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Yale Resources Ltd. (TSX-V:YLL)
(Frankfurt Stock Exchange:YAB) (US Trading:YRLLF)
Yale Resources Ltd. is a development and exploration mining company listed on the TSX Venture Exchange (ticker symbol YLL). Yale has come to our attention due, in part, to the extraordinary opportunity afforded investors with its growing portfolio of highly prospective projects in Mexico. YLL now possesses well over 300 square kilometres of land in Mexico, including their multiple historic mines with current production within 10 km of each of these properties.
Yale Resources is a highly talented and dynamic mining company that, with Mr. Ian Foreman, P.Geo, Yale's President, at the helm, over the last year has managed to accelerate exploration programs quickly and maximize shareholder value. They are now at a point where several of their projects appear to possess latent feral-like potential with numerous highly mineralized drill-ready targets part of an extensive program planned for 2008.
Yale Resources possesses several exploration projects in the Sierra Madre Occidental Belt which they have brought to varying levels of development and are at a point where results on 3 key fronts and near term catalysts make YLL.V an undervalued and exceptional risk-reward scenario:
1) Very large copper mine potential at La Verde: Yale's 100% owned La Verde Project is host to six known historical deposits of copper, silver, zinc and gold that have seen limited production. The largest is Yale’s La Verde Grande Mine site where YLL.V's 2008 geological mapping and sampling program has shown the deposit to be larger than historic data indicated. Conceivably the large historical (non NI43-101) copper resource deposits may be brought current, expanded on, and conceivably be brought to near term open-pit production status. Yale has averaged 1.54% copper, 57.9 g/t silver, 1.32% zinc and .12 g/t Au from 181 samples taken over 500 meters of workings; YLL has duplicated old assay results with great success in various areas of La Verde, currently has geologists in the field conducting ongoing geological mapping and sampling, and believes the potential exists for a multi-million tonne Ag-Au-Cu-Zn open-pit mine. A stream of affirming results, supported by 3D modeling, are emerging from the on-going work program at La Verde designed to define the potential for significant tonnage; see the latest development April 22, 2009 release "Yale Uncovers Higher Gold Values at La Verde", Oct 31, 2008 release "Yale Samples 14.2M Grading 2.14 % Cu, 151.8 G/T Ag And 0.96 % Zn Above La Verde Grande Mine" and Sept 11, 2008 release "Yale Samples 70 Metres Averaging 1.70 % Cu, 133.9 g/t Ag and 2.32 % Zn Within La Verde Grande Mine, Sonora, Mexico".
2) Gold-Silver at Urique North: Yale has recently completed a 1,700m drill program and the results have shown the potential for a significant silver/gold grades; See June 26 News Release "Yale Drills 9.2 m of 0.51 g/t Au and 96.5 g/t Ag at Cerro Colorado". Results also show that mineralization occurs over significant widths and that the system has the potential to host a bulk tonnage silver/gold target.
3) High silver values "8 kilos silver per tonne" at Urique South: Phase II field work results were released this year at Yale's El Rosario target area, an area at which sampling yielded significant values as much 10.6 g/t gold and an astounding 8,290 g/t silver from a 10-40 cm wide veins. (see May 9/08 release). Yale has recently released (see Aug 14 release "441 G/T Silver Over 2.35 Metre") high grade assay results, one approaching 1 per cent silver, from the El Rosario location at their Urique project; highlights include 1,640 g/t silver over 1.05 m, 441 g/t silver over 2.35 m, 8.8 g/t gold over 0.85 m, and 257 g/t silver and 0.78 g/t gold over five metres (within the host rocks) [see review below].
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Gold-Silver Targets
The Urique Project has recently completed a 1,700m drill program and results are now in [See June 26, 2008 release]; the data shows that mineralization occurs over significant widths and that the system has the potential to host a bulk tonnage silver/gold target. The corporate release [see May 1/08 release] confirms the completion of several holes and that Yale Resources has intersected target breccia on all holes - of which contents are visually similar to surface exposure, in each hole. With the drilled Cero Colorado target at Urique North being proved to have similar mineralization at depth as at surface, the potential to define a significant deposit becomes increasingly probable.
