KGBC - Konigsberg Corporation Completes Property Payments
Monday September 11, 2:45 am ET
RICHMOND HILL, ON--(MARKET WIRE)--Sep 11, 2006 -- Konigsberg Corporation (OTC BB:KGBC.OB - News) ("Konigsberg" or the "Company") is pleased to announce that the company has completed property payments to Sydney Resource Corp with regard to the 50/50 JV in the Yoquivo Au-Ag property located in Chihuahua State, Mexico ("Yoquivo Au-Ag Property").
Konigsberg's Chief Executive Officer, Adam Cegielski, said, "We are pleased to inform our shareholders that the company has forwarded US $385,000 and 500,000 shares of Konigsberg Corporation to Sydney Resource Corp., our JV partner on the Yoquivo Au-Ag Property. Of the US $385,000, $200,000 are direct property payments to Sydney, and $185,000 are funds used for the current 2006 Exploration Program." The remaining 500,000 restricted shares are being delivered to Sydney this week.
Under the terms of the Definitive Agreement, Konigsberg has the right to participate with Sydney and purchase a 50% interest in a joint venture company, which will explore the Yoquivo Property, by paying Sydney, an aggregate of 1,000,000 restricted shares of Konigsberg's common stock and $200,000 in cash, within 90 days of entering into a definitive agreement, as well as agreeing to undertake cumulative exploration expenditures on the Yoquivo Property totalling $1,000,000 over a 24-month period following the parties entry into a definitive agreement.
The Agreement also provides that Konigsberg may, subsequent to the exercise of the 50% option in the joint venture, receive an additional 25% interest in the joint venture, by paying an additional $250,000 in cash, issuing Sydney an additional 1,000,000 shares of Konigsberg's common stock and complete an additional $1,500,000 in exploration expenditures under an additional 24 month period, subject to the right of Sydney to buy back the 25% interest, and the further right of Konigsberg to extinguish Sydney's buy back right by issuing Sydney an additional 1,000,000 shares of Konigsberg's common stock.
The company would also like to inform shareholders that the corporate head office has moved to Richmond Hill from Oakville, Ontario. The new mailing address is 70 East Beaver Creek Road, Unit 30, Richmond Hill, Ontario, L4B 3B2.
ABOUT THE COMPANY
Konigsberg's corporate website can be found at www.KonigsbergCorp.com. Details of the Yoquivo Au-Ag Property can be found under the Projects section of the website. A detailed PowerPoint presentation is also available on the company home page under the Quick Link section. Shareholders are advised to sign up to the company e-mail distribution list in order to stay up to date with company developments.
Konigsberg Corporation ("Konigsberg") (OTC BB:KGBC.OB - News) is a mineral exploration company focused on Gold-Silver exploration in the Sierra Madre Occidental Gold-Silver Province of Mexico. The Sierra Madre Occidental Gold Province is the primary gold/silver trend in Mexico. Konigsberg has entered into a 50/50 joint venture with Sydney Resource Corp. on the 2500 hectare Yoquivo Au-Ag Property in the Yoquivo District, Chihuahua State, Mexico.
Forward-Looking Statements:
Except for statements of historical fact, the information presented herein may contain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Konigsberg Corporation has little or no control.
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
Contact:
Adam Cegielski
President
Tel: +1 905 330 1189
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Source: Konigsberg Corporation
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