SOURCE: Yale Resources Ltd.

February 25, 2009 12:35 ET

Yale Finds a Partner for Dos Naciones

VANCOUVER, BC--(Marketwire - February 25, 2009) - Yale Resources Ltd. (TSX-V: YLL) (FRANKFURT: YAB) is pleased to report that it has signed a non-binding Letter of Intent with Candev Resource Exploration Inc. (OTCBB: CVRX) for the sale of a 50% interest and an option for Candev to earn an additional 30% in the Dos Naciones Property.

Candev will pay Yale $50,000 for the initial 50% interest in the project and in order to earn an 80% interest will have to undertake a total of $800,000 in exploration expenditures and issue Yale 800,000 shares in Candev over a three year period. The first year will be a firm commitment of $200,000 in expenditures. Yale will be the operator of the project. If Candev were to not complete the additional earn-in to 80%, Yale will have the right to purchase Candev's interest for $25,000.

"The Dos Naciones property was the first project staked by Yale's Mexican subsidiary as part of our ongoing generative program. Having a committed partner in Candev will allow us to collectively explore the project in an expedited manner," stated Ian Foreman, P.Geo., president of Yale Resources. To date Yale has spent approximately $35,000 at Dos Naciones.

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.

Ian Foreman, P.Geo, is the Qualified Person, according to National Instrument 43-101, for the Dos Naciones Property and is responsible for any technical data that may be mentioned in this news release.

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

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