The Cero Colorado and the San Pedro gold-silver targets located in Urique North are subjects of Yale's planned drilling. The Cero Colorado structural target is defined over 2.5 km, Yale has traced the structure over the entire 2.5 Km, and within that they have 3 target areas (El Vergel, Mina Guadalupe North and South) that show consistently anomalous and good grades over a strike length of 150 – 250 meters. The drilling at Cerro Colorado has intersected the target breccia over several metres width in each of nine holes, totalling 1,353 metres, over a strike length of more than two kilometres and to vertical depths ranging from 10 to approximately 150 metres.
Location and Size Matters
Yale's Urique Project is a monstrous property in an area of enviable mineral inventory
Significance of location: Mining MarketWatch believes the science of “nearology” resonates loudly on Yale’s Urique Project; The Urique Project is in close proximity to neighbouring large established resource laden gold and silver projects that share the same stratigraphy. It is not unreasonable to expect Yale to have a major gold-silver find in its future considering what they already know of the surface grades, history, neighbours, location and size of Urique.
Yale's Urique Project, in the highly prolific Sierra Madre Gold Belt, boarders Goldcorp's El Sauzal Mine (2.1M oz Au) to the south and Kimber Resources' Monterde Mine (0.8M oz Au, 45M Ag) to the north. Yale has identified numerous quality targets at the Urique Project and taken several to drill-ready stage. Each of these targets is related to large mineralized hydrothermal systems that have the potential to host bulk mineable resources.
Numerous plus-one million ounce gold deposits have been discovered in this 300 km long region of southwestern Chihuahua: including Mulatos (Alamos Gold), Dolores (Minefinders), Ocampo (Gammon Lake), as well as the El Sauzal mine (Glamis Gold, now part of Goldcorp Inc.).
Significance of size, historic activity, & mitigating risk:
Yale has a monstrous 290 Sq km property with over 30 previously mined locations on the property. Historic workings are from the periods stretched over 400 years of mining history on the property (dating back from the Spanish to the early 1900’s, and 50’s, 60’s). The old timer’s technology dictated they could only take the highest grade material - from a mining standpoint to the recoveries, recoveries being key; they typically only dealt with the oxide portion of the deposit. Many times in Mexico old-timer mom & pop operations reach the water table and they’ve stopped mining because they didn’t have the technology to recover metals from the sulphide portion of the ores.
On such a large land package in such a prime postal code there is immense potential for new discoveries over time, but the focus is to prove up technical successes on the current established targets; Yale has recognized 10 different target areas and from a company standpoint they always have to manage the properties such that they are mitigating the risk – they always want to have properties that are more advanced and they are always preparing to bring lesser advanced properties into the Company creating as they go a growing value added portfolio, back-up plans, and exit strategies. From that standpoint, that’s how Yale is also are treating exploration within the Urique property - "We are managing the target areas such that we always have one that’s drill-ready or almost drill-ready, becoming more interesting and needing more development and then grass roots exploration to identify and move the others to the next level."
The Cero Colorado target area of Urique that Yale is currently looking at is only a 4 square kilometre area out of 290 Sq Kms. We’re dealing with a small portion of the whole property here – just the Cero Colorado would make for an interesting property for any Company exploring in the area.
