NR ....Yale Resources finalizes Silver America agreement
2010-04-30 11:41 ET - News Release
Mr. Ian Foreman reports
YALE AND SILVER AMERICA FINALIZE OPTION FOR GUADALUPE PROPERTY, ZACATECAS STATE - INITIAL FIELD PROGRAM FINISHED.
Yale Resources Ltd. has signed a formal agreement with Silver America Inc. for the option to earn a 90-per-cent interest in Yale's wholly owned Guadalupe property located in Zacatecas State, Mexico. Yale has received a total of $20,000 (U.S.) and 100,000 shares in Silver America. (All figures are in U.S. dollars.)
To earn a 90-per-cent interest, Silver America will be required to pay Yale $900,000 cash, spend $2-million on exploration expenditures and issue one million shares to Yale over four years. Cash payments will be due every six months and will increase to a final payment of $355,000. Yale will act as the operator for the project. The minimum work commitment before June 30, 2011, is $400,000 including a minimum of 2,000 metres of drilling. Should the earn-in be completed, Yale will retain a 10-per-cent participating interest in the property as well as a 2-per-cent NSR, which can be bought out in entirety for $2-million.