General Properties Ltd. announces execution of a joint venture agreement and that the TSX Venture Exchange has cleared its information circular for mailing

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[{"type":"text","content":"\n\n\n\nCALGARY, July 18 /CNW/ - General Properties Ltd. (TSX Venture Exchange:\nGPL) (the "Corporation") is pleased to announce that it has entered into a\nnon-arms length Joint Venture Agreement (the "JV Agreement") with CaNev\nResources Corporation and Yarnell Mining Company, Inc. (the "Vendors")\nrepresenting the definitive agreement setting forth the Corporation's option\nto acquire a 70% working interest in the past producing Yarnell gold mine\nproperty (the "Transaction"). Consideration payable by the Corporation\npursuant to the JV Agreement consists of payments at specific time periods and\nupon the occurrence of certain events, equalling an aggregate of\n$3,744,345 USD plus expenses relating to, among other things, all operating\nexpenses incurred from January 1, 2008 and funds required to complete a\nfeasibility study.\n\n\nThe Corporation is also pleased to announce that the TSX Venture Exchange\nhas cleared for mailing the Corporation's management information circular for\nan annual and special meeting (the "Meeting") of the shareholders of the\nCorporation to be held on August 25, 2008. Among other things, at the Meeting\nthe shareholders of the Corporation will be asked to consider a resolution\napproving the Transaction, which resolution will require "minority approval"\nof the shareholders of the Corporation as described below.\n\n\nThe Yarnell gold mine property (the "Property") consists of 5 patented\nlode claims and 48 unpatented lode claims covering approximately 900 acres and\nis located in the Weaver Mountains of Yavapai County in the state of Arizona.\nThe Property was last worked by BEMA Gold Corporation, who completed a\nfeasibility study in 1998 (which feasibility study was not reported in present\nday National Instrument 43-101 - Standards of Disclosure for Mineral Projects\nstandards). As per the Corporation's June 6, 2008 press release, the\nCorporation has filed on the System for Electronic Document Analysis and\nRetrieval (www.sedar.com), a National Instrument 43-101 - Standards of\nDisclosure for Mineral Projects report in respect of the Property. Pursuant to\nthe Transaction, the Vendors will retain a 30% carried interest in the\nProperty.\n\n\nThe Transaction is a related party transaction as certain directors of\nthe Corpora...

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