Significance of the Geology & Geophysics: Geophysics corroborates the geology and the drill programs first hole intersected structure exactly where Yale's geologists expected
Yale has been very prudent; being sure we ask all the right questions first before having initiated their recently completed drill program, increasing their level of confidence after each question. On their Cero Colorado target, they can now say they have a 2.5 km long structurally controlled breccias that they have mapped on surface – first they walked and sampled the length of it and said “yes – it exists”. Yale has gone and made transects and sampled across it at regular intervals along the length and they’ve determined there are three areas that are each greater than 200 meters in which at surface they get gold and silver values of interest. Locally they found anomalous gold values but we’re getting an ounce per tonne of silver – silver tends to be a much more of a strong path finder, it seems that silver is a lot more of a larger part in this system and is more consistently distributed. Ian Foreman, P.Geo., President of Yale Resources, stated, “Now that we’ve identified these three target areas within the larger target. We’ve got areas that have been previously mines and looking at the style of mining it was probably done in the 30’s, 40’s, or 50’s – it’s quite rudimentary; they went in and took the physically softer portions of the rock – we know then that although it is relatively modern from timing standpoint, it wasn’t done with any large inflection of capital – it was probably very much more a “mom & pop” operation and those tend to only take the extremely high grade, but they are dealing with the softer material and we know now from our standpoint that some of the harder material, i.e. the silicious alteration and just the silica materials are really quite high grade and so we can then see that they didn’t really advance very far. So we’ve got indication now that there was enough gold and silver in the ground to support small scale mom and pop mining (one for example in El Vergel - it is just a small pit). In Mina Guadalupe there are two workings, one on either side of the river.
To take our confidence level to the next stage Yale needed to get an idea as to what was happening in the third dimension - a standard IP (inverse polarization survey - resitivity-chargability and magnetometer lines) was performed. This is a geophysics crew that worked as a consultant and does not know a geological interpretation of the property and is literally just interpreting electronic data – they have now given us profiles, cross sections so to speak that are 900 meters long and up to 150 meters in depth showing us in 2 dimensions now vertically the representation of that electronic data – and low and behold a lot of that data coincides with our geological interpretation – this is really significant – we have got the geology that is now corroborated by the geophysics."
High Grade Assays on both Urique North and South:
Yale has broken the Urique property into two sections; Urique North and Urique South. They have done that for two reasons 1) access, infrastructure, and the ability to advance targets rapidly. 2) is geology, there’s a very large change in geology from the north to the south part of the property and that is based solely on vertical exposure. Between the north part of the property and the south part of the property there is a vertical kilometre change in elevation. Yale is dealing with very different geological environments because of the host rocks.
Yale has “high grade” material from Cero Colorado and a lot of the “bonanza grade” they are getting from the San Pedro area. For example at San Pedro they are getting grab samples of 27 g/t gold and 482 g/t silver, they have a vein that is 1.1 meters in thickness that graded 35.3 g/t gold and 400 g/t silver – there are some very high grades there. The target that has been in the media lately is the El Rosario target (unfortunately it is not at the drill stage yet, so some of the best is yet to come)…
"Sampling on Yale's Urique Project has yielded significant values of as much as 10.6 g/t gold and 8,290.0 g/t (or 241.5 ounces per ton) silver from 10-40 centimetre wide veins. Sampling within the altered andesite has yielded gold and silver values of as much as 0.2 to 0.3 g/t gold and 5.0 to 41.0 g/t silver suggesting that the El Rosario area has the potential to host a bulk tonnage open pittable resource..." [See Feb 6/08 Release]
Results from Phase II field work on El Rosari, Urique South[See August 14, 2008 Release]
This most recently identified zone, El Rosario, is located east of the town of Urique and comprises multiple historic mines and prospects that exploited a system of high grade veins. Formal mining of this area ended in the late 1920's and consisted of several hundred metres of underground workings on three levels. These historic workings are all within a zone of strong silicification in the andesite host rocks that measures approximately 100 metres wide and over 400 metres long. The zone is open at depth and along strike.
Earlier sampling had yielded significant values of as much as 10.6 g/t gold and 8,290.0 g/t (or 241.5 ounces per ton) silver from 10-40 centimetre wide veins. Sampling within the altered andesite has yielded gold and silver values of as much as 0.2 to 0.3 g/t gold and 5.0 to 41.0 g/t silver suggesting that the El Rosario area has the potential to host a bulk tonnage open pittable resource. These excellent results provided added incentive to press ahead with phase II field work;
On August 14, 2008 Yale Resources reported that phase two exploration has successfully expanded the silver-gold mineralization at the El Rosario target.
