MORRO BAY RESOURCES LTD V.MRB

Penoles POOF!!! GONE!!!! Director POOF!!! GONE!!!

[Sophia123]

https://sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00033682
Morro Bay Updates Status of the Peoles Joint Venture
June 21, 2016 – Calgary, AB.:

Morro Bay Resources Ltd. (“Morro Bay” or the “Company”) (TSX-V: MRB; OTCQX: MRRBF) hereby advises, as announced on May 30, 2016, the defaults by Morro Bay alleged by Riverside Resources Inc. ("Riverside") have not been remedied by Morro Bay. As a result, subject to the requirements of the May 25, 2016 Option Amending Agreement between Riverside and Morro Bay (the "Amending Agreement") being met, Morro Bay's interest in the Peoles exploration project will terminate and will be returned to Riverside.

The Amending Agreement has been filed on SEDAR by Morro Bay. The Amending Agreement requires Riverside to transfer to Morro Bay or (subject to applicable securities laws) its assigns, 20,108,108 Morro Bay Common Shares currently owned by Riverside. Morro Bay has requested this transfer to its assigns.

Pursuant to the Amending Agreement, Morro Bay has the option to return the 0.75% net smelter returns royalty in the Peoles Project (the "Royalty") in exchange for forgiveness of debt. Morro Bay has therefore elected (subject to the satisfaction of other terms of the Amending Agreement) to return the Royalty to Riverside in exchange for forgiveness of the debt allegedly incurred by Riverside on the Peoles Project in the amount of $139,578.

John Zang, CEO of Morro Bay, stated "Assuming all of the terms and conditions of the Amending Agreement are met, this will result in Morro Bay having no further interest in the Peoles Project. Morro Bay is currently considering other business opportunities".

Morro Bay also announces that effective as of June 15, 2016, Garth Kirkham has resigned from the Morro Bay Board of Directors. John Zang stated "Mr. Kirkham was of significant assistance as a Board member. His knowledge and expertise in resource exploration was invaluable. We thank Mr. Kirkham for all of his assistance to Morro Bay."

Morro Bay is currently continuing to locate and analyse other business opportunities both within the mining sector and other business opportunities.

You gotta wunder about the recent buying and stuff.  Kinda looks an looks like pumpin up the price before ANOTHER financing and stuff and or trying to put speculation into the picture.  I dunno.  

Thingz do NOT look good here huh???  ZERO project and almost ZERO cash and even AFTER Riverside givez back 20 MILLION SHARES they will have 70 MILLION sharez out and ZERO project.  

Yepperz.  Load up now!!!!  ROFL.  Might be a good TAX LOSS against other gainz.  I dunno. 

Have the BEST day EVERYONE!!!!  YEAH!!!!  ^_^