Jun 30, 2010
Yale Amends Terms For Dos Naciones Option
Yale Resources Ltd. (TSX-V - YLL and Frankfurt - YAB) is pleased to announce that it has agreed to amend its Option Agreement for the Dos Naciones property with partner Del Toro Silver Corp.
Based on the amended terms Del Toro has agreed to issue Yale 150,000 shares in addition to the 200,000 shares as required on or before the first anniversary date of July 7th, 2010 (with all shares subject to the applicable hold periods required by Securities Regulators). Pursuant to the terms of the amended option agreement, Del Toro is required to accrue the $150,000 of expenditures required in the first year of the deal into the second year and therefore has agreed to fund a minimum of $400,000 of expenditures prior to the second anniversary - July 7th, 2011.
Year three obligations of $400,000 of expenditures, the issuance of 250,000 shares on or before July 7th, 2011 and a further 350,000 shares on or before July 7th, 2012 will not change. If Del Toro completes these obligations they will have earned an additional 30% interest to hold an 80% undivided interest in the Dos Naciones property.
The Company has been notified by Del Toro that they intend to continue their work program at Dos Naciones in July. This work is planned to include detailed mapping, trenching and sampling at both the Mina Josefina silver-lead zone and the La Española skarn zone with the goal to delineate drill targets. In addition to planning the upcoming work program, the Company is investigating the opportunity of purchasing detailed exploration data, including drill holes and geophysics from the previous owner of Dos Naciones, Industrias Peñoles.
The Dos Naciones Property:
The 2,391 hectare (23.91 square km) Dos Naciones property is located approximately 160 km northeast of Hermosillo in the heart of Sonora's porphyry district. Dos Naciones was staked by Yale as the property has the potential for a porphyry-style target. This is evidenced by multiple skarn bodies and silver/lead vein systems occurring in association with a regional magnetic anomaly that measures 2 km in diameter and is coincident with a poorly exposed intrusive body.
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 $1,250,000 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.
On behalf of the Board,
Ian Foreman, P.Geo.
For additional information on Yale Resources please call Mr. Cary Martin at
604-678-2531 ext. 223.
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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