General Properties Ltd. announces shareholder approval for transaction for option to acquire a 70% of past producing Yarnell Gold Mine in Arizona

About this update from Visionary Metals Corp

[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 26 /CNW/ - General Properties Ltd. (TSX Venture Exchange:\nGPL) (the "Corporation") is pleased to announce that at its annual and special\nmeeting of shareholders (the "Meeting") held yesterday, all resolutions\nconsidered and voted upon received requisite shareholder approval and the\nstage is now set for the Corporation to complete the proposed transaction (the\n"Transaction") for an option to acquire a 70% working interest in the past\nproducing Yarnell gold mine property (the "Property"). Completion of the\nTransaction is subject to compliance with the terms and conditions set forth\nin the non-arms length Joint Venture Agreement (the "JV Agreement") among the\nCorporation, CaNev Resources Corporation and Yarnell Mining Company, Inc., the\ndetails of which can be found in the June 18, 2008 press release of the\nCorporation, and regulatory approval, including final approval of the TSX\nVenture Exchange.\n\n\nConsideration payable by the Corporation pursuant to the JV Agreement\nconsists of payments at specific time periods and upon the occurrence of\ncertain events, equalling an aggregate of $3,744,345 USD plus expenses\nrelating to, among other things, all operating expenses incurred from\nJanuary 1, 2008 and funds required to complete a feasibility study.\n\n\nThe Property consists of 5 patented lode claims and 48 unpatented lode\nclaims covering approximately 900 acres and is located in the Weaver Mountains\nof Yavapai County in the state of Arizona. The Property was last worked by\nBEMA Gold Corporation, who completed a feasibility study in 1998 which\nindicated a historical resource of 325,800 oz of gold in all categories (which\nfeasibility study was not reported in present day National Instrument 43-101 -\nStandards of Disclosure for Mineral Projects standards). As per the\nCorporation's June 6, 2008 press release, the Corporation has filed on the\nSystem for Electronic Document Analysis and Retrieval (www.sedar.com), a\nNational Instrument 43-101 - Standards of Disclosure for Mineral Projects\nreport in respect of the Property. Pursuant to the Transaction, the Vendors\nwill retain a 30% carried interest in the Property.\n\n\nThe Transaction is a related party transaction as certain directors of\nthe Corporation currently own the Property.\n\n\nThe...

More updates from Visionary Metals Corp