Highlights from the sampling include:
- 1,640 g/t silver over 1.05 m,
- 441 g/t silver over 2.35 m,
- 8.8 g/t gold over 0.85 m, and
- 257 g/t silver and 0.78 g/t gold over five metres (within the host rocks).
The Rosario tunnel, the largest of three important workings known in the area, was dewatered and has been mapped and sampled through the known mineralized areas. Follow up work successfully showed the potential for wider veins and mineralization extending into the altered host rocks.
The presence of multiple vein sets hosting high grade silver-gold mineralization, as well as felsic intrusives related to widespread alteration and mineralization of the andesitic rocks, suggests that the El Rosario target area has the potential to expand further. Recent work at the El Rosario area has identified wider mineralized structures.
Dr. Craig Gibson, Executive Vice President of Exploration for EXMIN had the following comments about the El Rosario result that were released August 14, 2008, "We know that the narrow veins yield high grade assays, in one case approaching 1 per cent silver. Additional sampling has yielded high grade assays over more typical underground mining widths and also shows the potential for development of a bulk tonnage resource."
At the San Pedro target area, which surrounds the historic Sangre de Cristo gold-silver mine (owned by a third party), past work by EXMIN identified several small mines and prospects developed on quartz veins with assays ranging from 6.6 to 35.0 g/t gold and 61.0 to 401.0 g/t silver over 0.3 to 1.1 metre vein widths (see Press Release of May 17, 2006). 292 samples have been taken in surface exposures and trenches. Three principal set of gold-silver veins have been discovered with several of the narrow vein systems have yielded high-grade precious metals assays, ranging up to 137.50 g/t gold and 133.0 g/t silver over 0.25 metres.
In addition, sampling of widespread alteration coincident with the intersections of north-south and northeast vein sets suggest there may be potential for bulk mineable mineralization at San Pedro as trenching has uncovered mineralization grading 0.33 g/t gold and 7.6 g/t silver over 21.65 metres.
Yale is in the process purchasing 100% of the Urique (See Feb 18/09 release: "Yale to Purchase 100 % Interest in Urique Project") from EXMIN.
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Yale's La Verde Project (Copper & Gold Prospects):
In Addition to Superior Silver & Gold Prospects, Yale Resources is Developing as a Strong Copper Junior
Yale has secured control & stewardship of the entire La Verde project; maximizing future upside of highly prospective Copper-Gold-Silver-Zinc mine potential
Yale now controls several historic deposits that have great values, all together - all in one contiguous area, never before achieved and making what was once a handful of separate excellent historic deposits held by three separate companies now all under the control and stewardship of Yale. Samples (non NI 43-101) from the various historic workings on the newly acquired region, throughout this area, ranged from 0.28 to 5.45 % copper, 0.15 to 8.60 % zinc, 3.90 to 578.00 g/t silver and 0.1 to 11.1 g/t gold. These recent moves by Yale make the viability and reality of a major operation at La Verde much closer. The Feb 28/08 geophysics news affirms the belief that the historic deposit is much larger.
Yale has planned for and arranged for the funds necessary to perform a definition drill program at La Verde Grande with the goal of obtaining the calculation of a resource. Mining MarketWatch has estimated there is a large amount of copper at La Verde for initial extraction; when you use the average of 1.5% copper sampled from the horizontal workings and then use a weighted average of 0.65% copper from the sampling of the vertical shafts ... this gives a combined grade of 2.15% copper. Now assuming that the deposit is 50/50 high and low grade we have an average copper grade of 1.1% over a possible resource 1.22 million (250m x 50m x30m x 3.25 tonnes per m3) tonnes pre-drilling…. This gives well in excess of 1,218,750 tonnes of 1.12% Cu (over $116,000,000 worth of copper to be extracted based on $3.86/lb Cu).
