YSV Ventures Inc.

March 14, 2007 10:41 ET

YSV Ventures Inc.: Press Release

TORONTO, ONTARIO--(CCNMatthews - March 14, 2007) - YSV Ventures Inc. ("YSV")(NEX BOARD:XSV.H) wishes to announce that it is not proceeding with the acquisition from Richview Resources Inc. ("Richview) of its interests in certain mineral exploration properties in the Kirkland Lake-Larder Lake area of Ontario (the "Properties"). YSV had previously announced the execution of a Letter of Intent (the "Letter of Intent") with Richview to acquire the Properties in exchange for the issuance to Richview of 27,500,000 common shares of YSV at a price of $0.10 per share. The acquisition price of $2,750,000 was based upon a valuation prepared for YSV by A.C.A. Howe, an independent qualified valuator. Concurrent with the closing of the acquisition, Richview had agreed to acquire, by way of private placement, a further 2,500,000 common shares of YSV at a price of $0.10 per share, for aggregate gross proceeds to YSV of $250,000.

On December 1, 2006, YSV received conditional approval from the TSX Venture Exchange with respect to the proposed transaction. Final approval was conditional upon fulfillment of the conditions contained in the approval, including the raising of an additional $1.5 million by way of private placement.

Full particulars of the proposed transactions were contained in YSV's Management Information Circular which is posted on SEDAR ('www.sedar.com') under the company's profile.

As at February 28, 2007, YSV had not completed the raising of the required private placement monies. The Board of Directors of YSV reviewed further exploration results from the main Kirkland Lake property and concluded that YSV would not complete the private placement and that its resources would be better used to develop its existing Burt and Terri Gold properties while management undertook a search for one or more additional properties.

YSV has advised Richview that it has not fulfilled the conditions required by the TSX Venture Exchange to proceed with the acquisition and accordingly has duly terminated the Letter of Intent.

About YSV

YSV is a company that is conducting exploration for base metals and gold in Ontario. YSV has an interest in a substantial gold exploration land package in the Kirkland Lake region of Northern Ontario. YSV also owns a 25% 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". Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such 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". All dollar amounts are Canadian dollars unless otherwise noted.

The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved or disapproved the contents of this press release. The TSXV does not accept responsibility for the adequacy or accuracy of the release

Contact Information

  • YSV Ventures Inc.
    Howard Coates
    (416) 703-6248
    (416) 368-3151 (FAX)