VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 15, 2013) - Yankee Hat Minerals Ltd. (TSX VENTURE:KHT) -
Changes to Board of Directors and Management
On November 1, 2012 David Matousek resigned as President and on the same date P. Bradley Kitchen consented to act as President of Yankee Hat. On December 3, 2012, Jason Scharfe and Terence Schorn resigned as directors of the Company and Cale Thomas resigned as Chief Financial Officer.
Cease Trade Order
The Company was cease traded by the British Columbia Securities Commission on December 7, 2012 for failing to file its audited financial statements for the year ended July 31, 2012. The Company was unable to complete the audited financial statements due to a lack of working capital to pay its auditors, BDO Canada LLP. The Company is currently trying to arrange a financing in order to complete the audit. The Company will keep its shareholders apprised of its progress in doing so.
Settlement with Manto Resources Ltd.
Yankee Hat is pleased announce that it has formalized its previously announced settlement with Manto Resources Ltd. ("Manto") and various other parties in respect of its proceedings in the Supreme Court of British Columbia over the Fran mineral claims. Pursuant to the settlement, Yankee Hat agreed, among other things, to assign to Manto all of its interest, as optionee, in an option agreement in respect of certain Fran claims entered into by Yankee Hat on March 31, 2004 and all of its interest in its other Fran claims. Yankee Hat will focus its efforts on its other mineral property, namely the option it holds in the Lancer property in the Yukon Territory.
About Yankee Hat Minerals Ltd.
Yankee Hat is a mineral exploration company based in British Columbia, Canada. Yankee Hat welcomes the news of the settlement and looks forward to focusing its efforts on managing its exploration operations with a view to growth and expansion.
ON BEHALF OF THE BOARD OF DIRECTORS
P. Bradley Kitchen, CEO and Director
Neither the 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.