Yukon Gold Corporation Inc. Bids on Yukon Silver Mine Assets
Toronto, Canada (PRWEB) April 22, 2005
Yukon Gold Corporation, Inc. (ÂYukon GoldÂ), (OTCBB: YGDC) today announced that it has tendered a formal bid proposal to acquire the assets of United Keno Hill Mines Ltd. and UKH Minerals Ltd. (ÂUKHMÂ), formerly one of North AmericaÂs largest silver producers, located in the Mayo Mining District, Yukon Territory.
The bid proposal has been submitted by Yukon Gold to Pricewaterhouse Coopers Inc. (ÂPWCÂ) who are acting as the court appointed receiver to oversee the sale of the UKHM assets. These assets include 34 former producing silver mines and full infrastructure covering an area of 57 square miles.
Historically, the UKHM property has produced 213 million ounces of silver, 716 million pounds of lead and 436 million pounds of zinc during its operation from 1913 to 1989. More than 65 mineral deposits and prospects have been identified within the UKHM property. The Central Quartzite Horizon, the major mineral bearing stratagraphic unit, has a 10-mile strike length and an average thickness of 2,300 feet. Exploration to date has been concentrated near surface, with less that 20% of the Central Quartzite having been systematically explored. Based on a feasibility study by Rescan Engineering in 1996, the calculation of geological reserves total 956,792 tons, grading 29.87 o.p.t. silver, 5.26% lead and 4.75% Zinc. If the Company is successful in acquiring the UKHM assets, it plans to immediately proceed with permitting to return the property to production at the earliest possible date
Conditions of the sale provide for the purchaser to be indemnified from all historical, environmental and reclamation liabilities.
Terms of the sale will not be announced until a successful bidder is selected which is anticipated to be on or about June 14.
About Yukon Gold
Yukon Gold Corporation, Inc. is an active and progressive public junior exploration and development company trading on the NASDAQ OTCBB under the symbol “YGDC”. The CompanyÂs main focus is its newly acquired VMS deposit (Marg Property) and its Mount Hinton gold and silver exploration project in the Central Yukon Territory of Canada. These properties lie within the Tombstone Gold Belt, world renowned for the discovery of major gold and base metal deposits. Within immediate proximity to the CompanyÂs Projects are a number of idle, former producing mines and drill indicated resources which Yukon Gold plans to target for acquisition. Currently, there are approximately 10 million of the CompanyÂs common shares outstanding.
Corporate Contact: Investor Relations Contact:
Yukon Gold
Paul Gorman
(416) 865-9869
(800) 295-0671
First Canadian Capital
Dan Boase
Vice President
(416) 742-5600
E: pgorman@yukongoldcorp.com
E: dboase@firstcanadiancapital.com
Company Website: http://www.yukongoldcorp.com
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