CALGARY, June 6 /CNW/ - General Properties Ltd. (TSX Venture Exchange: GPL) (the "Corporation") is pleased to announce the filing on the System for Electronic Document Analysis and Retrieval (www.sedar.com) of a satisfactory National Instrument 43-101 report in respect of a past producing gold mining property (the "Property") that the Corporation has entered into an agreement to acquire a 70% interest in.
As previously announced in the Corporation's January 24, 2008 press release, the Corporation has entered into a letter of intent to acquire a 70% interest in the Property (the "Transaction"), which is located approximately 70 miles from Phoenix. The Property consists of approximately 1,000 acres of patented and unpatented ground. The Property was last worked by BEMA Gold Corporation, who completed a feasibility study in 1998.
Management of the Corporation believe that the acquisition of the Property presents an opportunity to further develop General Properties as an exploration and development company focused on precious and base metals.
The Corporation is currently preparing an information circular and the additional associated documentation to request shareholder approval of the Transaction.
The feasibility study referenced herein was not reported in present day National Instrument 43-101 standards.
There can be no assurance that the Corporation will be able to obtain the required approvals to complete the Transaction.
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 does not accept responsibility for the adequacy or accuracy of this press release and has neither approved nor disapproved the contents of this press release.