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Kings Bay Gold Corporation announces the acquisition of the Cameron Lake Property in the Rainy River area, District of Kenora, Ontario
Kings Bay Gold Corporation announces the acquisition of the Cameron Lake Property in the Rainy Ri...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKings Bay Gold Corporation announces the acquisition of the Cameron Lake Property in the Rainy River area, District of Kenora, Ontario\n\n\n Mar. 3, 2010 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce that it has acquired via an option agreement with Lasir Gold Inc. (the \"Vendor\") a 20-claim Mining Lease (# 104050 - CLM # 289) for approximately 800 acres located adjacent and east of Nuinsco's Cameron Lake Deposit. The Nuinsco property hosts a measured, indicated and inferred resource (National Instrument 43-101 compliant) of 2,567,000 tons grading 5.42 g/ton in gold (for 447,421 oz.) and that has been recently optioned to Coventry Resources Ltd. (OOTC:CVYRF) , a junior resource company from Australia. The King's Bay Gold property hosts several known mineralized gold occurrences (the Meston and the Sullivan occurrences) with values reportedly up to 0.245 oz./ton across 1.2 metres and numerous lower grade intercepts over 1.5 to 19.0 metres with gold values as high as 0.320 oz./ton in a quartz-carbonate breccia as reported in the assaying. The last time that work was carried out over the property was in 1986 under Nucanolon Resources Ltd.This property ties in well with King's Bay Gold's other land acquisitions in the area such as the recently acquired Menary Township Group from Western Troy Capital Resources (OOTC:WTCRF) Ltd. and William McNerney, and the company's Dash / Helena Lake claim group further north along the Pipestone Fault system. All these properties have similar geological characteristics to the recent Rainy River Resources (TSXV:RR) high-grade gold discovery along strike and to the southwest of the Cameron Lake area located in Richardson Township.Under the terms of the Agreement, King's Bay Gold can earn a 100% interest by completing payments to the Vendor as follows:On signing of this Agreement $15,000.001st Anniversary of the Agreement $20,000.002nd Anniversary of the Agreement $30,000.003rd Anniversary of the Agreement $30,000.004th and Final Anniversary of the Agreement $30,000.00In addition to the cash payment schedule outlined above, King's Bay Gold shall issue to the Vendor, common shares in the company as follows:On signing of this Agreement 50,000 Common shares1st Anniversary of the Agreement 50,000 Common Shares2nd Anniversary of the Agreement 50,000 Common Shares3rd...