CALGARY, Aug. 6 /CNW/ - General Mining Properties Ltd. (TSX Venture Exchange: GPL) (the "Corporation") further to the Corporation's press release of June 16, 2009, the Corporation announces the termination of the non-arms length Joint Venture Agreement (the "JV Agreement") with CaNev Resources Corporation and Yarnell Mining Company, Inc., further details of which can be found in the August 26, 2008 press release of the Corporation. The Corporation made all reasonable efforts to obtain the financing necessary to make the payments it was required to make as set forth in the JV Agreement, but has not been able to obtain the funds necessary to make such payments. As a result of the failure to make the applicable payments, CaNev Resources Corporation and Yarnell Mining Company, Inc. noted the Corporation in default of its obligations under the JV Agreement on June 16, 2009. The Corporation had thirty (30) days to cure such default. The Corporation was unable to cure such default and as a result, CaNev Resources Corporation and Yarnell Mining Company, Inc. have terminated the JV Agreement, resulting in the Corporation losing any interest it has acquired or may acquire pursuant to the JV Agreement.
As a result of the termination of the JV Agreement, the Corporation is unable to complete the non-brokered offering of up to US$3,500,000 worth of interest bearing gold notes that the Corporation announced on February 12, 2009.
The Corporation is exploring options for additional financing and joint venture opportunities. The Corporation continues to evaluate a number of new precious metal acquisitions from various mineral belts located around the world.
The Corporation is a mining exploration and development company with holdings in northern Alberta, Canada. Information about the Corporation can be found at www.sedar.com.
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