Business
Kings Bay Gold Corporation announces that it is relinquishing its 50% ownership in the Bobjo Property in the Red Lake District, Ontario
Kings Bay Gold Corporation announces that it is relinquishing its 50% ownership in the Bobjo Prop...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKings Bay Gold Corporation announces that it is relinquishing its 50% ownership in the Bobjo Property in the Red Lake District, Ontario\n\n\n Jun. 16, 2010 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG) is announcing that it has relinquished its 40% ownership in the Bobjo Gold Prospect near Uchi Lake, Ontario with its Joint Venture partner Mainstream Minerals Corp. (OOTC:MSMCF) (TSXV:MJO) It has been felt that the joint venture partnership has impeded the strategic focus of the exploration plans of both Company's and that a clean split in ownership will help both companies in the long run. The two companies have had a positive relationship in the area for the past three years and have brought the property forward from its humble beginnings. In our mutual agreement, dated June 14, 2010, King's Bay will retain certain hard assets and equipment (valued at $16,000), receive 250,000 common shares of Mainstream Minerals and receive title to the four un-patented mining claims in the Raleigh Lake Area near Ignace that Mainstream presently owns.King's Bay Gold Corp. is a mineral exploration company focused on exploring for gold, base metals and rare earth elements in the northwest part of Ontario and in the La Ronge area of Saskatchewan. It has three active gold projects in the Kenora District (the Menary, the Cameron Lake and the Brooks Lake/Helena Lake properties) as well as maintaining a presence in the Red Lake Area with its Headway Project which is presently being drilled by Mega Precious Metals (OOTC:MPRXF) (TSXV:MGP) Corp. The acquisition of the four new claims in the Raleigh Lake area for Rare Earth elements brings its land package up to eleven claims for a total of 114 claim units for approximately 1,824 hectares of land surrounding the former Avalon Ventures area earth discovery. It has also recently picked up a 50% interest in the Berven Lake and Devil Lake gold properties which ties on to the Bingo Deposit in the La Ronge volcanic belt in northern Saskatchewan.About Kings Bay GoldKing's Bay Gold is unique in the industry in that it owns most of the equipment required to carry out the various phases of exploration. The Corporation is a very active Canadian mineral exploration company with mineral projects located in Canada's main gold camp - Red Lake, ON. Strategic properties include - (1) The Headway, a proper...