Mar. 11, 2011 (TheNewswire.ca) --
King's Bay Gold Corporation (TSX.V: KBG) is pleased to report that Coventry Resources Limited (OOTC:CVYRF) (ASX: CVY) has announced initial results from their diamond drilling program at King's Bay Gold's Meston Prospect on the former Nucanolan Property at Cameron Lake. The former Nucanolan Property adjoins Coventry Resources's Cameron Gold Deposit and is comprised of the Meston and the Sullivan Prospects. The former Nucanolan Property is comprised of 20 leased claims for approximately 800 acres and is located approximately five kilometres along strike from the Cameron Gold Deposit. Coventry Resources has the right to earn up to an 80% interest in the former Nucanolan Property from King's Bay Gold by expending a minimum of $1,000,000 on or before February 16th, 2014. Thereafter, with King's Bay Gold retaining a 20 % interest, both companies may participate in further exploration at the prorated rate of 80 % / 20 % until a production decision is made.
Please refer to the March 7th, 2011 Coventry Resources news release for the analytical results that have been received to date for the first nine holes drilled at the Meston Prospect (1,503 metres). The following is a quote from the Coventry Resources news release that can be found at www.coventryres.com/ASXAnnouncements.html. :
"Initial drilling has intersected very encouraging shallow gold mineralization including:
-4.0 metres at 5.16 g/t gold from 5.0 metres
-8.7 metres at 2.19 g/t gold from 5.3 metres
-2.0 metres at 4.67 g/t gold from 3.0 metres
-1.0 metre at 3.47 g/t gold from 68.0 metres
Mineralization remains open in all directions. One diamond drilling rig continues to operate at the Meston Prospect to help determine the possible extent of the mineralization there."
The Competent Persons Statement in the Coventry Resources Limited news release of March 7th, 2011 identifies Anthony Brendon Goddard as the Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and as the Qualified Person as defined by Canadian National Instrument 43-101 (Standards for Disclosure for Mineral Projects). Mr. Goddard is Technical Director of Coventry Resources Limited and a Member of the Australian Institute of Geoscientists.
About King's Bay Gold Corporation (TSXV:KBG)
King's Bay Gold Corporation is a very active Canadian mineral exploration and development company with mineral projects located in two of Canada's main gold camps - the Red Lake, ON and Rainy River, ON gold camps.
KBG Shares Outstanding: 84,986,913
King's Bay Gold Corporation
John Archibald
President & CEO
info@kingsbaygold.com
www.kingsbaygold.com
This news release includes certain forward-looking statements concerning the future performance of King's Bay Gold Corporation's business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements are frequently identified by such words as "may", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing and as described in more detail in the Company's recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking statements and readers are cautioned against placing undue reliance thereon.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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