YSV Ventures Inc.
NEX BOARD : XSV.H

December 29, 2006 16:24 ET

YSV Ventures Inc.: Press Release

TORONTO, ONTARIO--(CCNMatthews - Dec. 29, 2006) - YSV Ventures Inc. ("YSV" or the "Company")(NEX BOARD:XSV.H) is prepared to announce that it held its Annual and Special Meeting of Shareholders on Friday, December 22, 2006 at the Company's head office at 44 Victoria Street, Toronto, Ontario. The following items of business were discussed.

Board of Directors

The following individuals were elected to the board of directors: Howard Coates, Dennis Morrison, Jeremy Brett, Samuel Stern, Alpha Pang and Paul Fornazzari.

Property Acquisition

The acquisition of certain properties in the Kirkland Lake area, disclosed in the press release dated December 5, 2006, was approved by a majority of shareholders present or voting by proxy at the meeting. Closing of the transaction is expected to occur in early 2007.

Officers

The following persons were appointed as officers of the Corporation:

President and Chief Executive Officer: Howard Coates

Chief Financial Officer: Julian Fosbery

Corporate Secretary: Jeremy Brett

Board Committees

The Corporation established committees for its board of directors for the ensuing year as follows:

The Audit Committee will be made up of Samuel Stern (Chair), Dennis Morrison, and Alpha Pang.

The Compensation Committee will consist of Dennis Morrison (Chair), Jeremy Brett, and Samuel Stern.

The Corporate Governance Committee will consist of Paul Fornazzari (Chair), Jeremy Brett, and Alpha Pang.

Appointment of Auditors

Moore Cooper Stephens Molyneux LLP, Chartered Accountants, were appointed as auditors of the Corporation and the directors of YSV were authorized to fix their remuneration.

Amendments to the Stock Option Plan

The shareholders of the Corporation also approved an amendment to YSV's Stock Option Plan, authorizing a change from a fixed plan with a maximum number of common shares reserved for issuance of 3,750,000 to a "rolling option" plan that enables issuance of up to ten percent (10%) of the issued and outstanding common shares of the Corporation at any given time.

About YSV

YSV is a company that is conducting exploration for gold and base metals in Ontario. YSV has interests in a substantial land package in the Kirkland Lake region in Northern Ontario. YSV also owns a 100% interest in 25 staked claims in the James Bay Lowlands adjacent to the Spider Resources/KWG Resources JV property known; as the McFaulds Property.

This press release includes certain "Forward-Looking Statements" within the meaning of securities laws. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". The Company does not undertake to update any forward looking statements. All dollar amounts are Canadian dollars unless otherwise noted.

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

Contact Information

  • YSV Ventures Inc.
    Howard Coates
    Chairman, President and Chief Executive Officer
    (416) 703-6248
    (416) 368-3151 (FAX)