King’s Bay Closes Property Purchase Agreement
Vancouver, British Columbia (FSCwire) - King’s Bay Gold Corporation (TSX.V: KBG), (FSE: KGB1), operating as “King’s Bay”, a mining exploration and development company based in Vancouver Canada, is pleased to announce that the TSX Venture Exchange has accepted for filing a property acquisition agreement (the “Agreement”) dated October 4, 2016 between King’s Bay Gold Corporation (the “Company”) and Crooks Lake Holding Limited, Cameron Martin and Jeffrey Martin (the later three collectively being, the “Vendors”) to acquire 66 mineral claims located in Happy Valley, Goose Bay, Newfoundland and Labrador (the “Property”).
The Lynx Lake Copper/Cobalt property consists of 959 mineral claims encompassing approximately 240 square kilometers, located 100 km southeast of Happy Valley-Goose Bay, Newfoundland and Labrador. The Lynx Lake Project has returned historical grab samples assaying up to 1.39% Cu, 0.94% Co, 0.21% Ni and 6.5g/t Ag.
In order to acquire the Property, King’s Bay must pay an aggregate of $100,000 and issue 900,000 common shares in the Company over a period of 3 years. The Agreement is subject to a 1.5% net smelter royalty (“NSR”) of which the Company can purchase one-half of the NSR for $1,000,000 at any time. In accordance to the agreement King’s Bay has made an initial payment of $ 30,000 and has issued 200,000 shares to Crooks Lake Holding Limited and the Vendors.
The transaction is arm’s length.
Further information can be found in the Company’s news releases dated October 27, 2016 and January 17, 2017.
About King’s Bay
King’s Bay is focused on the exploration of cobalt and other high‐tech metals in North America. The company believes in this emerging fast‐growth sector and will continue to seek out and evaluate properties that show promise for development. King’s Bay Gold Corp is operating as King’s Bay.
On Behalf of the Board of Directors,
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include that the Company may not raise sufficient funds to carry out our plans, changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on current data that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, that the minerals on our property cannot be economically mined, or that the required permits to build and operate the envisaged mine cannot be obtained. The forwardlooking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
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Source: Kings Bay Gold Corporation (TSX Venture:KBG)
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