Yale to buy Urique from ExminMr. Ian Foreman reports
YALE TO PURCHASE 100 % INTEREST IN URIQUE PROJECT
Yale Resources Ltd. has signed a letter of agreement to purchase a 100-per-cent interest in the Urique project -- a total of 16 concessions covering 29,100 hectares -- from its partner, Exmin Resources Inc. Yale has agreed to pay $250,000 (U.S.) and issue one million shares to Exmin in two tranches.
The Urique project was the subject of an earn-in option agreement between Exmin and Yale, whereby Yale could earn up to a 75-per-cent interest by making expenditures of $4.5-million (U.S.) and issuing 1.5 million shares to Exmin over five years. The companies were in the third year of the option and Yale had invested nearly US$1.3 million in exploration.
Highlights from the first two years of exploration at Urique include:
- -identification of ten mineralized targets within the project area -defining the structurally controlled breccia at the Cerro Colorado target over 2 km with 9 drill holes including: -6.0 metres grading 86.0 g/t Ag and 0.23 g/t Au -5.2 metres grading 106.5 g/t Ag and 0.25 g/t Au -4.6 metres grading 162.2 g/t Ag and 0.98 g/t Au -the discovery of the El Rosario target that measures at least 175 metres wide and 400 metres long and contains bonanza-grade silver results from at least five vein sets including: -257.0 g/t silver and 0.78 g/t gold over 5.0 m (within the host rocks) -1,640.0 g/t silver over 1.05 m -441.0 g/t silver over 2.35 m, -8.8 g/t gold over 0.85 m
The Urique project is located in the prolific Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico, and includes sixteen concessions covering 29,100 hectares. The project includes the town of Urique, an historic silver producing area similar to nearby Batopilas. The Urique Project is contiguous with several active exploration and mining projects, including Goldcorp's El Sauzal gold mine, Paramount Gold and Silver's Andrea project and Kimber's Monterde project land packages.
Under the terms of the Letter of Agreement, Yale has advanced EXMIN US$ 75,000. In addition to the acquisition costs, Yale will also take responsibility for US$ 148,000 in past expenditures from the project. The purchase - to be completed between the two company's Mexican subsidiaries - comprises 10 wholly owned concessions covering 28,830.7 hectares as well as the rights to options on 6 concessions, covering 276.1 hectares. There will be a 2% NSR retained on all of the concessions.
To facilitate this transaction Yale has signed a bridge loan agreement for US$75,000 with a private company based in the United States and the Company is working on finalizing an option agreement for the project with additional details to be released as negotiations progress.
Ian Foreman, P.Geo. is the Qualified Person for Yale Resources Ltd. Dr. Craig Gibson, PhD., Certified Professional Geologist, and Executive Vice President of Exploration of EXMIN, is the authorized professional geologist for EXMIN and was the direct manager of all exploration at Urique and has reviewed this news release.
Samples mentioned in this news release are repeated from previous news releases. All samples were prepared and analyzed by ALS Chemex in their facilities in Mexico and Vancouver. Samples generally consisted of 1-3 kg of material. Gold analyses were performed by 30 gram fire assay with an AA finish. Samples with anomalous silver values were re-analyzed using a 4 acid "total" digestion and AA.
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