WINNIPEG, Manitoba, July 14, 2008 (PRIME NEWSWIRE) -- King's Bay Gold Corporation (TSX-V:KBG) is pleased to announce that the Company has submitted a number of coal permit applications encompassing approximately 22,773 acres in the province of Saskatchewan where a recent coal discovery by Goldsource Mines Inc. has attracted alot of attention.
King's Bay also reports that it has hired geologist Andrew J. Gracie Ph.D, P.Eng., P.Geo. Mr. Gracie was a government geologist for the Province of Saskatchewan for over 30 years and is well-versed on coal and diamond exploration. His recommendations have just led King's Bay to apply for coal permits at a location which is host to a coal seam that was identified and confirmed by drilling.
Due to the competitive nature of the industry, details on the location of the permits applied for will only be released once the submitted applications are successfully processed and/or approved.
The Company will keep the shareholders aware of any progress regarding these coal permits that have been forwarded to the Government of Saskatchewan's permitting office. The timeframe required to process the permit applications will be determined by the permitting office. King's Bay has submitted a deposit in trust for the permits to the Government of Saskatchewan's permitting office.
Coal structures of the Cretaceous age are generally very large and can sometimes encompass several thousand square kilometers. "This recent coal discovery by Goldsource Mines Inc. is potentially the tip of the iceberg. We believe that this could be the beginning of a new major coal region in the mining-friendly province of Saskatchewan and King's Bay wants to be a part of it," said Richard Rivet, President of King's Bay Gold Corporation. "The Company plans to aggressively explore successful permits."
About King's Bay Gold
King's Bay Gold is unique in the industry in that it owns most of the equipment required to carry out the various phases of exploration. This includes diamond drills, bulldozers and other exploration equipment, which gives the company the ability to quickly adjust work programs as exploration results are realized and company strategies change. The Corporation is a very active and well financed Canadian mineral exploration company with mineral projects strategically located in Canada's gold camps. Strategic properties include -- (i) a property located directly adjacent to Canada's richest gold mine, (ii) two past producing gold mines, and (iii) other locations that are in very close proximity to either past producers and/or recent discoveries.
KBG Shares Outstanding: 41,242,900
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe KBG's future plans, objectives or goals, including words to the effect that KBG or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.