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King's Bay Gold Corporation receives the Second Anniversary Earn-In Option Agreement payment for the Headway Project in Red Lake, Ontario
(via Thenewswire.ca) King's Bay Gold Corporation (TSX.V: KBG) is pleased to report that it ha...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKing's Bay Gold Corporation receives the Second Anniversary Earn-In Option Agreement payment for the Headway Project in Red Lake, Ontario\n\n(via Thenewswire.ca)\n\n \nKing's Bay Gold Corporation (TSX.V: KBG) is pleased to report that it has received the second anniversary earn-in option agreement payments from Mega Precious Metals Inc. (TSX.V: MGP) (\"Mega\"). The second anniversary payments consisted of $40,000 in cash and 67,500 common shares of Mega. King's Bay Gold Corporation now holds an aggregate total of 315,000 common shares of Mega from the initial, 1st anniversary and 2nd anniversary earn-in distributions.\n\n\n \nThe Headway Group of Patented Claims Property is comprised of 7 claims units for approximately 320 acres and is located in Dome and Balmer Townships near the Town of Red Lake, Ontario. The property lies approximately 8 kilometres from the Town of Red Lake, and approximately 1.5 kilometres south of the Town of Balmertown, Ontario where Goldcorp's Red Lake Mines are located. The claim units are transected by the highway that runs between Red Lake and Balmertown.\n\n\n \nMega Precious Metals Inc. has an option to acquire a 100% interest in the Headway Project in Red Lake, Ontario subject to a staged three year cash payment, share issuance and exploration expenditures obligation that began in October 2009. Mega is the Operator for this project and is providing regular updates as to the progress being made with their diamond drilling program on the home page of their website at www.megapmi.com . Detailed geological information on the Headway project, along with maps, diagrams and pictures can be found at:\n\n\n \nhttp://www.megapmi.com/headway_property .\n\n\n \nAll holes to date are located in strategic areas of the property. When Hole #2 (MH1002) was abandoned in February 2011, due to technical problems, Mega immediately commenced the diamond drilling of a third deep hole. Holes #1 (MH0901) and #3 (MH1103) are slated to extend to a minimum of 3,000 metres and act as \"mother\" holes from which a series of wedged holes, called \"daughter holes\", will be drilled once the intended target is reached and identified. As of the date of this news release, Hole # 1 is at 2,593 metres in depth and Hole # 3 is at 2,301 metres in depth.\n\n\n \nHole # 1 is continuing to progress with grinding and cementing through a fa...