(via Thenewswire.ca)
King's Bay Gold Corporation (TSX.V: KBG) is announcing that the option agreement to acquire a 50% interest in a property comprising of 4 claims (1,480 hectares) at Berven Lake, Saskatchewan from New Moon Minerals Corporation, as previously announced on May 18th, 2010, has been terminated. The optioned property in question is located approximately 110 kilometres northeast of La Ronge Saskatchewan.
In accordance with the initial payment provisions required by the option agreement, the Corporation issued 300,000 Class "A" common shares and paid a sum of $50,000 to New Moon Minerals for earn-in exploration expenditures. The Corporation did seek the approval of, and did subsequently obtain such approval, from the TSX Venture Exchange Inc. for the transactions described in the option agreement.
Upon review, the current Board of Directors felt that this project didn't fit into the Corporation's existing portfolio of projects that is geographically focused on northwest Ontario. As such, the Corporation chose not to issue the first anniversary payment of 500,000 Class "A" common shares nor did it pay the sum of $50,000 for the first anniversary earn-in exploration expenditures to New Moon Minerals Corporation.
About King's Bay Gold Corporation
King's Bay Gold Corporation is a very active Canadian mineral exploration and development company with mineral projects located in two of Canada's main gold camps - the Red Lake, ON and Rainy River, ON gold camps.
KBG Shares Outstanding: 90,031,913
King's Bay Gold Corporation
Kyle Picard
President CEO and Corporate Secretary 204-253-4653
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 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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