Yankee Hat Minerals Ltd.
TSX VENTURE : KHT

Yankee Hat Minerals Ltd.

November 16, 2006 15:07 ET

Yankee Hat Completes 2000+ Meter Phase 1 Diamond Drilling Program at Fran

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 16, 2006) - Yankee Hat Minerals Ltd. (the "Company" or "Yankee Hat") (TSX VENTURE:KHT) is pleased to announce the successful completion of Phase 1 of its 2006 diamond drilling program at the Fran Property located 60 kilometres north of Fort St. James, BC. The property covers approximately 9,400 ha and is 30 kilometres southwest of the Mount Milligan deposit now owned by Terrane Metals Corp.

The Phase 1 drilling program was focused on the North Contact Zone, a geological target with the potential to host both narrow high grade and broad low grade gold deposits. The program was completed in late August and featured 14 holes for a total of 2060 metres. The drill plan map can be viewed at http://yankeehatminerals.com/_resources/fran/images/north_contact_drilling_
trenching.jpg (Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your internet browser's URL address field).

The analytical results for the last two holes FR-061 and 062 have been received and interpreted. Selected gold intercepts from Phase 1 drilling including holes FR-061 and FR-062 are compiled in Tables A and B. Highlights from Phase 1 drilling include:

- FR-47 4.0 m of 7.91 g/t Au, 12.78 g/t Ag, 0.39% Cu (8.82 g/t AuEq)

- FR-58 57.44 m of 0.82 g/t Au

Including 8.47 m of 3.04 g/t Au, 1.57 g/t Ag, 0.062% Cu (3.18 g/t AuEq)

- FR-59 54.60 m of 1.18 g/t Au

Including 4.85 m of 10.96 g/t Au, 40.15 g/t Ag, 1.48% Cu (14.29 g/t AuEq)

- FR-61 17.12 m of 1.29 g/t Au

Including 2.85 m of 2.42 g/t Au, 7.0 g/t Ag, 0.16% Cu (2.82 g/t AuEq)

Terry R. Fields, President, said, "We are extremely pleased with the results of the phase one drilling program at the North Contact Zone. Our focus on this promising target has been rewarded with some highly significant drill results. The results have revealed narrow high grade gold zones surrounded by broader lower grade deposits. The mineralization at the North Contact is continuous and has a potential strike length of over a kilometer. We are excited with the results and will be continuing our drilling as soon as equipment can arrive in early 2007. The North Contact Zone at Fran has already proven its potential to host a significant gold deposit."

Hole FR-061 was collared 30 metres east of Trench M (0.75 gt Au/17.00 metres). It intersected a broad zone of quartz-sulfide (pyrite, pyrrhotite, chalcopyrite) veinlets proximal to the north contact of the monzodiorite porphyry with altered siltstone-hornfels country rocks. The main part of the sulphide zone returned 1.29 gt Au over 17.12 metres core length comparable with Trench M. Higher gold values in the 2 to 10.84 gt range occur within this interval over 0.5 to 1.1 metre lengths.

Hole FR-062 collared west of Trench M intersected two narrower quartz-sulfide veinlet zones. The main zone appears to be represented by a 5.02 gt Au intercept over 1.79 metres length. Recent trenching above this hole revealed a much stronger zone of quartz-sulfide mineralization over more than 4 metres true width. This mineralization has been sampled; the analytical results will be released when available.

The North Contact Zone has been tested at shallow depths over a strike length of over 800 metres. This drilling concentrated on the east and west ends of this zone. The continuity of the polymetallic vein-replacement style mineralization within the tested areas is excellent with true widths ranging from 2 to 50 metres. Average gold grades in trenches and drill holes are similar, commonly in the 3 to 9 g/t range. Within these intercepts occur local high gold values for individual samples up to 93 g/t. Most of the gold intercepts have associated silver and copper values.

The zone is open in all directions, more than 200 metres of additional strike length is indicated to the west. Recent sampling results from this area should be available shortly.

Phase 2 of the diamond drilling program on the North Contact Zone is expected to resume in early 2007.

Initial objectives of Phase 2 will be to test the central area and open areas to the east and west.



