Yale Announces Warrant Exercise and Exploration Update
Yale Resources Ltd. (TSX-V - YLL and Frankfurt - YAB) is pleased to
report that it has received gross proceeds of $562,450 from the exercise
of 5,624,500 warrants at a price of $0.10 per warrant into common stock
of the Company from its last private placement, which closed in three
tranches. The remaining unexercised warrants have now been cancelled.
The Company intends to use its cash on hand as general working capital
and to continue with exploration activities on its wholly owned Mexican
projects.
Exploration Update on the Apache Property:
The first field program at the wholly owned Apache property has recently
been completed. A total of 62 samples were taken during the program,
which also included prospecting and geological mapping. Samples have
been submitted to the lab and results are expected in approximately
three weeks.
The Apache Property contains three areas of mineralization: the Peña
Blanca, El Apache, and La Parida zones. During its first inspection of
the property, the Company had only sampled the El Apache zone. The
recent program has now sampled each of the three target areas following
up on historic sampling by the Mexican Government that returned the
following results:
| |||||||||
| Sample # | Prospect | Ag (g/t) | Au (g/t) | Cu (%) | |||||
SP-089 | La Parida | 59.0 | 0.05 | 0.43 | |||||
SP-090 | La Parida | 110.0 | 0.13 | 1.92 | |||||
SP-091 | La Parida | 401.0 | 0.47 | 4.23 | |||||
SP-092 | La Parida | 190.0 | 0.11 | 2.28 | |||||
SP-093 | La Parida | 130.0 | 0.06 | 3.96 | |||||
SP-094 | La Parida | 70.0 | 0.13 | 0.72 | |||||
SP-095 | La Parida | 192.0 | 0.23 | 1.35 | |||||
SP-096 | La Parida | 186.0 | 0.13 | 3.11 | |||||
SP-097 | La Parida | 64.0 | 0.10 | 0.58 | |||||
SP-100 | Peña Blanca | 9.0 | 0.12 | 0.01 | |||||
SP-101 | Peña Blanca | 12.0 | 0.02 | 0.03 | |||||
SP-102 | Peña Blanca | 11.0 | 0.02 | 0.02 | |||||
SP-238 | El Apache | 127.0 | N.D. | 1.34 | |||||
SP-239 | El Apache | 91.0 | N.D. | 0.71 | |||||
SP-240 | El Apache | 107.0 | N.D. | 1.35 | |||||
SP-241 | El Apache | 47.0 | 0.16 | 1.39 | |||||
SP-242 | El Apache | 131.0 | 0.05 | 4.30 | |||||
SP-243 | El Apache | 60.0 | 0.04 | 4.50 | |||||
SP-244 | El Apache | 64.0 | 0.02 | 3.14 | |||||
SP-245 | El Apache | 9.0 | 0.01 | 2.75 | |||||
SP-246 | El Apache | 59.0 | 0.02 | 2.02 |
**Please note that widths of samples were not provided and the
reader
is cautioned that the widths of the samples reported here
are unknown.
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 Ltd.
604-678-2531