Thursday, February 03, 2011

Mining Stocks; YALE ANNOUNCES WARRANT EXERCISE AND EXPLORATION UPDATE

February 3, 2011 (Investorideas.com Mining stocks Newswire) - Yale Resources Ltd. (TSX-V: YLL and Frankfurt: YAB) is pleased to report that it has received gross proceeds of $562,450 from the exercise of 5,624,500 warrants at a price of $0.10 per warrant into common stock of the Company from its last private placement, which closed in three tranches. The remaining unexercised warrants have now been cancelled.
The Company intends to use its cash on hand as general working capital and to continue with exploration activities on its wholly owned Mexican projects.
Exploration Update on the Apache Property:
The first field program at the wholly owned Apache property has recently been completed. A total of 62 samples were taken during the program, which also included prospecting and geological mapping. Samples have been submitted to the lab and results are expected in approximately three weeks.
The Apache Property contains three areas of mineralization: the Peña Blanca, El Apache, and La Parida zones. During its first inspection of the property, the Company had only sampled the El Apache zone. The recent program has now sampled each of the three target areas following up on historic sampling by the Mexican Government that returned the following results:
Sample #ProspectAg (g/t)Au (g/t)Cu (%)
SP-089La Parida59.00.050.43
SP-090La Parida110.00.131.92
SP-091 La Parida401.00.474.23
SP-092La Parida190.00.112.28
SP-093La Parida130.00.063.96
SP-094 La Parida70.00.130.72
SP-095La Parida192.00.231.35
SP-096La Parida186.00.133.11
SP-097La Parida64.00.100.58
SP-100Peña Blanca9.00.120.01
SP-101Peña Blanca12.00.020.03
SP-102Peña Blanca11.00.020.02
SP-238El Apache127.0N.D.1.34
SP-239El Apache91.0N.D.0.71
SP-240El Apache107.0N.D.1.35
SP-241El Apache47.00.161.39
SP-242El Apache131.00.054.30
SP-243El Apache60.00.044.50
SP-244El Apache64.00.023.14
SP-245El Apache9.00.012.75
SP-246El Apache59.00.022.02
**Please note that widths of samples were not provided and the reader is cautioned that the widths of the samples reported here are unknown.
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.
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.
Contact:
Yale Resources Ltd.
604-678-2531
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