Yale signed an agreement for the purchase of a 100% interest in the 282.84 hectare Guadalupe Property in January of 2010 (see news release dated January 6, 2010) with an initial payment of $10,000 and subsequently optioned the property 3 months later (see news release dated April 30, 2010) such that all costs on the property were borne by the optionee. Yale’s optionee incurred expenditures of approximately $600,000 on the property, which resulted in the discovery of near surface mineralization in hole 7 that intersected a weighted average of 1.31 g/t gold and 254.1 g/t silver over 18.6 metres starting at a depth of 70m (see news release dated Dec. 15, 2010).
Soon after the announcement of the discovery additional work could not be performed on the property as there were claims to a historic underlying concession that was previously unknown and unreported by the Ministry of Mines. After funding months of legal costs to no avail the optionee returned the project to Yale, which allowed Yale to make this deal with Pe?oles.
In conjunction with this deal Yale purchased data from Peñoles covering a portion of the wholly owned Dos Naciones concession that includes mapping, surface sampling and geophysics.
“This has been a difficult, long drawn out process and I am very pleased that we were able to come to a positive resolution to this situation. Credit goes to our legal team as this was a very unusual situation of which we are unaware of another example of this happening in Mexico”, stated Ian Foreman, P.Geo., president of Yale.
All data has been exchanged, funds have been received and Peñoles is expected to take possession of the core from Guadalupe this coming weekend.
About Yale Resources:
Yale Resources utilizes the project generator business model to maximize its exposure to discovery while minimizing shareholder risk. Yale currently has eight projects in its portfolio of which six are optioned out with commitments totalling approximately $1.0 M in expenditures during 2012.
Ian Foreman, P.Geo., is Yale’s Qualified Person, according to National Instrument 43-101, for the Guadalupe property and is responsible for any technical data mentioned in this news release.
Samples from Urique were prepared and analyzed by IPL Inspectorate in their facilities in Mexico and Vancouver, respectively. Samples generally consisted of 1-3 kg of material. Gold analyses were performed by 30 gram fire assay with an AA finish. Silver, copper, lead and zinc were analyzed as part of a multi-element ICP package using an aqua regia digestion. Over limit samples with greater than 1% Cu, Pb and Zn were re-analyzed using ore grade detection limits.
On behalf of the Boards,
Ian Foreman, P.Geo.
President, Yale Resources Ltd.
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.