Yale Acquires New Gold/Silver Project In Sonora, Mexico
news source:
https://www.yaleresources.com/s/NewsReleases.asp?ReportID=357786&_Type=News-Releases&_Title=Yale-Acquires-New-GoldSilver-Project-In-Sonora-Mexico
Yale Resources Ltd. (TSX-V - YLL and Frankfurt - YAB) is pleased to announce that the Company has signed an option agreement for the acquisition of a 100% interest in the Orofino Project. The Orofino Project is made up of nine claims that cover 7,714.66 hectares (77.15 square kilometers). The Orofino Project is located in the Suaqui Grande area of Sonora, Mexico and is approximately 135 km southeast of the capital city of Hermasillo.
The project area contains multiple gold-silver targets. Two coincident iron oxide and silica anomalies are also contained within the project. The first is approximately two by three kilometers in size while the second, located approximately 4 kilometres away, covers approximately a half square kilometer.
The only known drilling performed to date within the project area was done by Teck Cominco, who drilled several holes in 1993, however the Company has only partial results from that drill program.
The primary exploration target within the Orofino Project is bulk tonnage heap leachable gold and silver mineralization with quartz-caarbonate veins within shears and structurally controlled breccias hosted within andesitic to dioritic volcanics associated with dacite dykes and sills.
Through it's wholly-owned Mexican subsidiary, Minera Alta Vista, Yale has agreed to pay CAD$200,000 and issue 1,000,000 shares to Can-Mex Barite de Mexico S.A. de C.V. over a three year term with the first payment of $10,00 and 100,000 shares in Yale due in four months from signing. Yale will be responsible for all maintenance fees and property taxes.
Financing
Subsequent to the acquisition of the Orofino Project, the Company wishes to announce a non-brokered private placement of up to 10,000,000 units at a price of $0.04 per unit to raise a total of up to $400,000. A uit will consist of one common share and one half non-transferable common share purchase warrant valid for one year. Each whole warrant will entitle the holder to purchase one additional common share at a price of $0.07. If the shares in Yale trade above $0.085 for a period of ten consecutive trading days after the mandatory four month hold period, the warrants will be accelerated and expire within one month.
The Company has agreed to pay finders fees consisting of cash, shares and/or warrants, upon closing, on portions of the proceeds raised. Proceeds of the placement will be applied to ongoing work programs on the Company's current portfolio of properties and for general working capital. Completion of the placement is subject to the approval of the TSX Venture Exchange.
On behalf of the Board,
"Ian Foreman"
Ian Foreman, P. Geo.
President