TORONTO, May 21 /CNW/ - Yukon Gold Corporation, Inc. ("Yukon Gold" or the
"Company") (TSX: YK) (OTCBB: YGDC) (Frankfurt: W8Y) is announcing today that
it has sold to "The Hinton Syndicate" all of its rights, title and interest in
the Mount Hinton Property for consideration of: (i) One Hundred and
Twenty-Five Thousand Canadian Dollars (CDN$125,000) paid upon closing of this
transaction (the "Closing") and (ii) a 2% "NSR" on the Mount Hinton Property.
The 2% NSR may be terminated at any time following closing by payment to Yukon
Gold of an "NSR Buy-Out Payment". The "NSR Buy-Out Payment" is structured over
several years increasing in value from a minimum of $CDN115,000 and by
$CDN25,000 per year until the buy-out is completed.
Yukon Gold has assigned a work permit (Approval No.LQ00242) to Mr.
Richard Ewing, a member of "The Hinton Syndicate" and Mr. Ewing agreed to
accept such assignment and reclamation and closure plan responsibilities that
run with the work permit. Yukon Gold and its subsidiary have no further
obligations of any kind under the terms of the assignment.
Yukon Gold would like to thank "The Hinton Syndicate" for their efforts
in negotiating this agreement.
About Yukon Gold
Yukon Gold Corporation, Inc. (Yukon Gold) explores and develops mining
properties with a commitment to moving projects towards production. Currently
there are 40.5M of the Company's common shares outstanding.
FORWARD-LOOKING STATEMENTS: This news release contains certain
"forward-looking statements" within the meaning of Section 21E of the United
States Securities Exchange Act of 1934, as amended. Except for statements of
historical fact relating to the company, certain information contained herein
constitutes forward-looking statements. Forward-looking statements are
frequently characterized by words such as "plan," "expect," "project,"
"intend," "believe," "anticipate", "estimate" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are subject to a variety
of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
statements. These factors include the inherent risks involved in the
exploration and development of mineral properties, the uncertainties involved
in interpreting drilling results and other ecological data, fluctuating metal
prices, the possibility of project cost overruns or unanticipated costs and
expenses, uncertainties relating to the availability and costs of financing
needed in the future and other factors. The Company undertakes no obligation
to update forward-looking statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to place
undue reliance on forward-looking statements.
Cautionary Note to US Investors - The United States Securities and
Exchange Commission (SEC) limits disclosure for U.S. reporting purposes to
mineral deposits that a company can economically and legally extract or
produce. The reader is cautioned that the terms "resource," "indicated" and
"inferred" are not terms recognized by SEC guidelines for disclosure of
mineral properties. Generally, "indicated" and "inferred" estimates do not
rise to the level of certainty required by SEC guidelines. The mineralized
material described above is not considered a "reserve" as that term is used in
the mining industry and in SEC disclosure guidelines. The Company must
undertake a feasibility study before it can estimate the value of the Marg
Deposit. U.S. investors are urged to consider closely the disclosure in our
Form 10-KSB, File No. 000-51068. You can review and obtain copies of these
filings from the SEC's website at http://www.sec.gov/edgar.shtml.
For further information:
For further information: Yukon Gold Corporation, Inc., Cletus Ryan, VP
Corporate Development, (416) 865-9869 or 1-800-295-0671 x12, Email:
firstname.lastname@example.org, Website: www.yukongoldcorp.com