BELLINGHAM, Wash., Oct. 31, 2013 (GLOBE NEWSWIRE) -- Asia Properties, Inc. or "API" (OTC:ASPZ) confirmed that it decided not to exercise its option to acquire the King's Point mining claim in Newfoundland, Canada.
This termination was disclosed in its October 10, 2013 8K filing.
The Option Agreement was signed August 29, 2011 as a 24-month option to acquire a total of 53 claims for 2,000,000 restricted shares and a $100,000 work commitment. Asia Properties, Inc. decided not to exercise the Option Agreement which expired August 26, 2013 and will focus only on mining claims with 43-101 geological reports. The Company is now in the process of deleting all references to the King's Point claim on the website.
Daniel Mckinney, CEO of Asia Properties said, "We like the low risk and favorable disposition of mining claims in North and Central America with existing 43-101 geological reports as they presents a big opportunity at this time with the big miners focused only on their core producing mining projects."
About Asia Properties, Inc.: is a Nevada corporation and trades on the OTC Pink under the symbol "ASPZ." There are currently 40,921,362 fully diluted shares. The transfer agent is Transfer Online, Inc. of Portland, Oregon. Please visit our website: www.asiaprop.com
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.