Yale Resources' president, Ian Foreman, P.Geo., stated the following regarding the acquisition; "This ground is a very important addition to the La Verde Project as there are several geological and structural trends that have been identified that cross the La Cobriza property.""Yale now has control over all of the significant known mineralization in the vicinity of the La Verde Grande Mine and we will be able to fully take advantage of having unencumbered access to test the multi-million tonne potential of the property."
Their 100% owned La Verde Project, located 1 hour drive from Hermosillo Mexico, contains the historic past producing La Verge Grande copper Mine where Yale's 2008 geological mapping and sampling program has shown the mines deposit is larger than historic data indicated. Yale acquired this project in 2007 at a cost of US $1.6M plus 2% NSR. The property has a historic resource estimate dating from 1989 (non NI 430101 compliant) of some 459,000 tonnes grading 2.59% copper, 98.54 grams per tonne silver and 0.38 grams per tonne of gold, all based on a deposit of 110 meters long, 34 meters deep and 18 meters wide. Yale's work program since acquiring La Verde has defined skarn mineralization over strike length of greater than 250 meters and has shown that mineralization is open in all directions. Yale's 2008 exploration program has a good probability of confirming what they already believe; that they are sitting on very large copper (with Ag-Zn-Au sweetener) mine. Yale's Feb 28/08 news that "Geophysics Identifies Possible Extentions to the La Verde Grande Deposit"[See Feb 28/08 Release] affirms the belief that the historic deposit is much larger. Yale has encountered exceptional grades in certain sections of skarn deposit; of particular note were 11 samples that averaged 3.04% copper and 190 g/t silver over 50 metre length of the working. La Verde Grande's historic production (see adjacent diagrammatic and picture below) resulted in numerous shafts and tunnels on three levels, these were mined centuries ago and also later again in the early 1900's (from Hermosillo Copper Company). However, this was mined at a time when they lacked the knowledge and technology to extract gold and silver from sulphides and much of the ore they would have encountered at the time would have been skipped over as too difficult to extract (a historic report from December 1919 describes evidence of sulphides in the bottom 125 feet of a shaft and such occurrences).
Affirming Result Confirm Bulk Tonnage Potential
The June 19, 2008 News Release “Yale Samples 13.3 Vertical Metres of 1.04 % Cu, 36.9 g/t Ag, and 0.61 % Zn within La Verde Grande Mine, Sonora, Mexico” provides affirming results from the first ever sampling of the vertical shafts within the La Verde Grande Mine. These results demonstrate continuity of the mineralization between levels and confirm its bulk tonnage potential.
"The historic small scale mining followed high grade mineralization on a horizontal basis - without drilling - so there was no data confirming that the skarn between these levels was actually mineralized. Our sampling of the vertical shafts has shown that not only is it mineralized, but locally well mineralized." stated Ian Foreman, P.Geo., President of Yale Resources.
Below is a list of the weighted averages from the six vertical shafts within the La Verde Grande Mine:
1 - Refer to longitudinal section for location of each shaft.
With the positive results from this sampling combined with the weighted average of the 181 vertical samples taken every 5 metres along approximately 600 metres of the La Verde Grande mine's horizontal workings being 1.54 % copper, 57.9 g/t silver, 1.32 % zinc and 0.12 g/t gold over an average of 1.84 metres (the height of the tunnels), Yale will now be planning a definition drill program in order to calculate a 43-101 compliant resource for the La Verde Grande deposit.
Previous sampling of the mine encountered highlight samples of 1.97 metres grading 4.86 % copper, 131.0 g/t silver, 0.26 % zinc and 3.28 g/t gold from the north of the deposit and 1.68 m grading 5.8 % copper, 534 g/t silver, 0.14 % zinc and 0.43 g/t gold from within the southern portion of the deposit (https://www.yaleresources.com/s/LaVerde.asp?ReportID=289496). Drilling will be critical to test the deposit and fully understand the distribution of the mineralization.
The results to date, along with the demonstrated potential for expansion, positive initial metallurgical results as well as the proximity to power, water and transportation support the Company's focus on La Verde Grande as a potential near-term producer should drilling establish a resource of sufficient size and grade.
