BK Gold Mines Pty Ltd. signed an agreement to acquire British King Gold Mine from Central Iron Ore Limited (TSXV:CIO) for AUD 1.1 million on October 30, 2014. Under the terms of the transaction, BK Gold Mines Pty Ltd. will pay AUD 0.3 million and the balance of the consideration is to be paid in three tranches upon the satisfaction of certain production milestones from the Project- Tranche 1 where BK Gold must deliver to Central Iron Ore 150 troy ounces of gold upon the production and sale of 5,000 troy ounces of gold from the project, upon which BK will acquire a further 14% interest, Tranche 2 where BK Gold must deliver to Central Iron 175 troy ounces of gold upon the production and sale of 7,500 troy ounces of gold from the project, upon which BK will acquire a further 15% interest in the project and Tranche 3 where BK Gold must deliver to Central Iron 215 troy ounces of gold upon the production and sale of 10,000 troy ounces of gold upon which BK Gold will acquire the final 20% interest resulting in 100% in project. In addition to this consideration, the purchaser will pay AUD 0.005 million per month to Central Iron for rental of the equipment located at the project site, until it acquires full 100%. In the event BK Gold fails to make any of the payments required under the agreement, it will be required to transfer back to CIO all of its then existing percentage interest in the project and CIO will grant to the Purchaser a gross value royalty in respect of gold extracted from the Project. Completion of the agreement is conditional upon and subject to the satisfaction of a number of conditions precedent- obtaining any consents, approvals, authorisations or clearances which are required for the sale and purchase of the project- including TSXV approvals, BK Gold Mines obtaining finance for the acquisition on terms acceptable to it and the project being free of any security interest by November 14, 2014 or by such later date as the parties may agree in writing. BK Gold Mines Pty Ltd. cancelled the acquisition of British King Gold Mine from Central Iron Ore Limited (TSXV:CIO) on October 30, 2020. BK Gold Mines failed to make any of the payments required under the agreement by October 30, 2020 and BK Gold Mine is required to transfer back to CIO all its percentage interest in the British King Gold Mine. BK Gold Mines has sent signed transfer notices. When these are registered on the Mining Tenement Register, CIO will grant to BK Gold Mine a gross value royalty in respect of gold extracted from British King Gold Mine. The percentage royalty interest will be 1.25%. BK Gold Mine must remove a mortgage and a caveat in favour of Silverstream which is showing on title, to allow the transfer to be registered. BK Gold Mine Pty Ltd and Silverstream are in dispute on this and are awaiting a resolution. BK Gold Mines currently owes AUD 0.14 million for rental arrears on the equipment rental.