Sep. 27, 2010 (TheNewswire.ca) --
King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce that it has completed six of 16 holes on its drilling program on the Menary claim group located approximately fifteen kilometers northeast of the Richardson Twp. Project being operated by Rainy River Resources (TSXV:RR) and within 12 kilometres of the new discovery by Bayfield Ventures Corp. (TSXV:BYV) (TSX-V : BYV). The property is also adjacent to and along strike to the Rainy River Resources (TSX.V-RR) drilling that is presently being conducted on its Off Lake Gold Project.
King's Bay began its drill project in June of this year and currently has completed over 1200 metres of drilling on the Wagg Occurrence located on the west central portion of the property. Work has also included linecutting/gridding and geological mapping over the central part of the property. Additional claims have been staked on the northwest and northeastern sectors to cover additional geological structures that appear to tie on to the Galbraith ‘A' and ‘B' Gold Occurrences.
Initial sampling over the Wagg Occurrence area produced at least 6 significant gold analyses from grab samples taken on a number of the quartz vein systems that have been worked on previously. The better samples returned values greater than 4900 p.p.b.(4.9 grams per tonne) in gold The recent drilling has found gold values in all six drill holes with assay values of 0.60 ounces per ton (o.p.t.) in gold (Au) over 5.67 feet of core length in hole MIN 10-01, 0.138 o.p.t. Au over 1.37 feet of core length in Hole MIN 10-02, 0.006 o.p.t. Au over 1.0 feet of core length in hole MIN 10-03, 0.009 o.p.t. Au over 1.0 feet of core length in hole MIN 10-04, 0.010 o.p.t. Au over 1.5 feet of core length in hole MIN 10-05, and a value of 0.01 o.p.t. Au over 9.0 feet of core length in hole MIN 10-06 with several higher of 0.026 and 0.018 o.p.t. Au across smaller intervals (1.0 ft and 1.1 ft respectively) within this 9 foot section. Further results will be released as soon as the analytical results are received and the data is compiled.
King's Bay Gold Corp. is a mineral exploration company focused on exploring for gold, base metals and rare-earth elements in the northwest part of Ontario and in the La Ronge area of Saskatchewan. It has three active gold projects in the Kenora District (the Menary, the Cameron Lake (recently joint ventured with Coventry Resources (OOTC:CVYRF) whereby Coventry agreed to spend a minimum of $1,000,000 in exploration, take over the property payments that King's Bay had committed to and secure the historical workings that exist on the property. King's Bay retains a 20% interest in the property as well participating in further exploration at the prorated rate of 80/20% until a production decision has been made (see press release of Sept. 8, 2010) and the Brooks Lake/Helena Lake properties) as well as maintaining a presence in the Red Lake Area with its Headway Project that is presently being drilled by Mega Precious Metals (OOTC:MPRXF) (TSXV:MGP) Corp. (see press release Aug.16, 2010). King's Bay Gold also has 114 claim units in the Raleigh Lake Area near Ignace, Ontario (Rare Earth elements) and a 50% interest in the Berven Lake and Devil Lake gold properties that ties on to the Bingo Deposit in the La Ronge volcanic belt in northern Saskatchewan.
KBG Shares Outstanding: 76,146,903
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 (TSXV:KBG) 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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