Oct 19 2010
Yale Resources Ltd. (TSX-V - YLL and Frankfurt - YAB) has reported that it has signed a Letter of Intent with Nature's Call Brands Inc. (OTCBB - NATC) for the option to earn a 70 % interest in Yale's wholly owned Los Amoles Property located in Sonora State, Mexico.
“We are pleased that Yale will have continued exposure to the strengthening silver market through programs funded by our partners at the Los Amoles project and at Guadalupe, where we are currently drilling”
To earn a 70 % interest Nature's Call will be required to pay Yale US $ 50,000, spend US $ 900,000 on exploration expenditures and issue 1,000,000 shares to Yale over three years. The exploration expenditures required in the first year is $200,000 with $100,000 being a firm commitment. Yale has received $25,000 upon signing of the LOI.
Yale will be the operator for the project during the length of the agreement.
"We are pleased that Yale will have continued exposure to the strengthening silver market through programs funded by our partners at the Los Amoles project and at Guadalupe, where we are currently drilling," stated Ian Foreman, president of Yale.
About the Los Amoles Property:
The early stage wholly owned 16.3 square kilometre Los Amoles Property is located approximately 150 kilometres northeast of the Hermosillo, Sonora State, Mexico. The property is 10 kilometres northeast of the producing La Caridad Mine, operated by Grupo Mexico, which is one of the largest mining and processing complexes in Mexico.
Reconnaissance style sampling has initially concentrated on the 1.0 by 2.5 kilometre Rosario target area. Yale has confirmed the high grade potential for the project with highlight samples grading: 0.52 g/t gold and 333.4 g/t silver over 0.9 m, 0.56 g/t gold and 231.6 g/t silver over 1.0 m, 0.22 g/t gold and 327.3 g/t silver over 0.5 m, and 0.4 g/t gold and 768.8 g/t silver over 0.3 m (see news releases dated April 15 and May 27, 2010).
Ian Foreman, P.Geo., is Yale Resources' Qualified Person, as defined by National Instrument 43-101. The Los Amoles property is an early stage project that requires additional sampling and geological mapping to fully determine the project's potential.
Source: Yale Resources Ltd.