The La Verde Grande has been defined by the workings to have an approximate width of 50 metres, a length of at least 250 metres, and a thickness of approximately 30 metres. The Company's goal is to have a resource estimate completed before the end of the year.
On-going work program designed to define the potential for significant tonnage at La Verde Update as of Sept 11, 2008, see release: "Yale Samples 70 Metres Averaging 1.70 % Cu, 133.9 g/t Ag and 2.32 % Zn Within La Verde Grande Mine, Sonora, Mexico"- results are significant in that they are from sampling along the northern wall of an adit that crosscuts the entire La Verde Grande Deposit and affirm managements belief in the open-pit mine potential at La Verde.
The aforementioned La Verde Grande is the largest of eight known historical deposits that have seen limited production within Yale's La Verde Project. Yale has duplicated old assay results in various areas, currently has geologists in the field conducting ongoing geological mapping and sampling, and believes the potential exists for a multi-million tonne open-pit mine. The La Verde project has good infrastructure with paved roads and power grid practically at the doorstep. The entire project covers 2,640 hectares, among which contains La Sierrita copper-zinc-molybdenum porphyry which had seen limited drilling in 2000 by Freeport McMoran and yielded good anomalous values. On January 9, 2008 Yale announced positive results from three additional known deposits at La Verde (El Picacho, La Tescalama, and La Verdecita) [see results here], the good results affirm the highly mineralized La Verde's intrinsic value.
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Yale's Carol Project (Copper & Gold Prospects): Yale Resources 100% owned project is the 291 square km Carol Project, also located in Sonora state, Mexico, and is approximately 4 km NE of Frontera Copper Corp.'s famed Piedras Verdes mine. Excellent neighbours to have considering Piedras Verdas has a reported proven and probable reserve of excess of 200 million tonnes averaging .36% Cu with recent news announcing that increased ore reserves will add approximately two additional years to the mine life. Due to the proximity to Piedras Verdes, the Carol property has excellent infrastructure.
The Carol property hosts two skarn zones: Balde South and Balde North. The Balde South measures approximately 1,100 metres long and 400 metres wide, while the Balde North, located 800 metres away, measures approximately 300 metres by 800 metres. Within the Balde North area a small working (La Escondida) was dug crosscutting a mineralized structure.
July 2008 Carol Property Update [See July 10/08 Release]
Yale Samples 24 M Grading 1.20 % Cu and 2.24 % Zn at Carol Property: Yale has announced that trenching has delineated multiple wide zones of copper, zinc +/- gold/silver at the wholly owned Carol Property, located in southern Sonora State, Mexico. This program has shown the property to contain multiple targets with average grades greater than 1% copper and 1% zinc.
Highlights from the trenching program are:
24.0 m grading 1.20 % Cu and 2.24 % Zn
10.0 m grading 2.19 % Cu, 1.07 % Zn, 18.26 g/t Ag and 0.91 g/t Au
22.0 m grading 1.15 % Cu, 0.61 % Zn, and 28.57 g/t Ag
22.0 m grading 0.54 % Cu and 4.45 % Zn
16.5 m grading 1.10 % Cu and 2.45 % Zn
Each of the seventeen trenches revealed continuously mineralized intervals over widths between 4 and 48 metres. Of the 232 samples taken 185 were taken within skarn with each sample being two metres in length. Within the trenches there were many high grade sections. The highest copper assay received was 7.67 % and 38 samples returned greater than 1% copper. The highest zinc assay received was 15.30 % and 62 samples returned greater than 1% zinc. The highest gold assay received was 2.24 g/t (La Escondida) and 30 samples returned greater than 0.3 g/t gold.
Detailed maps of the trenching program are available at https://www.yaleresources.com/s/Carol.asp
In several locations deeper than expected overburden did not allow for the sampling of the underlying bedrock as the trenches were dug by hand, hence several of the zones remain open in at least one direction. This is significant in that there is the potential, with additional trenching, to show mineralization over much wider widths.
