Lions Bay Announces Return of Hy and Jay Property
Vancouver, April 2, 2019 - Lions Bay Mining Corp. (CSE: LBM) ("Lions Bay" or the "Company") announces that it has terminated the property purchase agreement entered into with Golden Predator Mining Corp. ("Golden Predator") for the sale of certain of its mineral claims located in the Yukon Territory.
Under the terms of the property purchase agreement, Golden Predator was required to make cash payments and issue Golden Predator common shares to Lions Bay over a period of 48 months in exchange for a 100% in the mineral claims located in the Upper Hyland River area in the southeast region of the Yukon Territory commonly known as the "Hy and Jay Property". Golden Predator made the first two payments of an aggregate of $30,000 and 85,000 common shares but has elected not to proceed with the remaining payments and, accordingly, the agreement has been terminated. The mineral claims were originally held by Bearing Lithium Corp. ("Bearing") and were acquired by Lions Bay pursuant to its spin-out transaction involving Bearing.
Jeremy Poirier, President and CEO of Lions Bay, stated "The Yukon remains an active region for high-grade gold exploration, with recent announcements of over $13 million in exploration programs currently underway. We look to internally formalize a plan to advance the Hy and Jay Property, which may include exploration on our own or with a joint-venture partner."
About Lions Bay Mining Corp.
Lions Bay Mining Corp. is a mineral exploration and development company, primarily focused on mineral properties in North America. Its primary asset is the FLV lode mining claims located in Esmeralda County, Nevada, USA commonly referred to as the "Fish Lake Project", which are subject to an option agreement with First Divisions Ventures Inc. The Company also holds an interest in the mineral claims located in the Upper Hyland River area of eastern Yukon Territory of Canada and common referred to as the "Hy and Jay Property", as well as an interest in the mineral claims located in the Yukon Territory of Canada, commonly referred to as the "VM" and the "VBA" properties.
ON BEHALF OF THE BOARD
Signed "Jeremy Poirier"
Jeremy Poirier, President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier-- President and CEO Lions Bay - Telephone: 1-604-262-8835
Cautionary Statements Regarding Forward Looking Information
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things, future exploration of the Hy and Jay Property. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the results of any exploration activities and management's discretion to elect not proceed with exploration programs. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
NOT FOR DISTRIBUTION OR DISSEMINATION INTO THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43830
