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King's Bay Gold Corporation acquires 100% ownership of the Gold Hill - Blackjack Property located 20 kilometres southeast of Kenora, Ontario
(via Thenewswire.ca) King's Bay Gold Corporation (TSX.V: KBG) ("King's Bay Gold") is please...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKing's Bay Gold Corporation acquires 100% ownership of the Gold Hill - Blackjack Property located 20 kilometres southeast of Kenora, Ontario\n\n(via Thenewswire.ca)\n\n \nKing's Bay Gold Corporation (TSX.V: KBG) (\"King's Bay Gold\") is pleased to report that it has acquired 100 % ownership of the Gold Hill - Blackjack Property located in the Townships of Kirkup and Manross in the Kenora Mining District of Ontario. The property is located approximately 20 kilometres southeast of the City of Kenora, Ontario and is accessible from Highway 17 east to the Storm Lake Road. The property consists of 5 mining claims for 51 units covering an area of approximately 2,040 acres (approximately 826 hectares).\n\n \n \nUnder the terms of the Purchase and Sale Agreement dated January 20th, 2013 (the \"Agreement\"), King's Bay Gold will earn a 100% interest by completing one time payments to Luc Gagnon (50%) and David Clement (50%), the Vendors, totaling $18,100 CDN and the issuance of 500,000 common shares in the company. The common shares are to be issued within 10 days of receiving regulatory approval \nof the Agreement. The Vendors understand and have acknowledged in the Agreement that the issued shares shall be subject to hold periods as required by the applicable policies of the TSX Venture Exchange and applicable securities laws. The Vendors will retain a 2.0 % Net Smelter Return (the \"NSR\") interest in the Property. King's Bay Gold can buy back one half or 1% of the \"NSR\" at any time by paying the vendor $1,000,000 CDN dollars.\n\n \n \nKing's Bay Gold President & CEO, Jim Rogers commented \"The Rainy River to Kenora area is shaping up to be the newest gold mining district in Northern Ontario. With both Rainy River Resources Limited (TSX: RR) and Coventry Resources Limited (ASX: CVY) reporting positive Preliminary Economic Assessments (PEA), there is a high probability of new mine development that will bring increased activity and improved economics to the area. With our acquisition of the Black Jack Property, King's Bay Gold now has 4 road accessible gold properties within the Rainy River corridor that have the potential for gold discoveries. It has been over 100 years since any real exploration has taken place and in light of improved exploration and mining technology, the historical results suggest that the Black Jack proper...