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King's Bay Gold Corporation reports that the 3rd and final anniversary payment under an option agreement has been made on 6 unpatented mining claims at the Menary Gold Project
(via Thenewswire.ca) King's Bay Gold Corporation (TSX.V: KBG) (the "Corporation") is ple...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"King's Bay Gold Corporation reports that the 3rd and final anniversary payment under an option agreement has been made on 6 unpatented mining claims at the Menary Gold Project(via Thenewswire.ca)\n\n \nKing's Bay Gold Corporation (TSX.V: KBG) (the \"Corporation\") is pleased to report that it has completed the 3rd and final anniversary payment on an option agreement dated August 23rd, 2010 with Luc Gagnon (the \"Vendor\") for 6 unpatented mining claims located at the Menary Gold Project. The 6 unpatented mining claims are located in the Townships of Menary and Claxton and are contiguous to the overall Menary Gold Project land package that currently consists of 1 patented and 17 unpatented mining claims for approximately 1,728 hectares. As a result of issuing the 3rd and final anniversary payment of 500,000 common shares, the Corporation now has a 100% interest in the 6 unpatented claims. As per the option agreement of August 23rd, 2010, the Vendor retains a Net Smelter Return (NSR) of 2%. The Corporation has a right to repurchase 1% of this NSR at any time for $1,000,000. \n\n\n \nThe Menary Gold Project currently consists of 18 claims in a single contiguous land package that includes: (i) the original core group of 1 patented mining claim and 3 unpatented mining claims as acquired by option agreement in January 2010 (the final payment for this option agreement was made to Western Troy Capital Resources Inc. and William McNerney as joint Vendors on April 10th, 2013); (ii) an additional acquisition of 6 unpatented mining claims by way of an option agreement in August 2010 (the option agreement with Luc Gagnon as the Vendor and as referenced in this news release); (iii) the staking of 6 unpatented mining claims in October 2011; and (iv) a third option agreement as was announced on May 7th, 2012 for 2 unpatented claims with Perry English, acting on behalf of Rubicon Minerals Corporation, as the Vendor. \n\n\n \nAbout King's Bay Gold Corporation \n\n \n \nKing's Bay Gold Corporation is a Canadian mineral exploration and development company with mineral projects located in two of Canada's emerging gold camps - the Rainy River / Kenora and Sturgeon Lake, ON gold camps.\n\n \n \nKBG Shares Outstanding: 98,976,913 \n\n \n \nKing's Bay Gold Corporation \n\n \n \nRay Prefontaine\n\n\n \nChief Financial Officer\n\n\n \n(204) 253-4653\n\n\n...