HONG KONG and BELLINGHAM, Wash., Aug. 29, 2011 (GLOBE NEWSWIRE) -- Asia Properties, Inc. ("API") (OTCQB:ASPZ) has entered into a definitive agreement to acquire the King's Point, North Block Mining Concession, located in Newfoundland, Canada.
The concession consists of 53 claims including the historic Rendall-Jackman mine, Golden Anchor and Beetle Pond sites. The Golden Anchor property is located just 200 meters from the Lochinvar gold mine owned by Commander Resources. (TSX-listed) www.commanderresources.com
The concession comprises 1325 hectares of rich poly-metallic formations. The team at API successfully negotiated favorable terms to reach a definitive agreement. API will engage our geological team to begin gathering all of the necessary information and commence work on the property. All of this information will be used towards completion of a NI 43-101 report.
The Rendall-Jackman deposit has had a long history of exploration dating back to 1909. Several shafts were sunk and a small amount of material mined. Two VMS strata-bound massive sulphide bodies have been identified on the property and are of the "Betts Cove" Type having (ophiolitic) igneous rocks formed from oceanic crust and upper mantel material with copper, zinc and gold credits.
The Area has become very active recently with Commander Resources/Maritime Minerals drilling the Orion Gold Deposit and new discoveries made in the Hammerdown Gold Mine area. There is excellent infrastructure in the area, including a functional mill, numerous drill companies, skilled work force and analytical laboratories all nearby.
Daniel McKinney, API's CEO stated, "Acquiring a concession of this quality and location is an incredible accomplishment, and we are extremely excited to have acquired the Rendall-Jackman mine along with Golden Anchor, a property so close in proximity to the Commander Resources, Lochinivar Mine. This is a very significant step for API!"
Please see: http://www.asiaprop.com/kings-point-gold/
The Company will acquire a 24 month option on the concession for 2 million restricted shares along with a commitment to spend CAD$100,000 within 24 months on drilling and geological work on the property. API can elect to buy out the claim anytime within 24 months by issuing an additional 1 million shares.
About Asia Properties, Inc. is a Nevada corporation and trades on the OTCQB under the symbol "ASPZ." The transfer agent is Transfer Online, Inc. of Portland, Oregon. Please visit our website: www.asiaprop.com
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This press release contains forward-looking statements based on management's expectations and beliefs, and may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.