As a result of recent trenching program results, management has accelerated and renegotiated the purchase agreement for the Carol property. The original deal required Yale to pay US $150,000 over three years (of which the Company had paid only $10,000). In order to accelerate the agreement, Yale has paid the owner US $70,000 and upon acceptance of the TSX Venture Exchange will issue 280,000 shares. These renegotiated terms will result in the transfer of 100% title of the Carol property to Yale's Mexican subsidiary Minera Alta Vista in the coming weeks.
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Yale Resources' modus operandi is to acquire or option projects that meet the Company's criterion and advance them to drill ready status as rapidly as possible. Generally, YLL looks for prospective projects that have 1) significant 'blue sky' potential, 2) previous production, 3) proximity to active mines or major projects and 4) good access and infrastructure. With a young, experienced, and qualified P. Geo heading the Company on such highly prospective claims and executing upon short term goals, YLL's long-term goals (of identifying significant resources such that they can ultimately have a production decision) will fall into place for the benefit of all stakeholders.
See below for a review of the above projects & others of Yale Resources Ltd.
Yale’s properties are all located in stable mining friendly Mexico: Focusing in stable mining friendly Mexico provides YLL and its investors many advantages; Exploring in Mexico brings with it immense discovery potential, a stable political climate, a 500+ year mining history, sound environmental policies, excellent infrastructure, and a firm government commitment to natural resources development
Mexico is considered to be a low cost jurisdiction for mining operations with average labour costs ranking far lower than most other countries. However, due to the lack of employment opportunities in other sectors, mine employees earn much higher wages than the average per capita income. As a result, mining jobs are sought after by a motivated and well-trained local work force and local communities are generally supportive to mine development.In addition, environmental regulations are comparable to the rest of North America and there is only limited tolerance for obstructionism, ensuring that permitting for exploration and development is accelerated.
Yale's Technical Leadership and Management:
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Ian Foreman, P.Geo. - President and Director
Mr. Foreman graduated with honors from Queen's University in 1992 and has worked in a wide spectrum of geological environments involving both base and precious metals. He has worked for various junior mining and exploration companies in North and South America. Throughout the mid 1990's Mr. Foreman worked on a series of large multi-million dollar exploration programs in British Columbia, Yukon and Mexico. From 1998 through 2002 Mr. Foreman worked on various projects exclusively in Peru. As Chief Geologist, he was a key figure in putting the 1,000 tonne-per-day Santa Rosa open pit gold-silver mine into production.
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Mr. Edmundo Urbie - Director
Mr. Edmundo (Mundo) Uribe Quintana (also know as Edmundo Sanchez Aldana Quintana) is a Mexican born entrepreneur that has founded a number of successful businesses in Mexico, Canada, and the United States. Mr. Uribe is the founder of Golden Anvil, S.A. de C.V., a Mexican mining company with one project in operation. During the first twenty years of his career, Mr Uribe participated in the introduction of innovative explosive technologies for the mining and construction industries, thus creating a wide network of business associates connected to the Mexican mining and exploration industry.
Dr. Luca Riccio, P.Geo. - Director
Luca Riccio, PhD, P.Geo. is president of Riccio Geoconsulting Ltd. and former V.P. Exploration of Crystallex International. Dr. Riccio has been involved in the evaluation and/or supervision of gold, base metal, chromite, nickel-copper and PGMs projects in the Americas, Europe and Asia. He was responsible for the underground exploration and development at the New Britannia Mine in 1987-88 and the initial evaluation of the Andacollo gold project in Chile in 1989. In the early 1990's Dr. Riccio pioneered a regional exploration program in southeastern Venezuela, which led to the discovery of several gold deposits and one producing mine. Under his supervision, the reserves at Las Cristinas gold deposit in Venezuela increased from 10.0 to 12.6 million ounces. Dr. Riccio is fluent in four languages.
David Hall - Director
Mr. Hall is President and Chief Executive officer of Aurizon Mines and has been a Director of Aurizon since its inception in 1988. Mr. Hall is a Chartered Accountant who has been involved in the management of mineral exploration, development and operating companies since 1981 and has been instrumental in securing significant project and equity financing.
