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KING'S BAY GOLD CORPORATION ANNOUNCES CLARIFICATION OF PREVIOUS PRESS RELEASE DATED JUNE 16TH, 2010 REGARDING RELINQUISHING ITS 40% OWNERSHIP INTEREST IN THE BOBJO MINE PROJECT IN THE RED LAKE MINING DIVISION OF ONTARIO
Apr. 15, 2011 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG) announces a clari...
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[{"type":"text","content":"\nKING'S BAY GOLD CORPORATION ANNOUNCES CLARIFICATION OF PREVIOUS PRESS RELEASE DATED JUNE 16TH, 2010 REGARDING RELINQUISHING ITS 40% OWNERSHIP INTEREST IN THE BOBJO MINE PROJECT IN THE RED LAKE MINING DIVISION OF ONTARIO\n\n Apr. 15, 2011 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG) announces a clarification of its previous press release of June 16th, 2010 concerning the relinquishing of its 40% interest in the Bobjo Property in the Red Lake Mining Division of Ontario. This press release is being issued at the request of the TSX Venture Exchange Inc.The header to the June 16th, 2010 press release stated that King's Bay Gold had a 50% ownership interest in the Bobjo Mine Project. In fact, King's Bay Gold had a 40% interest, as correctly stated in the body of that press release.In a Property Interests Exchange Agreement dated June 14th, 2010 (the \"Agreement\"), King's Bay Gold Corporation (TSXV:KBG) (\"King's Bay Gold\") sold its remaining interests of approximately 40% in the Bobjo Mine Project, located in the Earngey and Agnew Townships of the Red Lake Mining Division of Ontario, to Mainstream Minerals Corporation (TSXV:MJO) (OOTC:MSMCF) (\"Mainstream Minerals\"). Pursuant to the Agreement, King's Bay Gold agreed to cancel the advance receivable related to the project of approximately $140,000 from Mainstream Minerals to King's Bay Gold.As consideration under the Agreement, Mainstream Minerals agreed to:(a) assign to King's Bay Gold its one hundred percent (100%) interest in the Raleigh Lake property;(b) grant 250,000 common shares of Mainstream Minerals to King's Bay Gold; and(c) transfer title of ownership on various pieces of equipment valued at approximately $16,000.The June 16th, 2010 press release stated that King's Bay Gold would receive title to four un-patented mining claims in the Raleigh Lake Area. In fact, King's Bay Gold was assigned Mainstream Minerals' 100% interest in an Option Agreement dated September 10th, 2009 between Mainstream Minerals and Perry English, on behalf of Rubicon Minerals Corporation (TSX:RMX) (AMEX:RBY) (the \"Option Agreement\"), which if exercised in full, would convey to King's Bay Gold's all right and title to the aforementioned mining claims. As a result, King's Bay assumed the obligations as optionee under the Option Agreement. To fully exercise its option under the Opti...