General Properties Ltd. announces shareholder approval for transaction for option to acquire a 70% of past producing Yarnell Gold Mine in Arizona

    CALGARY, Aug. 26 /CNW/ - General Properties Ltd. (TSX Venture Exchange:
GPL) (the "Corporation") is pleased to announce that at its annual and special
meeting of shareholders (the "Meeting") held yesterday, all resolutions
considered and voted upon received requisite shareholder approval and the
stage is now set for the Corporation to complete the proposed transaction (the
"Transaction") for an option to acquire a 70% working interest in the past
producing Yarnell gold mine property (the "Property"). Completion of the
Transaction is subject to compliance with the terms and conditions set forth
in the non-arms length Joint Venture Agreement (the "JV Agreement") among the
Corporation, CaNev Resources Corporation and Yarnell Mining Company, Inc., the
details of which can be found in the June 18, 2008 press release of the
Corporation, and regulatory approval, including final approval of the TSX
Venture Exchange.
    Consideration payable by the Corporation pursuant to the JV Agreement
consists of payments at specific time periods and upon the occurrence of
certain events, equalling an aggregate of $3,744,345 USD plus expenses
relating to, among other things, all operating expenses incurred from
January 1, 2008 and funds required to complete a feasibility study.
    The Property consists of 5 patented lode claims and 48 unpatented lode
claims covering approximately 900 acres and is located in the Weaver Mountains
of Yavapai County in the state of Arizona. The Property was last worked by
BEMA Gold Corporation, who completed a feasibility study in 1998 which
indicated a historical resource of 325,800 oz of gold in all categories (which
feasibility study was not reported in present day National Instrument 43-101 -
Standards of Disclosure for Mineral Projects standards). As per the
Corporation's June 6, 2008 press release, the Corporation has filed on the
System for Electronic Document Analysis and Retrieval (, a
National Instrument 43-101 - Standards of Disclosure for Mineral Projects
report in respect of the Property. Pursuant to the Transaction, the Vendors
will retain a 30% carried interest in the Property.
    The Transaction is a related party transaction as certain directors of
the Corporation currently own the Property.
    The Corporation is also pleased to announce that at the Meeting,
shareholders elected Robert Knight, Leslie Cahan, Peter Holmes, Morley Katz,
John Holmes and Louis Wolfin as directors of the Corporation to serve until
the next annual general meeting of the Corporation. Shareholders of the
Corporation also approved the appointment of HS & Partners LLP as auditors for
the Corporation, approved the Corporation's stock option plan for the ensuing
year and approved the change of name from the Corporation to "General Mining
Properties Ltd.", which name change is subject to the approval of the TSX
Venture Exchange.

    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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