Yellowjacket Resources Ltd.

Yellowjacket Resources Ltd.

April 04, 2012 12:00 ET

Yellowjacket Resources Announces Board Appointment

CRANBROOK, BRITISH COLUMBIA--(Marketwire - April 4, 2012) - The management of Yellowjacket Resources Ltd. (TSX VENTURE:YJK) is pleased to announce the appointment of Ryan Kalt as a new member to the board of directors.

Ryan Kalt (B.Comm., Queen's University, LL.B., University of Western Ontario, M.B.A. University of Western Ontario, LL.M. (Natural Resources, Energy and Environmental Law), University of Calgary) is a well-regarded entrepreneur with fourteen years of company management experience. He has received numerous business achievement awards from organizations such as the Business Development Bank of Canada, the Ontario Chamber of Commerce and Export Canada. Mr. Kalt is the founder and Chief Executive Officer of Gold Royalties Corporation, a Calgary-based mining royalty company which holds net smelter return royalties in Canada, among which is a royalty interest on the Yellowjacket Project. In addition, Mr. Kalt is a lawyer and member of the Law Society of Alberta.

The board appointment is subject to approval by the TSX Venture Exchange.

About Yellowjacket Resources

Yellowjacket Resources was created in December 2011 by way of plan of arrangement and spun-off from Eagle Plains Resources Ltd. (TSX VENTURE:EPL) on a one for three share basis to the shareholders of Eagle Plains. Yellowjacket will focus on the development of the Yellowjacket Gold Project. The Yellowjacket Project is located 9 km east of Atlin, BC and is accessed by all-season road. Hydro-electric power is located within 5km of property boundaries. The project received a B.C. Mines Act permit in July, 2009 for an open pit gold mine and onsite 400 tpd mill and concentrator, processing up to 75,000 tons per year. The permit contemplates a 7-9 year mine life from a series of open pits entirely within an area of disturbed placer workings. Gold may be recovered using a simple gravity concentrating recovery plant without the use of chemicals or additives. Yellowjacket owns both mineral (hard-rock) and placer rights within the Project area. The project is located within the traditional territory of the Taku River Tlingit First Nation who have entered into a formal Impact and Benefits Agreement with respect to the project.

As part of the spinout transaction Eagle Plains holds 15% of the total common shares of Yellowjacket. Concurrently, Eagle Plains transferred to Yellowjacket its entire interest in the Yellowjacket Project, an additional $600,000 cash and certain investments to provide working capital and exploration funding.


Charles C. Downie, P.Geo, President and CEO

Yellowjacket Resources Ltd.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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.

Contact Information