KHT Yankee Hat Minerals Ltd

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