VANCOUVER--(Business Wire)--
Yale Resources Ltd. (TSX-V - YLL and Frankfurt - YAB) and Candev Resource
Exploration Inc. (OTCBB - CVRX) are pleased to report that the Companies have
formalized the sale/option of the Dos Naciones Property.
Candev has paid Yale $35,000 for a 50% undivided interest in the property and
has the rights to acquire an additional 30% (for a total 80% interest) by
undertaking a total of $800,000 in exploration expenditures and issuing Yale
800,000 shares in Candev in the following manner:
1) on or before July 7, 2010, issue 200,000 shares of common stock to Yale and
fund expenditures on the Property totalling CDN$150,000;
2) on or before July 7, 2011, issue an additional 250,000 shares of common stock
to Yale and fund additional expenditures on the Property totalling CDN$250,000;
and
3) on or before July 7, 2012, issue an additional 350,000 shares of common stock
to Yale and fund additional expenditures on the Property totalling CDN$400,000.
Yale will be the operator of the project for the first year of the agreement
after which Candev may become operator at their choosing. If Candev were to not
complete the additional earn-in (the option) Yale will have the right to
purchase Candev`s interest for $17,500 to regain a 100% interest in the
property.
The 2,391 hectare (23.91 square km) Dos Naciones property is located
approximately 160 km northeast of Hermosillo in the heart of Sonora`s porphyry
district. The property contains multiple areas of historic mining. The potential
for a porphyry-style target within the property is evidenced by multiple skarn
bodies occurring in association with a regional magnetic anomaly that measures 2
km in diameter.
On behalf of the Board,
"Ian Foreman" "Mark McLeary"
Ian Foreman, P.Geo. Mark McLeary
President, Yale Resources President, Candev Resource Exploration.
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.
Yale Resources
400 - 409 Granville St.,
Vancouver, B.C., V6C 1T2, Canada
Phone: 604-678-2531 - Fax: 604-678-2532
Copyright Business Wire 2009
