Yale Options out the Orofino Gold/Silver Property
Yale Resources Ltd. (TSX-V - YLL and Frankfurt - YAB) is pleased to
report that it has signed a Letter of Intent with Dawson Gold Corp.
(TSX-V - DYU) for the option to earn a 70 % interest in Yale′s Orofino
Property located in Sonora State, Mexico.
To earn a 70 % interest Dawson will be required to pay Yale $ 55,000,
spend $ 2,800,000 on exploration expenditures and issue 1,000,000 shares
to Yale over four years. The exploration expenditure required in the
first year is $400,000. Yale has received $10,000 upon signing of the
LOI.
Yale will be the operator for the project during the first year of the
agreement and Dawson will have the option to be operator thereafter.
About the Orofino Project:
The Orofino Project is located approximately 135 km southeast of
Hermosillo, Sonora State and is approximately 83 square kilometres in
size. There are eleven known mineralized targets within the Orofino
Project and the property contains six historic open-pit workings.
Although production records are not available, the vendor of the
property had small-scale production during the mid-1990s, which produced
approximately 60,000 tonnes of ore grading approximately 2 to 4 grams
per tonne gold.
Highlights from previous work within the concessions are (see news
release dated October 6, November 6, and December 1, 2009):
3.19 g/t gold and 83.2 g/t silver over 30.0 metres from within the La
Perla pit;
1.88 g/t gold and 56.8 g/t silver over 10.67 metres from drill hole
north of La Perla pit;
3.97 g/t gold over 9.14 metres from drill hole at the El Orofino
target;
2.27 g/t gold and 13.7 g/t silver over 15.24 metres from drill hole at
the El Gato target;
2.53 g/t gold and 29.6 g/t silver over 4.4 metres from excavation at
La Perlita West; and
7.79 g/t gold and 173.0 g/t silver over 2.4 metres from excavation at
La Perlita North.
Ongoing work at Orofino will be aimed at defining drill targets.
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 $1.5M 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 of the samples mentioned in this release were prepared and analyzed
by Inspectorate at their labs in Hermosillo and Vancouver and generally
consisted of 2-4 kg of material. Gold analyses were performed by 30 gram
fire assay with an AA finish. Silver and base metals were analyzed as
part of a multi-element ICP package using an aqua regia digestion;
samples with more than 100 g/t silver, 1% copper, 1% lead and/or 1% zinc
(over limit) were re-analyzed using Inspectorate′s "ore grade′ detection
limits.
On behalf of the Board,
'Ian Foreman?
Ian Foreman, P.Geo.
President
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.
Yale Resources Ltd.
Mr. Cary Martin, 604-678-2531 ext. 223