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Wednesday, February 20, 2013
Yale to Sell the Los Amoles Property
Yale sells the Los Amoles Property for US$200,000 and 1,000,000 shares of SURE. As they note in their version of the news, First Majestic Silver is behind this deal - a very encouraging development for YLL.
Yale Resources Ltd. (TSX-V - YLL and Frankfurt - YAB) is pleased to report that it has signed a formal Agreement with Sonora Resources Corp. (OTCBB -- SURE) to sell a 100% interest in Yale's wholly owned Los Amoles Property located in Sonora State, Mexico, for US$ 200,000 and 1,000,000 shares in Sonora Resources. Yale has received $US 30,000 upon signing of the agreement and will receive the remaining US$170,000 and the shares upon presentation of transfer documentation.
Sonora Resources previously had an option to earn a 70 % interest in the Los Amoles property by paying Yale US$50,000, spending US$ 900,000 on exploration expenditures and issuing a total of 1,000,000 shares to Yale over three years. Yale had previously received US$ 50,000 and 800,000 shares from Sonora, in addition to expenditures of approximately US$230,000 on exploration by Sonora.
"This was a great opportunity to monetize an early stage exploration property that the Company generated in 2010. I congratulate our Mexican staff for a job well done in advancing the geological interpretation of the property so quickly." stated Yale president, Ian Foreman, P.Geo.
About Yale Resources:
Yale Resources utilizes the project generator business model to maximize its exposure to discovery while minimizing shareholder risk. Yale currently has six projects in its portfolio of which three are optioned out with commitments totalling approximately $0.7M in expenditures during the next 12 months.
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.
You can also view this News Release on our website at:
http://www.yaleresources.com/s/NewsReleases.asp?ReportID=571864 |