CALGARY, June 6 /CNW/ - General Properties Ltd. (TSX Venture Exchange:
GPL) (the "Corporation") is pleased to announce the filing on the System for
Electronic Document Analysis and Retrieval (www.sedar.com) of a satisfactory
National Instrument 43-101 report in respect of a past producing gold mining
property (the "Property") that the Corporation has entered into an agreement
to acquire a 70% interest in.
As previously announced in the Corporation's January 24, 2008 press
release, the Corporation has entered into a letter of intent to acquire a 70%
interest in the Property (the "Transaction"), which is located approximately
70 miles from Phoenix. The Property consists of approximately 1,000 acres of
patented and unpatented ground. The Property was last worked by BEMA Gold
Corporation, who completed a feasibility study in 1998.
Management of the Corporation believe that the acquisition of the
Property presents an opportunity to further develop General Properties as an
exploration and development company focused on precious and base metals.
The Corporation is currently preparing an information circular and the
additional associated documentation to request shareholder approval of the
The feasibility study referenced herein was not reported in present day
National Instrument 43-101 standards.
There can be no assurance that the Corporation will be able to obtain the
required approvals to complete the Transaction.
The Corporation is a mining exploration and development company with
holdings in northern Alberta, Canada. Information about the Corporation can be
found at www.sedar.com.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release and has neither approved nor disapproved the
contents of this press release.
For further information:
For further information: Robert B. Knight, Chief Operating Officer and
Chief Financial Officer, Telephone: (403) 531-2088, Facsimile: (403) 531-2099,
Cell phone: (403) 804-5200, Email: firstname.lastname@example.org