EQS Group-News: King's Bay Gold Corp. / Key word(s): Disposal/Agreement
28.03.2017 / 13:05
King's Bay Sells Menary Gold Project
Vancouver, March 28th, 2017 - 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 it has entered into an agreement, pending exchange approval, with Destroismaison CLM Holdings Corporation, a newly formed private company, in regard to the Menary Gold Project, located in the Kenora Mining Division of Ontario.
In exchange for 100% of the right, title, and interest in and to the Menary Gold Project, consisting of one mining lease, and 5 unpatented claims, the Vendor shall receive 15% of the existing shares of the Purchaser. The Purchaser shall retain for the period of 24 months from the date of execution, the option to purchase back the entirety of the 15% share position of the Vendor for $100,000.00.
Kevin Bottomley states: "This transaction allows King's Bay the ability to focus on our stated goal of exploring for cobalt and other high tech metals, while maintaining exposure to the potential of one of our non-core assets."
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,
Kevin Bottomley CEO, President
For Investment Inquiries please contact:
Brad Hoeppner, Director
O: 604 681 1568
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.