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Kapuskasing Gold, Minfocus nix option deal over Daniels Harbour property

Kapuskasing Gold Corp. said March 14 that it terminated an option deal with Minfocus Exploration Corp. over the Daniel's Harbour zinc project in Newfoundland and Labrador.

The companies signed a letter of intent in February allowing Minfocus to earn a 100% interest in the property over two years by issuing 10 million shares, making cash payments totaling C$200,000 and completing specified work commitments.

Kapuskasing Gold did not give further details or the reason for the deal falling through, but the deal was disputed by GreenBank Capital Inc., which claimed Minfocus' current directors did not have authority to enter into a property acquisition deal on the company's behalf. GreenBank was supposed to acquire a 19.62% Minfocus stake from Gerald Harper.