreement has been made on 6 u...
28 August 2013 - 10:04PM
Access Wire
King's Bay Gold Corporation (TSX.V:
KBG) (the "Corporation") is
pleased to report that it has completed the 3rd and final
anniversary payment on an option agreement dated August
23rd, 2010 with Luc Gagnon (the "Vendor") for 6
unpatented mining claims located at the Menary Gold Project. The 6
unpatented mining claims are located in the Townships of Menary and
Claxton and are contiguous to the overall Menary Gold Project land
package that currently consists of 1 patented and 17 unpatented
mining claims for approximately 1,728 hectares. As a result of
issuing the 3rd
and final anniversary payment of 500,000
common shares, the Corporation now has a 100% interest in the 6
unpatented claims. As per the option agreement of August
23rd, 2010, the Vendor retains a Net Smelter Return (NSR)
of 2%. The Corporation has a right to repurchase 1% of this NSR at
any time for $1,000,000.
The Menary Gold Project currently consists of 18
claims in a single contiguous land package that includes: (i) the
original core group of 1 patented mining claim and 3 unpatented
mining claims as acquired by option agreement in January 2010 (the
final payment for this option agreement was made to Western Troy
Capital Resources Inc. and William McNerney as joint Vendors on
April 10th, 2013); (ii) an additional acquisition of 6
unpatented mining claims by way of an option agreement in August
2010 (the option agreement with Luc Gagnon as the Vendor and as
referenced in this news release); (iii) the staking of 6 unpatented
mining claims in October 2011; and (iv) a third option agreement as
was announced on May 7th, 2012 for 2 unpatented claims with Perry
English, acting on behalf of Rubicon Minerals Corporation, as the
Vendor.
About King's Bay
Gold Corporation
King's Bay Gold Corporation is a
Canadian mineral exploration and development company with mineral
projects located in two of Canada's emerging gold camps - the Rainy
River / Kenora and Sturgeon Lake, ON gold camps.
KBG Shares Outstanding: 98,976,913
King's Bay Gold
Corporation
Ray Prefontaine
Chief Financial Officer
(204) 253-4653
info@kingsbaygold.com
www.kingsbaygold.com
This news release includes
certain forward-looking statements concerning the future
performance of King's Bay Gold Corporation's business, its
operations and its financial performance and condition, as well as
management's objectives, strategies, beliefs and intentions. The
Company does not intend, and does not assume any obligation, to
update these forward-looking statements. Forward-looking statements
are frequently identified by such words as "may", "plan", "expect",
"anticipate", "estimate", "intend" and similar words referring to
future events and results. These forward-looking statements
represent management's best judgment based on current facts and
assumptions that management considers reasonable. The Company makes
no representation that reasonable business people in possession of
the same information would reach the same conclusions. All
forward-looking information is inherently uncertain and subject to
a variety of assumptions, risks and uncertainties, including
the speculative
nature of mineral exploration and development, fluctuating
commodity prices, competitive risks and the availability of
financing and as described in more detail in the Company's recent
securities filings available at www.sedar.com. Actual events or
results may differ materially from those projected in the forward
looking statements and readers are cautioned against placing undue
reliance thereon.
Neither TSX Venture Exchange
Inc. nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange Inc.) accepts
responsibility for the adequacy or accuracy of this
release.
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