Mill Bay Ventures Executes Letter of Intent on Golden Repeat
finance.yahoo.com
Press Release Source: Mill Bay Ventures Inc. On Friday December 10, 2010, 11:47 am EST
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2010) - Mill Bay Ventures Inc. (TSX VENTURE:MBV - News; PINK SHEETS:MLBVF - News; FRANKFURT:M4K - News; "MBV" or the "Company") is pleased to announce that it has executed a Letter of Intent with Dynasty Gold Corp. (TSX VENTURE:DYG - News) to enter into an option agreement on its 100% owned Golden Repeat claims located in Nevada, USA.
Under the terms of the Letter of Intent, the Company agrees to option to Dynasty a 51% interest in the claims for the following consideration:
-- Pay $50,000 in cash, issue 500,000 shares of its common stock on signing
of an Option Agreement, and incur an aggregate $200,000 in exploration
expenditures on the claims in year one of the Option Agreement.
-- Pay $75,000, issue 500,000 shares of its common stock, and incur an
aggregate $300,000 in exploration expenditures on the claims in year two
of the Option Agreement.
-- Pay $100,000, issue 500,000 shares of its common stock, and incur an
aggregate $400,000 in exploration expenditures on the claims in year
three of the Option Agreement.
-- Pay $250,000, issue 1,000,000 shares of its common stock, and incur an
aggregate $600,000 in exploration expenditures on the claims in year
four of the Option Agreement.
Dynasty can earn up to a 70% interest in the claims by paying $2,000,000 after it has earned its initial 51% in the Claims. MBV will retain a 3% NSR.
This transaction is subject to TSX Venture Exchange approval.
Mill Bay Ventures Inc. owns a 50% interest in the BRX gold claims at Bralorne and 100% interest in three sets of gold claims in Nevada, namely the NV claims, Golden Repeat claims and the E&E-DH claims. See website for details: www.millbayventures.com.
ON BEHALF OF THE BOARD
William Glasier, President
This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Shares issued: 12,186,539
Last Trading Price: $0.26
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the accuracy or adequacy of this release.
Contact:
Darryl Glasier
Mill Bay Ventures Inc.
604-682-3701
604-682-3600 (FAX)
darrylg@shaw.ca
www.millbayventures.com |
