NR outYale Resources options Guadalupe to Silver America
2010-03-05 21:22 ET - News Release
Mr. Ian Foreman reports
YALE OPTIONS OUT THE GUADALUPE PROPERTY, ZACATECAS STATE
Yale Resources Ltd. has signed a letter of intent 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.
To earn a 90-per-cent interest Silver America will be required to pay Yale $900,000 (U.S.), spend $2-million (U.S.) 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 (U.S.). Yale will act as the operator for the project. The minimum work commitment before June 30, 2011, is $400,000 (U.S.) 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 net smelter return, which can be bought out in entirety for $2-million.
We seek Safe Harbor.