General Mining Properties Ltd. announces termination of transaction for option to acquire a 70% of past producing Yarnell gold mine in Arizona and withdrawal of offering of interest bearing gold notes

    CALGARY, Aug. 6 /CNW/ - General Mining Properties Ltd. (TSX Venture
Exchange: GPL) (the "Corporation") further to the Corporation's press release
of June 16, 2009, the Corporation announces the termination of the non-arms
length Joint Venture Agreement (the "JV Agreement") with CaNev Resources
Corporation and Yarnell Mining Company, Inc., further details of which can be
found in the August 26, 2008 press release of the Corporation. The Corporation
made all reasonable efforts to obtain the financing necessary to make the
payments it was required to make as set forth in the JV Agreement, but has not
been able to obtain the funds necessary to make such payments. As a result of
the failure to make the applicable payments, CaNev Resources Corporation and
Yarnell Mining Company, Inc. noted the Corporation in default of its
obligations under the JV Agreement on June 16, 2009. The Corporation had
thirty (30) days to cure such default. The Corporation was unable to cure such
default and as a result, CaNev Resources Corporation and Yarnell Mining
Company, Inc. have terminated the JV Agreement, resulting in the Corporation
losing any interest it has acquired or may acquire pursuant to the JV
    As a result of the termination of the JV Agreement, the Corporation is
unable to complete the non-brokered offering of up to US$3,500,000 worth of
interest bearing gold notes that the Corporation announced on February 12,
    The Corporation is exploring options for additional financing and joint
venture opportunities. The Corporation continues to evaluate a number of new
precious metal acquisitions from various mineral belts located around the
    The Corporation is a mining exploration and development company with
holdings in northern Alberta, Canada. Information about the Corporation can be
found at

    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.

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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