General Mining Properties Ltd. announces closing of private placement of units

    CALGARY, Oct. 16 /CNW/ - General Mining Properties Ltd. (TSXV: GPL) (the
"Corporation") is pleased to announce that it has closed its previously
announced non-brokered private placement. The Corporation issued securities
comprising 500,000 equity units ("Units") at a price of $0.25 per Unit. Each
Unit is comprised of one common share of the Corporation and one common share
purchase warrant (a "Warrant"), each Warrant entitling the holder thereof to
acquire one additional common share in the capital of the Corporation at a
price of $0.50 for a period of 12 months from the closing of the private
    Total gross proceeds of the private placement were $125,000. The net
proceeds of the private placement will be used towards the Corporation's
proposed acquisition (the "Transaction") of a 70% interest in a past producing
gold mining property located approximately 70 miles from Phoenix, as announced
in the Corporation's January 24, 2008 press release, and for general working
capital requirements.
    All securities are subject to a hold period and may not be sold or
otherwise traded on or through the facilities of the TSX Venture Exchange or
otherwise in Canada or to or for the benefit of a Canadian resident until
February 17, 2009.

    The Corporation is a mining exploration and development company with
holdings in northern Alberta, Canada. Information about the Corporation can be
found at

    The TSX Venture Exchange has in no way passed on the merits of the
Transaction and has neither approved nor disapproved the contents of the press
release. There can be no assurance that the Transaction will be completed as
proposed or at all. Trading in the securities of the Corporation should be
considered highly speculative.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy 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:

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