General Mining Properties Ltd. announces termination of transaction for option to acquire a 70% of past producing Yarnell gold mine in Arizona and withdrawal of offering of interest bearing gold notes

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[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 6 /CNW/ - General Mining Properties Ltd. (TSX Venture\nExchange: GPL) (the "Corporation") further to the Corporation's press release\nof June 16, 2009, the Corporation announces the termination of the non-arms\nlength Joint Venture Agreement (the "JV Agreement") with CaNev Resources\nCorporation and Yarnell Mining Company, Inc., further details of which can be\nfound in the August 26, 2008 press release of the Corporation. The Corporation\nmade all reasonable efforts to obtain the financing necessary to make the\npayments it was required to make as set forth in the JV Agreement, but has not\nbeen able to obtain the funds necessary to make such payments. As a result of\nthe failure to make the applicable payments, CaNev Resources Corporation and\nYarnell Mining Company, Inc. noted the Corporation in default of its\nobligations under the JV Agreement on June 16, 2009. The Corporation had\nthirty (30) days to cure such default. The Corporation was unable to cure such\ndefault and as a result, CaNev Resources Corporation and Yarnell Mining\nCompany, Inc. have terminated the JV Agreement, resulting in the Corporation\nlosing any interest it has acquired or may acquire pursuant to the JV\nAgreement.\n\n\nAs a result of the termination of the JV Agreement, the Corporation is\nunable to complete the non-brokered offering of up to US$3,500,000 worth of\ninterest bearing gold notes that the Corporation announced on February 12,\n2009.\n\n\nThe Corporation is exploring options for additional financing and joint\nventure opportunities. The Corporation continues to evaluate a number of new\nprecious metal acquisitions from various mineral belts located around the\nworld.\n\n\nThe Corporation is a mining exploration and development company with\nholdings in northern Alberta, Canada. Information about the Corporation can be\nfound at www.sedar.com.\n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\nthat term is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\n\n","length":2190,"tagName":"div"}]

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