SOURCE: Yale Resources Ltd.

August 21, 2008 12:57 ET

Yale Sells Its Interest in One Zacatecas Property and Options Out the Other Three

VANCOUVER, BC--(Marketwire - August 21, 2008) - Yale Resources Ltd. (TSX-V: YLL) (FRANKFURT: YAB) is pleased to report that it has sold its 65% interest in the San Sabino property to Apex Silver Mines Limited (AMEX: SIL) and has optioned its 65% interest in the Mina San Jose, Zacatecas, and Salvador properties to Enviro Energy Capital Corp. (GEC.P-V). These properties form the 65:35 owned Zacatecas Venture with IMPACT Silver Corp. (IPT-V) and are located within 10 km of the city of Zacatecas, Zacatecas State.

The 65% interest in the 9 hectare San Sabino property was sold to Apex Silver for US$ 139,408 -- the cumulative expenditures that Yale has spent on the property. In addition, Yale will be paid US$ 250,000 if Apex Silver, or its affiliates, includes San Sabino in (i) a positive feasibility study for a mine producing more than 500 tonnes of ore per day or (ii) as part of an executed mining plan producing greater than 500 tonnes of ore per day. Yale will retain this right in perpetuity.

The 65% interest in the Mina San Jose, Zacatecas, and Salvador properties has been optioned to Enviro Energy -- subject to TSX-Venture approval -- for cash payments totalling $150,000, the issuance of 500,000 shares in Enviro and expenditures of at least $200,000 within 13 months. Yale has received $25,000 from Enviro and upon approval of the Exchange, Enviro must pay Yale an additional $25,000 and issue 200,000 shares.

Yale will remain the operator of the project until such time as Enviro completes their obligations. A work program will start on the properties as soon as Yale/Enviro receive approval from the Exchange. A National Instrument 43-101 report on the Zacatecas Properties has been filed on SEDAR and is available on the Company's website.

"The sale and option of the Zacatecas Venture is an important step for Yale as with its completion we will be able to concentrate solely on all that we are doing in Sonora and the Urique Project. Yale's Mexican subsidiary is growing rapidly as we prepare for a drill program at La Verde and continue to advance the Carol property as well as expand our interests in Sonora," stated Ian Foreman, P.Geo., President of Yale Resources.

On behalf of the Board,

"Ian Foreman"
Ian Foreman, P.Geo.

For additional information on Yale Resources please call the Company at 604-678-2531.

The TSX Venture Exchange has not reviewed and does not accept 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.

Contact Information

  • Contact:
    Yale Resources Ltd.
    600 - 890 West Pender St.
    Vancouver, B.C., V6C 1K4, Canada
    Phone: 604-678-2531
    Fax: 604-678-2532