"By clarifying the ownership structure for the property, Yale has assured clear title to a project where the Company has had great success to date. The Company's funds can now be directed towards exploration at Orofino rather than ongoing payments to underlying owners. Exploration can now continue at a pace that makes sense to the Company.", stated Ian Foreman, P.Geo., president of Yale.
In order to accelerate the purchase, Yale and Canmex Barite have agreed to amend the option to purchase agreement such that upon transfer of the concessions in whole with no liabilities to Yale's Mexican subsidiary Minera Alta Vista S.A. de C.V., Yale will issue the remaining 700,000 shares that were to be issued over two years.
In addition, Yale has dropped the option on several interior concessions (the Olivaria Option) within the Orofino property that total 174.48 Ha (or 1.7 square km) as a majority of the exploration potential for the mineralization exposed in the historic open pits is outside of those small concessions.
However, Yale will continue with the option on two important concessions (the Pima de Oro Option) that total 264.65 Ha (or 2.65 square km). These concessions contain the El Gato target, where Teck drilled 2.27 g/t gold and 13.7 g/t silver over 15.24 metres, as well as the San Francisco and Koala targets, which were discovered by Yale.
About the Orofino Property:
The Orofino Property is now 7,979.31 Ha in size (or 79.8 square km) and contains four known exploration targets � Santiago, San Francisco, El Gato and Koala. The success of Yale's exploration at Orofino continues to expand the property's significant exploration potential.
The San Francisco Target:
The structural interpretation for the property formulated by Yale was instrumental in the discovery of the San Francisco Target (see news release dated June 28, 2010). The San Francisco target is on trend with the Santiago Target located an additional 1.5 km away. This now creates a mineralized trend that measures as least 3 kilometres in length.
The San Francisco target is made up of a 30 to 40 metre wide zone of strong oxidation centred on a 5 to 6 metre wide core area of strong silicification and veining. It has been traced in the field for 300 metres along strike and remains open in both directions. The highlight sample was 2.1 metres with a weighted average of 2.70 g/t gold and 529.8 g/t silver.
The El Gato Zone:
At the El Gato target Yale geologists sampled 5.0 metres grading 2.27 g/t gold and 10.2 g/t silver metres (see news release dated October 6, 2009) and where Minera Teck drilled 2.27 g/t gold and 13.7 g/t silver over 15.24 metres (see news release dated October 1, 2009). The exploration potential within the El Gato area is considerable.
The Koala Zone:
The Koala Zone is defined by a zone of oxidation that measures approximately 175 by 90 metres. The discovery outcrop, located at the southern edge of the Koala Zone, returned values of 1.07 g/t gold, 60.1 g/t silver, 1.22 % lead and 1.82 % zinc over 1 metre. A hand dug trench, located 50 metres to the north, uncovered a second mineralized structure that returned 10 metres averaging 0.58 g/t gold, 57.4 g/t silver, 8.4 % lead and 1.4 % zinc located approximately 45 metres to the east (see news release dated January 29, 2010).
About Yale Resources:
Yale Resources is an exploration and development company concentrating in northwestern Mexico. Utilizing the joint venture business model, Yale is able to maximize its exposure to discovery while minimizing exploration risk. At the same time Yale continues to work on its non-optioned properties as well as reviewing new projects. Yale has four projects under option to value added partners with commitments for approximately $1.0M in expenditures during the next 12 months.
Ian Foreman, P.Geo, is the Qualified Person, according to National Instrument 43-101, for the Orofino Project and is responsible for the technical data mentioned in this news release.
All historic results are provided for information purposes only and as they are pre NI 43-101 they should not be relied upon.
On behalf of the Board,"Ian Foreman"
Ian Foreman, P.Geo.
President
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. 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.
Contact:
Yale Resources Ltd.
Ian Foreman
604-678-2531
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