CALGARY, June 16 /CNW/ - General Mining Properties Ltd. (TSX Venture Exchange: GPL) (the "Corporation") previously announced that it had entered into a 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. Pursuant to the JV Agreement, the Corporation has the option to acquire a 70% working interest in the past producing Yarnell gold mine property located in Arizona. The Corporation has made all reasonable efforts to obtain the financing necessary to make the payments it is required to make as set forth in the JV Agreement, but at this time 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. have noted the Corporation in default of its obligations under the JV Agreement. Pursuant to the terms and conditions of the JV Agreement, the Corporation now has thirty (30) days to cure such default, after which any interest the Corporation has acquired or may acquire pursuant to the JV Agreement will be terminated.
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.
The TSX Venture Exchange has in no way passed on the merits of the aforementioned transaction and has neither approved nor disapproved the contents of the press release. There can be no assurance that the aforementioned transaction will be completed as proposed or at all. Trading in the securities of the Corporation should be considered highly speculative.
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.