Investorideas.com - Mining Stocks; YALE (TSX-V: YLL) OPTIONS OUT THE OROFINO GOLD/SILVER PROPERTY
November 17, 2010 (Investorideas.com Mining stocks Newswire) - Yale Resources Ltd. (TSX-V: YLL and Frankfurt: YAB) is pleased to report that it has signed a Letter of Intent with Dawson Gold Corp. (TSX-V - DYU) for the option to earn a 70 % interest in Yale’s Orofino Property located in Sonora State, Mexico.
To earn a 70 % interest Dawson will be required to pay Yale $ 55,000, spend $ 2,800,000 on exploration expenditures and issue 1,000,000 shares to Yale over four years. The exploration expenditure required in the first year is $400,000. Yale has received $10,000 upon signing of the LOI.
Yale will be the operator for the project during the first year of the agreement and Dawson will have the option to be operator thereafter.
About the Guadalupe Property:
The Guadalupe property contains two historically significant mines and is located in one of Mexico’s oldest mining districts, roughly 9 kilometres north of the Fresnillo (Proaño) Mine, the world's richest underground silver mine, operated by Fresnillo plc. Roughly 11 kilometres to the southwest of the Guadalupe Property is the Juanicipio Joint Venture between MAG Silver Corp. and Fresnillo plc.
The Property contains greater than 20 known workings as well as two historic mines - Santa Rita and San Antonio. Historic records containing references to the Santa Rita and San Antonio mines suggest that both mines were important and reached their height of production between 1910 and 1920 but were last in production in the 1980s.
About Yale Resources:
Yale Resources is an exploration and development company concentrating in northwestern Mexico that is building value through project generation. Yale has three of its seven properties optioned out to value added partners. These agreements combine for minimum commitments of approximately US $1,100,000 of exploration expenditures over the next 12 months. Yale continues to work on its non-optioned properties as well as reviewing new projects with a focus on gold.
Ian Foreman, P.Geo., is Yale Resources' Qualified Person, as defined by National Instrument 43-101. The Tenoriba property is an early stage project with no reported resources that requires additional sampling and geological mapping to fully determine the project's potential.
All of the samples mentioned in this release were prepared and analyzed by Inspectorate at their labs in Hermosillo and Vancouver and generally consisted of 2-4 kg of material. Gold analyses were performed by 30 gram fire assay with an AA finish. Silver and base metals were analyzed as part of a multi-element ICP package using an aqua regia digestion; samples with more than 100 g/t silver, 1% copper, 1% lead and/or 1% zinc (over limit) were re-analyzed using Inspectorate's 'ore grade' detection limits.
On behalf of the Board,
"Ian Foreman"Ian Foreman, P.Geo.President
For additional information on Yale Resources please call the Company at 604-678-2531.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
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