Jun 03, 2005
Yale Closes Financing for Namibia
News Release #05-10
Yale Resources Ltd (YLL-V) is pleased to report that the Company has closed its non-brokered private placement (announced on April 21, 2005) of 2,764,000 units at a subscription price of 17 cents each for gross proceeds of $469,880. Each unit consists of one common share and one half share purchase warrant. Two share purchase warrants entitle the holder to purchase one additional share at a price of 22 cents per share for a period of one year. Finders' fees totaling $25,679 and 231,400 agent's warrants were given to registered representatives whose clients participated in the private placement. All shares are subject to restrictions on resale to Oct. 3, 2005.
The proceeds from this financing will be used to finance exploration programs at the Leicester and Otjimakuru properties in Namibia, southwestern Africa.
At the Leicester copper property, the upcoming work program is designed to follow up on the recent IP geophysics/geochemistry survey that was successful in identifying a new 7 km long chargeability target and an associated widespread moderate anomaly that coincide with a 7 km by 3 km magnetic anomaly and an extensive iron oxide alteration zone.
The Otjimakuru field program will initially involve IP geophysics and geochemical surveys to cover the 4 km by 1.5 km magnetic anomaly.
Both of these initial programs are geared towards identifying specific targets for drilling.
Namibia is located on the south-western coast of the African sub-continent and with a surface area of 824,268 km², it is about 90% the size of British Columbia. Field work is possible year round as the country has at least 300 days of sunshine per year. The country is politically stable and the official language is English. As a testament to this, all of the majors are either exploring, or at some point have explored in Namibia -- currently mines for gold, uranium, and base metals are in production.
The Leicester Property is under option from Helio Resource Corp. who will be the operator of the project for the first year. Chris MacKenzie, a Chartered Geologist and Helio's Executive Chairman, is the project's Qualified Person as designated by NI 43-101. He is directly responsible for overseeing all aspects of Helio's exploration activities, including sampling integrity and the implementation of a quality control programs.
On behalf of the Board,
Ian Foreman, P.Geo.
For further information, please contact
the Company at 604-678-2531 and
Ron Shenton at 604-542-9017 in Canada or
Martin Griesdorf at 781-631-9350 in the United States.
e-mail: email@example.com - website: www.yaleresources.com.
The TSX Venture Exchange has not reviewed and does not accept 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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