CALGARY, Aug. 26 /CNW/ - General Properties Ltd. (TSX Venture Exchange: GPL) (the "Corporation") is pleased to announce that at its annual and special meeting of shareholders (the "Meeting") held yesterday, all resolutions considered and voted upon received requisite shareholder approval and the stage is now set for the Corporation to complete the proposed transaction (the "Transaction") for an option to acquire a 70% working interest in the past producing Yarnell gold mine property (the "Property"). Completion of the Transaction is subject to compliance with the terms and conditions set forth in the non-arms length Joint Venture Agreement (the "JV Agreement") among the Corporation, CaNev Resources Corporation and Yarnell Mining Company, Inc., the details of which can be found in the June 18, 2008 press release of the Corporation, and regulatory approval, including final approval of the TSX Venture Exchange.
Consideration payable by the Corporation pursuant to the JV Agreement consists of payments at specific time periods and upon the occurrence of certain events, equalling an aggregate of $3,744,345 USD plus expenses relating to, among other things, all operating expenses incurred from January 1, 2008 and funds required to complete a feasibility study.
The Property consists of 5 patented lode claims and 48 unpatented lode claims covering approximately 900 acres and is located in the Weaver Mountains of Yavapai County in the state of Arizona. The Property was last worked by BEMA Gold Corporation, who completed a feasibility study in 1998 which indicated a historical resource of 325,800 oz of gold in all categories (which feasibility study was not reported in present day National Instrument 43-101 - Standards of Disclosure for Mineral Projects standards). As per the Corporation's June 6, 2008 press release, the Corporation has filed on the System for Electronic Document Analysis and Retrieval (www.sedar.com), a National Instrument 43-101 - Standards of Disclosure for Mineral Projects report in respect of the Property. Pursuant to the Transaction, the Vendors will retain a 30% carried interest in the Property.
The Transaction is a related party transaction as certain directors of the Corporation currently own the Property.
The Corporation is also pleased to announce that at the Meeting, shareholders elected Robert Knight, Leslie Cahan, Peter Holmes, Morley Katz, John Holmes and Louis Wolfin as directors of the Corporation to serve until the next annual general meeting of the Corporation. Shareholders of the Corporation also approved the appointment of HS & Partners LLP as auditors for the Corporation, approved the Corporation's stock option plan for the ensuing year and approved the change of name from the Corporation to "General Mining Properties Ltd.", which name change is subject to the approval of the TSX Venture Exchange.
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 Transaction and has neither approved nor disapproved the contents of the press release. There can be no assurance that the Transaction will be completed as proposed or at all. Trading in the securities of the Corporation should be considered highly speculative.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.