Business
Kings Bay Gold Corporation Acquires Rainy River Area Gold Property
Kings Bay Gold Corporation Acquires Rainy River Area Gold Property
About this update from Global Copper Corp
[{"type":"text","content":"\nKings Bay Gold Corporation Acquires Rainy River Area Gold Property\n\n\n Jan. 20, 2010 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce that it has optioned from Western Troy Capital Resources Inc. (OOTC:WTCRF) (TSXV:WRY) and William McNerney, one patented and three un-patented mining claims for approximately 230 acres located adjacent to the Rainy River Resource's (TSX.V-RR) high grade gold property located in Menary Township. This option, which includes both stock and cash payments, will allow the Company to earn into the property over a period of three years but is subject to regulatory approval. The property straddles a known east-west trending gold zone which has not been fully delineated or explored.Under the terms of the Agreement, King's Bay Gold can earn a 100% interest by completing payments to the two Optionors, and to be divided equally between them, as follows:On signing of this Agreement $12,000.001st Anniversary of the Agreement $15,000.002nd Anniversary of the Agreement $20,000.003rd and Final Anniversary of the Agreement $28,000.00In addition to the cash payment schedule outlined above, King's Bay Gold shall issue to the two Optionors, and to be divided equally between them, shares in the Company as follows:On signing of this Agreement 25,000 Common shares1st Anniversary of the Agreement 50,000 Common Shares2nd Anniversary of the Agreement 50,000 Common Shares3rd Final Anniversary of the Agreement 50,000 Common SharesThe Optionors understand that the issued shares shall be subject to hold periods as required by the applicable policies of the TSX Venture Exchange Inc. and securities laws and as such are subject to regulatory approval.King's Bay Gold shall have the right to accelerate this Option Agreement at any time towards earning its 100 % interest in the Property by paying to the Optionors the balance of the cash payments and share issuances remaining outstanding at the time of the acceleration.Optionor 1 will retain a 3.0 % Net Smelter Return (the \"NSR\") interest in the Property. King's Bay Gold shall have the right to buy back from the Optionor 1 one-half of the NSR (1.5%) for $1,000,000.00. Optionor 2 will retain a 1.5 % Net Smelter Return interest in the Property. King's Bay Gold shall have the right to buy back from the Optionor 2 one-half of the NSR (0.75%) for $50...