Yankee Hat Minerals Ltd. (the “Company”) reports that, further to its news release dated June 28th, 2007, today it has closed its non-brokered private placement.  The Company has raised $800,000 by the issuance of 8,000,000 units (the “Units”).  Each Unit is comprised of one common share of the Company and one-half of a share purchase warrant (“Warrant”).  Each whole share purchase Warrant will entitle the holder to purchase one additional common share of the Company for a period of 12 months following the issue date of the Warrant at an exercise price of $0.15 per share.  All of the securities issued pursuant to the private placement, including any shares issued on the exercise of the warrants, are subject to a hold period expiring November 11, 2007.  Cash finders’ fees of $18,850 were paid in connection with the Private Placement.

Proceeds from the non-brokered private placement will be used to advance the Company’s Fran and Union gold properties in British Columbia, and for general working capital.

Mr. Brad Kitchen Appointed President

The Company is also pleased to announce that Mr. Brad Kitchen has been appointed President of the Company.  Mr. Kitchen is a seasoned financial market professional with extensive experience in structured financings, investment banking and public company governance.  His education includes an MBA from McGill University in Montreal, Quebec (1987) and a Bachelor of Applied Science Degree (Civil Engineering) from the University of British Columbia (1985).

Mr. Kitchen held positions at CIBC World Markets and TD Securities Inc. before founding his own firm, PBK Financial Engineering, in 1997, through which he advises small to medium sized companies on corporate finance issues.

In particular, Mr. Kitchen has extensive experience managing companies in the resource sector.  He was past President of TSX Venture listed Grenville Gold Corp (TSX-V: GVG), is currently the Chief Financial Officer for Primary Petroleum (TSX-V: PIE pending), President of Eagle Hill Exploration Corporation (TSX-V: EAG.P), and sits on the board of Megawest Energy Corp. (OTC BB: MGWSF).

Concurrent with Mr. Kitchen’s appointment, Mr. Terry Fields has been promoted to Chief Executive Officer and Mr. Donald Gee will remain Chairman of the board.

The Company also wishes to announce that further to its news release dated February 2nd, 2007 it has terminated its assignment agreement with Great Bear Resources with respect to its Thelon and Lever Lake options.  The Company has no further interest in proceeding with the Lever Lake option or the Thelon option and will not be expending further funds on the exploration of the properties.

The Company continues to focus its efforts on its gold projects in British Columbia; the Fran and Union.  Management is pleased with the exploration success it has achieved on the properties to date.

About Yankee Hat Minerals Ltd.

Yankee Hat Minerals is a Vancouver, British Columbia based, mineral exploration company listed on the TSX Venture Exchange under the symbol KHT. The Company is focused on identifying and developing high potential gold properties in Canada.  By concentrating its efforts on Canadian prospects, the Company operates within an environment offering political stability, sound infrastructure, and a skilled labour force.

Currently the Company is actively exploring two gold projects in British Columbia: the Fran property located 60 kilometers north of Fort St. James; and the Union Mine property located 55 kilometers north of Grand Forks.  For more information please visit the Company website at http://www.yankeehatminerals.com or contact investor relations at 877-646-0049 or info@yankeehatminerals.com.