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?
Ian Foreman, P.Geo.
President
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.
Yale Resources
Mr. Cary Martin, 604-678-2531 ext. 223