Lindsay Bottomer, P.Geo. - Director
Mr. Bottomer is a professional geologist with more than 33 years of experience in global mineral exploration and development with major and junior mining companies---the last 16 years based in Vancouver, B.C. Currently, he is vice-president, corporate development, with Entree Gold Inc., a public company focused on mineral exploration in Mongolia and Central Asia. He was formerly director of Canadian exploration with Echo Bay Mines, and vice-president, new projects, with Prime Equities (Pezim Group). He is also a past president of the B.C. and Yukon Chamber of Mines, and currently an elected councillor on the Association of Professional Engineers and Geoscientists of B.C.
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Zacatecas Venture (update): Yale Resources has reported (See Aug 21, 2008 release “Yale Sells its Interest in One Zacatecas Property and Options Out the Other Three”) that it has sold its 65% interest in the San Sabino property to Apex Silver Mines Limited (AMEX-SIL) and has optioned its 65% interest in the Mina San Jose, Zacatecas, and Salvador properties to Enviro Energy Capital Corp. (GEC.P-V). These properties form the 65:35 owned Zacatecas Venture with IMPACT Silver Corp. (IPT-V) and are located within 10 km of the city of Zacatecas, Zacatecas State.
The 65% interest in the 9 hectare San Sabino property was sold to Apex Silver for US$139,408 - the cumulative expenditures that Yale has spent on the property. In addition, Yale will be paid US$ 250,000 if Apex Silver, or its affiliates, includes San Sabino in (i) a positive feasibility study for a mine producing more than 500 tonnes of ore per day or (ii) as part of an executed mining plan producing greater than 500 tonnes of ore per day. Yale will retain this right in perpetuity.
The 65% interest in the Mina San Jose, Zacatecas, and Salvador properties has been optioned to Enviro Energy - subject to TSX-Venture approval - for cash payments totalling $150,000, the issuance of 500,000 shares in Enviro and expenditures of at least $200,000 within 13 months. Yale has received $25,000 from Enviro and upon approval of the Exchange, Enviro must pay Yale an additional $25,000 and issue 200,000 shares.
Yale will remain the operator of the project until such time as Enviro completes their obligations. A work program will start on the properties as soon as Yale/Enviro receive approval from the Exchange. A National Instrument 43-101 report on the Zacatecas Properties has been filed on SEDAR and is available on the Company's website
"The sale and option of the Zacatecas Venture is an important step for Yale as with its completion we will be able to concentrate solely on all that we are doing in Sonora and the Urique Project. Yale's Mexican subsidiary is growing rapidly as we prepare for a drill program at La Verde and continue to advance the Carol property as well as expand our interests in Sonora," stated Ian Foreman, P.Geo., President of Yale Resources. See Jan 14 Release "Yale And Enviro Energy Start Work Program At Zacatecas".
Mining MarketWatch Observation: The divestiture of Zacatecas allows Yale to benefit monetarily now and in the future without any cost to the Company, the exploration on the Zacatecas properties continues and is a win-win for everyone. More importantly, this frees up Yale to make a concerted effort on Sonora and surrounding area; they have their office in Hermosillo, they have their exploration manager in Hermosillo, everything is set up in Hermosillo Mexico. Yale can drive to their properties (and between the properties) they want to focus on in an hour or so from Hermosillo (Zacatecas would have been logistically too far). It is just making sure Yale’s staff and concentration is focusing on Sonora and surrounding area; at La Verde Yale owns 100% of what is turning out to be a significant copper project, and at Urique Yale is turning out highly impressive numbers - these results are making Urique's inherent value increasingly greater to the Company and shareholders.
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Note: This list is not intended to be a complete overview of Yale or a complete listing of Yale's projects.
For more information contact Yale Resources Ltd.'s head office: Ph (604).678.2531
E-mail: info@yaleresources.com Company's web site:www.YaleResources.com