Yankee Hat Renegotiates Terms of JOGMEC JV Agreement and Shifts Focus to Fran Property, British Columbia
September 23 2010 - 8:00AM
Marketwired
Yankee Hat Minerals ("Yankee Hat" or the "Company") (TSX VENTURE:
KHT) announces new terms for its joint venture agreement with the
Japan Oil, Gas and Metals National Corporation ("JOGMEC") on its
rare earth and tungsten properties in the Yukon.
JOGMEC and the Company have agreed to amend the existing joint
venture agreement in order to give Yankee Hat more flexibility in
its operational decision making process. The revised joint venture
agreement allows Yankee Hat to maintain the joint venture
properties in good standing, without being committed to spend a set
amount on the projects as previously required under the agreement.
Should Yankee Hat choose to further explore the joint venture
properties and incur expenditures, JOGMEC would have the ability to
resume the joint venture under the same terms and conditions as the
original agreement, subject to JOGMEC paying two times the
expenditures incurred by Yankee Hat. The Company would maintain a
twenty-five percent interest if JOGMEC decided to resume the joint
venture and make the required payment totaling twice the amount of
expenditures incurred. Yankee Hat will have until August 1, 2014 to
continue the joint venture agreement.
This renegotiation will allow Yankee Hat to focus its 2010
exploration program solely on the Fran Property in British
Columbia.
"The Fran Property has exploration expansion potential and with
the planned drill program this fall, we believe both the size and
scope of Fran can be greatly increased. The Company is grateful to
JOGMEC for their willingness to renegotiate our JV to allow us to
pursue an opportunity at the Fran Property," stated David Matousek,
President.
Previous work at the Fran Property has included trenching, as
well as 71 holes drilled for a total of 13,576 meters with many
intersecting significant gold mineralization both in grade and
width. Noteworthy intersections include hole FR-07-074 at 12.9m of
7.39 g/t Au, and hole FR-06-055 at 9.55m of 8.21 g/t Au.
The past holes drilled at Fran will be combined with this
season's proposed drill holes to better understand the potential of
the project, and determine the next course of action.
The Company would also like to announce a correction to its news
release of September 1, 2010. The compensation for Investor Cubed
Inc. will be $3,000/month and will be issued 250,000 incentive
stock options at an exercise price of $0.10 per share, vesting
quarterly.
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
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.
Contacts: Yankee Hat Minerals Ltd. David Matousek President
604.638.8072 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)
Historical Stock Chart
From May 2024 to Jun 2024
Yankee Hat Minerals Ltd (TSXV:KHT)
Historical Stock Chart
From Jun 2023 to Jun 2024