Business
Kings Bay Signs Letter of Intent on one of its Rainy River Area Projects
Kings Bay Signs Letter of Intent on one of its Rainy River Area Projects
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKings Bay Signs Letter of Intent on one of its Rainy River Area Projects\n\n\n Sep. 8, 2010 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce that it has signed a Letter of Intent with Coventry Resources Ltd. (OOTC:CVYRF) (ASX-CVY) of Australia, subject to a 30 day due diligence period, on its 100 % King's Bay owned Cameron Lake property located in the Rainy River Area of Ontario. Presently, King's Bay has an existing option on 20 leased claims covering the former Nucanolan Resource property adjoining Nuinsco's Cameron Lake Deposit now owned by Coventry.King's Bay Gold has been approached by its neighbor Coventry Resources who intend to earn an 80% interest and explore this King's Bay property. Under the terms of the agreement Coventry would have to spend a minimum of $1,000,000 towards this effort, take over the property payments that King's Bay has committed to and secure the historical workings that exist on the property. King's Bay will retain a 20% interest in the property and participate in further exploration at the prorated rate of 80/20 % until a production decision has been made.Rainy River Area DrillingThe company is also presently waiting for assay results from five drill holes that were recently completed on its Menary property. The Menary Township property is located on the northeast corner of Richardson Township where Rainy River Resources (TSXV:RR) (TSX.V-RR) and Bayfield Ventures Corp. (TSXV:BYV) (TSX.V-BYV) have been conducting successful gold discoveries.King's Bay is pleased to have three gold projects located in this Rainy River area and intends to continue to concentrate all its efforts in exploring this exciting area.About King's Bay GoldThe Corporation is a very active Canadian mineral exploration company with mineral projects located in the Rainy River area, Red Lake and LaRonge, Saskatchewan. Strategic properties include - (1) The Headway, a property located in Red Lake, ON (exploring for gold with Mega Precious Metals Inc. (OOTC:MPRXF) (TSXV:MGP) ); (2) the Raleigh Lake Rare-Earths prospect near Dryden, Ontario, (3) the Fort Frances property (exploring for PGEs and diamonds); (4) the Cameron Lake gold property, next door to the former Nuinsco Cameron Lake deposit;(5) the Brooks Lake/Dash Lake gold property adjacent to the Pipestone Fault near Nestor Falls, Ont; (6) t...