General Mining Properties Ltd. announces update on transaction for option to acquire 70% of past producing Yarnell gold mine in Arizona

About this update from Visionary Metals Corp

[{"type":"text","content":"\n\n\n\nCALGARY, June 16 /CNW/ - General Mining Properties Ltd. (TSX Venture\nExchange: GPL) (the "Corporation") previously announced that it had entered\ninto a non-arms length Joint Venture Agreement (the "JV Agreement") with CaNev\nResources Corporation and Yarnell Mining Company, Inc., further details of\nwhich can be found in the August 26, 2008 press release of the Corporation.\nPursuant to the JV Agreement, the Corporation has the option to acquire a 70%\nworking interest in the past producing Yarnell gold mine property located in\nArizona. The Corporation has made all reasonable efforts to obtain the\nfinancing necessary to make the payments it is required to make as set forth\nin the JV Agreement, but at this time has not been able to obtain the funds\nnecessary to make such payments. As a result of the failure to make the\napplicable payments, CaNev Resources Corporation and Yarnell Mining Company,\nInc. have noted the Corporation in default of its obligations under the JV\nAgreement. Pursuant to the terms and conditions of the JV Agreement, the\nCorporation now has thirty (30) days to cure such default, after which any\ninterest the Corporation has acquired or may acquire pursuant to the JV\nAgreement will be terminated.\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\nThe TSX Venture Exchange has in no way passed on the merits of the\naforementioned transaction and has neither approved nor disapproved the\ncontents of the press release. There can be no assurance that the\naforementioned transaction will be completed as proposed or at all. Trading in\nthe securities of the Corporation should be considered highly speculative.\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":2099,"tagName":"div"}]

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