PHASE 1 DRILLING AND TRENCHING RESULTS: NORTH CONTACT ZONE (2005 - 2006)

Table A: Selected Intercepts: 2006 Holes 61 and 62, North Contact Zone
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AuEq
Hole From To Length Au Ag Cu (1)
No. m m m/ft g/t g/t % g/t
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FR-061 29.65 46.77 17.12/56.17 1.29 1.29
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Inc. 29.65 39.26 9.61/31.53 1.46 6.76 0.06 1.67
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Inc. 29.65 32.5 2.85/9.35 2.42 7 0.16 2.82
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FR062 90.26 92.05 1.79/5.87 5.02 815 0.22 18.1
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149.92 150.34 0.42/1.38 8.07 11.9 0.31 8.82
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Table B: Selected Intercepts for 2005-2006 Holes
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AuEq
Hole From To Length Au Ag Cu (1)
No. m m m/ft g/t g/t % g/t
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Haslinger Trench Area (West)
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FR-047 77.6 81.6 4/13.12 7.91 12.78 0.39 8.82
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FR-049 104.12 112.7 8.58/28.15 5.18 7.99 0.18 5.63
-------------------------------------------------------------------------
FR-050A 44.27 63.5 19.23/63.09 0.83 0.83
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84.57 86.11 1.54/5.05 2.38 7 0.22 2.89
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113.55 114.78 1.23/4.04 5.04 12.38 0.13 5.47
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FR-051 78.04 84.43 6.39/20.96 2.03 2.55 0.04 2.14
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FR-052 62.76 67.34 4.58/15.03 1.01 5.39 0.23 1.51
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FR-053 79.8 91.9 13.1/42.98 1.11 2.39 0.08 1.29
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FR-054 68.3 70.73 2.43/7.97 3.4 3.4 0.07 3.58
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FR-056 97.1 101.55 4.45/14.60 2.34 3.86 0.063 2.52
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Hole 42 Area (East)
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FR-042 6.43 16.5 10.07/33.04 2.94 2.94
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FR-057 59.85 63.1 3.25/10.66 0.81 0.45 0.023 0.86
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115.89 116.75 0.86/2.82 1.21 1.21
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FR-058 63.16 120.6 57.44/188.45 0.82 0.82
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Inc. 107.63 116.1 8.47/27.79 3.04 1.57 0.062 3.18
-------------------------------------------------------------------------

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FR-059 24.8 79.4 54.6/179.13 1.18 1.18
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Inc. 28.752 33.6 4.85/15.91 10.96 40.15 1.48 14.29
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Inc. 69 74.08 5.08/16.67 1.51 0.92 0.08 1.67
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FR-060 90.5 102.49 11.99/39.34 0.64 0.57 0.035 0.71
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128.58 129.7 1.12/3.67 4.81 1.6 0.198 5.2
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Table C. Selected Intercepts for Earlier Trenches
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AuEq
Trench From To Length Au Ag Cu (1)
No. m m m/ft g/t g/t % g/t
-------------------------------------------------------------------------
J (2006) 14 16 2/6.56 7.13 9.15 0.27 7.77
-------------------------------------------------------------------------
A (2005) 2 6 4/13.12 4.7 7.7 0.07 4.95
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B (2005 11 22 11/36.09 8.42 20.53 0.37 9.42
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C (2005) 4.5 10 5.5/18.04 6.34 7.34 0.05 6.55
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D (2005) 6.7 10.6 3.9/12.80 2.89 5.52 0.04 3.05
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E (2005) 4.8 5.8 1/3.28 4.35 5.8 0.08 4.59
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@9.5 1.5/4.92 38.1 28.8 0.11 38.75
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M (2006) 11 28 17/55.77 0.75 0.75
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N (2006) 18 24 6/19.69 0.87 0.11 1.07
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(1) Gold equivalent values (AuEq) are estimated using long-term metal
prices, including copper at $1.20 (U.S.) per pound, silver at $7 (U.S.)
per ounce, and gold at $450 (U.S.) per ounce. Metallurgical recoveries
are assumed to be 100%. AuEq equals Au (g/t) + Cu (%/t) x
22.05 x 1.2 / 14.47 + Ag (g/t) x 7 / (31.1 x 14.28).


About Yankee Hat Minerals Ltd.

Yankee Hat Minerals is actively exploring the Fran Property, a gold/base metals target near the Mt. Milligan deposit in central British Columbia; and the Shanghai Creek Project, a gold target within the Tintina Gold Belt - near Stratagold's Aurex and Dublin Gulch projects in the Yukon Territory. The Company also recently acquired the Union Mine Property in the Greenwood Mining Division near Grand Forks, British Columbia.

ON BEHALF OF THE BOARD

Terry R. Fields, President and Director

This news release has been prepared by management. This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or achievements implied by these forward looking statements. We seek safe harbor.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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