Jun. 16, 2010 (TheNewswire.ca) --
King's Bay Gold Corporation (TSX.V: KBG) is announcing that it has relinquished its 40% ownership in the Bobjo Gold Prospect near Uchi Lake, Ontario with its Joint Venture partner Mainstream Minerals Corp. (OOTC:MSMCF) (TSXV:MJO) It has been felt that the joint venture partnership has impeded the strategic focus of the exploration plans of both Company's and that a clean split in ownership will help both companies in the long run. The two companies have had a positive relationship in the area for the past three years and have brought the property forward from its humble beginnings. In our mutual agreement, dated June 14, 2010, King's Bay will retain certain hard assets and equipment (valued at $16,000), receive 250,000 common shares of Mainstream Minerals and receive title to the four un-patented mining claims in the Raleigh Lake Area near Ignace that Mainstream presently owns.
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 and the Brooks Lake/Helena Lake properties) as well as maintaining a presence in the Red Lake Area with its Headway Project which is presently being drilled by Mega Precious Metals (OOTC:MPRXF) (TSXV:MGP) Corp. The acquisition of the four new claims in the Raleigh Lake area for Rare Earth elements brings its land package up to eleven claims for a total of 114 claim units for approximately 1,824 hectares of land surrounding the former Avalon Ventures area earth discovery. It has also recently picked up a 50% interest in the Berven Lake and Devil Lake gold properties which ties on to the Bingo Deposit in the La Ronge volcanic belt in northern Saskatchewan.
About Kings Bay Gold
King's Bay Gold is unique in the industry in that it owns most of the equipment required to carry out the various phases of exploration. The Corporation is a very active Canadian mineral exploration company with mineral projects located in Canada's main gold camp - Red Lake, ON. Strategic properties include - (1) The Headway, a property located in Red Lake, ON (gold); (2) the Pipestone Fault property (which includes the Helena / Dash Lake Gold Occurrence), (3) The Fort Frances property (exploring for PGEs and diamonds), (4) the Menary Claim group located N.E. in the same volcanic belt hosting the Rainy River Resources (TSXV:RR) high-grade gold discovery, and (5) the Cameron Lake property which adjoins the former Nuinsco Deposit near Beggs Lake, (6) the Raleigh Lake property near Ignace, Ontario, (exploring for Rare Earth and Rare Metal elements - Li, Nb, Ta, Rb) portions formerly owned by Avalon Ventures Ltd.AND 50% OWNERSHIP IN THE Berven Lake and Devil Lake Gold Prospects in the La Ronge Volcanic Belt in northern Saskatchewan
KBG Shares Outstanding: 76,146,903
King's Bay Gold Corporation
President & CEO Expl. Coordinator : Ron Rivet, Winnipeg (204) 253-4653
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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