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Mainstream Minerals acquires 100% control of the Bobjo Mine Project in the Red Lake Gold Camp of Ontario
Mainstream Minerals acquires 100% control of the Bobjo Mine Project in the Red Lake Gold Camp of ...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nMainstream Minerals acquires 100% control of the Bobjo Mine Project in the Red Lake Gold Camp of Ontario\n\n\n Jun. 16, 2010 (TheNewswire.ca) -- Winnipeg, MB - Mainstream Minerals (OOTC:MSMCF) (TSXV:MJO) Corporation (TSX-V: MJO)(\"Mainstream Minerals\") is pleased to report that it has come to an agreement with King's Bay Gold Corporation (TSXV:KBG) (\"King's Bay Gold\") on the future of their joint-ventured Bobjo Mine Project, located in Earngey and Agnew Townships of the Red Lake Mining Division of Ontario.In a Property Interests Exchange Agreement dated June 14th, 2010, King's Bay Gold has sold its' remaining interests of approximately 40% in the Bobjo Mine Project to Mainstream Minerals. King's Bay Gold has further agreed to cancel the advance receivable related to the project of approximately $140,000 from Mainstream Minerals to King's Bay Gold.In consideration for Property Interests Exchange Agreement of June 14th, 2010, Mainstream Minerals has agreed to:(a) assign to King's Bay Gold it's one hundred per cent (100%) interest in the Raleigh Lake property.;(b) grant 250,000 common shares of Mainstream Minerals to King's Bay Gold;and(c) transfer title of ownership on various pieces of equipment valued at approximately $16,000.Both Parties further agreed to waive any and all present and future claims whatsoever against one another in relation to the Bobjo Mine Project Joint Venture Earn-In Agreement of September 12th, 2006, including all amendments entered into thereafter, and to save the other party harmless from any and all present and future third party claims whatsoever as these may relate to the Bobjo Mine Project.With the execution of the Property Interests Exchange Agreement, Mainstream Minerals now has an undisputed 100% ownership interest in the Bobjo Mine Project's land package of 9 patented and 218 unpatented claim units for approximately 9,080 acres. The common shares being issued shall be subject to the approval of and the hold periods as required by the applicable policies of the TSX Venture Exchange Inc. The Agreement itself is also subject to the approval of the TSX Venture Exchange Inc.Mainstream President & CEO, Michael Romanik said \"We are exceptionally pleased to have been able to secure 100% ownership of the Bobjo Mine Project. With our adjoining 100% owned Hazard Lake / Northgate Deposit property, we n...