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King's Bay Gold Corporation terminates the Berven Lake, Saskatchewan option agreement with New Moon Minerals Corporation
(via Thenewswire.ca) King's Bay Gold Corporation (TSX.V: KBG) is announcing that the option a...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKing's Bay Gold Corporation terminates the Berven Lake, Saskatchewan option agreement with New Moon Minerals Corporation\n\n(via Thenewswire.ca)\n\n \nKing's Bay Gold Corporation (TSX.V: KBG) is announcing that the option agreement to acquire a 50% interest in a property comprising of 4 claims (1,480 hectares) at Berven Lake, Saskatchewan from New Moon Minerals Corporation, as previously announced on May 18th, 2010, has been terminated. The optioned property in question is located approximately 110 kilometres northeast of La Ronge Saskatchewan.\n\n\n \nIn accordance with the initial payment provisions required by the option agreement, the Corporation issued 300,000 Class \"A\" common shares and paid a sum of $50,000 to New Moon Minerals for earn-in exploration expenditures. The Corporation did seek the approval of, and did subsequently obtain such approval, from the TSX Venture Exchange Inc. for the transactions described in the option agreement.\n\n\n \nUpon review, the current Board of Directors felt that this project didn't fit into the Corporation's existing portfolio of projects that is geographically focused on northwest Ontario. As such, the Corporation chose not to issue the first anniversary payment of 500,000 Class \"A\" common shares nor did it pay the sum of $50,000 for the first anniversary earn-in exploration expenditures to New Moon Minerals Corporation.\n\n\n \nAbout King's Bay Gold Corporation\n\n\n \nKing's Bay Gold Corporation is a very active Canadian mineral exploration and development company with mineral projects located in two of Canada's main gold camps - the Red Lake, ON and Rainy River, ON gold camps.\n\n\n \nKBG Shares Outstanding: 90,031,913\n\n\n \nKing's Bay Gold Corporation\n\n\n \nKyle Picard\n\n\n \nPresident CEO and Corporate Secretary\n204-253-4653\n\n\n \[email protected]\n\n\n \nwww.kingsbaygold.com\n\n\n \nThis news release includes certain forward-looking statements concerning the future performance of King's Bay Gold Corporation's business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements are frequently identified by such words as \"may\", \"plan\", \"expect\", \"ant...