Yale to acquire Urique from Exmin under new agreement
2009-04-08 14:43 ET - News Release
See News Release (C-YLL) Yale Resources Ltd
Mr. Ian Foreman of Yale reports
YALE AND EXMIN SIGN FORMAL AGREEMENT FOR PURCHASE OF URIQUE PROJECT, MEXICO.
Yale Resources Ltd. has signed a formal property purchase agreement with Exmin Resources Inc. for the outright purchase of the Urique project, located in southwestern Chihuahua state, Mexico. This purchase agreement replaces and supersedes the previous option agreement with Exmin to earn up to a 75-per-cent interest in the Urique project, located in the southwest Chihuahua state, Mexico (see news releases in Stockwatch dated Aug. 2, 2006, and Feb. 18, 2009). The purchase agreement states that Exmin will sell, transfer and assign absolutely, to the company, a 100-per-cent interest in the Urique project, subject to the reservation to Exmin of a 2-per-cent royalty over certain of the concession lands owned outright by Exmin, and a sliding-scale, net smelter return royalty to a maximum of 2 per cent over an additional six concessions that were held under option by Exmin (and now transferred to Yale) with local landholders. The total land package in the Urique project is 29,106.8 hectares or 291 square kilometres.
Consideration for the purchase is the payment by the company to Exmin of $250,000 (U.S.), the issuance of one million shares in its capital within five business days following acceptance for filing of the purchase agreement by the TSX Venture Exchange, and the assumption by the company of approximately $148,000 (U.S.) in liabilities attached to the property relating to previous work done. The purchase agreement also provides that the company may repurchase one-half (or 1 per cent) of the 2-per-cent net smelter return covering the concessions previously owned by Exmin for the sum of $1-million, and may also purchase one-half of the sliding-scale royalty over the optioned lands for the sum of $500,000. The concession lands will be held by the company's wholly owned, Mexican subsidiary, Minera Alta Vista SA de CV. The mineral property purchase agreement is subject to acceptance for filing by the TSX Venture Exchange.