Yankee Hat Announces Start of Drilling and Arrangement of Private Placement
2010年11月26日 - 1:52AM
Marketwired
Yankee Hat Minerals Ltd. (TSX VENTURE: KHT) ("Yankee Hat" or the
"Company") is pleased to announce that drilling on the Fran
Property will commence Monday November 29, 2010. The mobilization
process has already begun and drilling is on track for the start of
next week. The Fran Property is advantageously positioned in
Central BC, just 30km away from the Mt. Milligan Cu-Au deposit. All
weather road access to the Fran project means cost effective
drilling, and significant infrastructure in the area increases the
availability of trades and equipment.
The program is designed to test both the extension of the known
high-grade gold potential of the project, but also explore
previously undrilled areas. Previous high-grade intersections
include holes FR-07-074 at 12.9m of 7.39 g/t Au, and FR-06-055 at
9.55m of 8.21 g/t Au.
The drill program has been designed by Yankee Hat's recently
appointed Chief Geologist, Dr. Jean-Philippe Desrocher. Dr.
Desrochers has over 17 years of experience in mineral exploration,
including 11 years with Aur Resources. He holds a PhD in geology
from University of Montreal. Dr. Desrochers specializes in the
field of structural geology applied to ore deposits in the search
for Archean lode gold, volcanogenic massive sulfides, porphyry
copper, skarn, and epithermal gold deposits. The actual drilling
will be coordinated and managed by Equity Exploration Consultants
Ltd. ("Equity") based out of Vancouver. Equity has over 22 years of
project management experience, and is very familiar with working in
gold exploration in central British Columbia.
The Board of Directors are also pleased to announce that it will
proceed with a private placement of up to 13,333,333 units (the
"Units") at a price of $0.075 per Unit for gross proceeds of up to
$1,000,000 (the "Offering"). Each Unit will consist of one common
share in the capital of the Company which will be designated as a
flow-through common share pursuant to the Income Tax Act (Canada)(a
"FT Share") and one-half of one common share purchase warrant (a
"Warrant"). Each whole Warrant will entitle the holder thereof to
purchase one common share in the capital of the Company (a "Share")
at a price of $0.12 per Share for a period of 18 months from the
closing of the Offering. The Company will renounce an amount equal
to the gross proceeds derived from the sale of the Units to the
purchasers thereof in accordance with the provisions of the Income
Tax Act (Canada).
The Company may pay a finder's fee on the Offering within the
maximum amount permitted by the policies of the TSX Venture
Exchange.
Closing of the Offering is subject to a number of conditions,
including receipt of all necessary corporate and regulatory
approvals, including the TSX Venture Exchange. All securities
issued in connection with the Offering will be subject to a
statutory hold period of four months plus a day from the date of
issuance in accordance with applicable securities legislation. The
proceeds from the Offering will be used to for Canadian exploration
purposes.
Mr. Terence Schorn, P.Geo. is a Qualified Person registered in
British Columbia as defined by NI-43-101 and has reviewed the
technical information this press release contains.
About Yankee Hat Minerals Ltd.
Yankee Hat Minerals Ltd. is a publicly held resource company
that utilizes its management's expertise in mineral exploration and
evaluation, and financial acumen, to identify, acquire, and develop
mineral prospects in mining friendly jurisdictions with the
potential to host large-scale discoveries. The company
strategically focuses on commodities that have strong underlying
price fundamentals such as gold and precious metals, rare earth
elements and tungsten. The Company's website at
www.yankeehatminerals.com and public filings at www.sedar.com
provide additional information on its projects and other
information with respect to its management and operations.
ON BEHALF OF THE BOARD
P. Bradley Kitchen, Chief Executive Officer
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
FORWARD LOOKING STATEMENTS: This press release contains
forward-looking statements. Forward-looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in forward looking statements. Forward-looking statements are
based on the beliefs, estimates and opinions of the Company's
management on the date such statements were made. The Company
expressly disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new
information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Yankee Hat Minerals Ltd. David Matousek President
604.697.5790 604.697.0790 (FAX) info@yankeehatminerals.com
www.yankeehatminerals.com Investor Cubed Inc. Neil Simon
647.258.3310 or Toll Free: 1.888.258.3323 nsimon@investor3.ca
www.investor3.ca
Yankee Hat Minerals Ltd (TSXV:KHT)
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