OAKVILLE, ON, March 24, 2014 /CNW/ - Yukon Gold Corporation, Inc. (the "Company or Yukon") (OTC Market: YGDC)
The Company is pleased to announce it has completed an Agreement with GlobalMin LLC ("GlobalMin"), incorporated in Nevada, USA and GlobalMin Guyana Inc ("GGI") incorporated in Guyana, South America to acquire 100% ownership of GGI and GlobalMin's 77% interest in a Platinum Project controlled by GGI, subject to board and shareholder approval.
Consideration for the purchase is to be 200,000,000 common shares of the Company plus additional consideration if further interest is acquired in the Platinum Project.
The Guyana Platinum Project (the "Project") is made up of three (3) main Target areas that may contain the sources of the Platinum Group Minerals ("PGM") present in river sediments located downstream of these Targets. PGM have been known from river sediments in Guyana since the mid-1920s, about the same time that platinum was discovered in South Africa, but the bedrock sources have eluded discovery for almost a century. These significant discoveries were made by Dr. Paul Lechler who's Ph.D. in geology and geochemistry included a dissertation on platinum deposits. Over a 27-year career as Chief Geochemist for the Nevada Bureau of Mines and Geology, Dr. Lechler published an impressive volume of reports and articles along with presentations and speeches during his tenure. He retired in 2011 to focus entirely on the Guyana Platinum Project where he has dedicated 14 years to exploring for Platinum in Guyana. His hard work and diligence have now come to fruition with the discovery of these three target areas. Dr. Lechler's company GlobalMin will become a controlling shareholder of Yukon upon the completion of this transaction and will be appointed a director. In addition, Dr. Lechler will assemble a strong, diverse geological and engineering consulting team to assist in his efforts in developing these targets.
Target 1 is a body of lower Proterozoic anorthosite with features suggestive of the presence of a platinum reef that has been traced on the surface for four (4) miles. This geologic setting is similar to that of the J-M Reef in the Stillwater intrusion in Montana and, especially, to the Merensky Reef in the Bushveld intrusion in South Africa, which is also of Proterozoic age.
Target 2 is a Proterozoic mafic dike that extends over 25 miles, with widths up to one (1) mile, with strong aerial magnetic anomalies along the structure. Surface sampling has demonstrated anomalous mineralization of PGM and associated elements related to one of the magnetic anomalies at the north end of the dike. Much of the dike to the south remains currently unexplored.
Target 3 is a bedrock magnetic anomaly in lower Proterozoic mafic rocks underlying PGM-bearing river sediments along a one-mile reach of river. These sediments are estimated to contain as much as 100,000 ounces of platinum and 50,000 ounces of palladium. The bedrock source of this profound PGM anomaly is the focus of exploration efforts at Target 3.
Dr. Lechler commented, "After eluding discovery for almost a century, we are now beginning to uncover the bedrock origins of the PGM that are known from Guyana's rivers, using modern technology and persistent hard fieldwork. Guyana's largely-undeveloped interior jungles are covered with thick soils and vegetation, bedrock and the PGM mineralization is largely hidden, and access is very difficult compared to South Africa, where Dr. Merensky was able to quickly follow placer PGMs to the famous mineralized reef that is still in production today."
GGI presently holds an exploration permit covering 3.3 million acres which contains provisions to be converted into as many as ten (10) Prospecting Licenses. The application for these Prospecting Licenses, covering 128,000 acres (200 square miles), is currently being processed and the licenses are expected to be issued shortly. Yukon is responsible to raise the initial round funding of $600,000 within 120 days of closing. These funds are to fund some of the Project expenses and working capital to be followed by a larger financing to fund the initial drilling of all 3 Targets.
Administration of the Company is under contract with Lance Capital Ltd. an Ontario Canada corporation whose staff has been providing administration service to public companies since 1975.
The remaining 23% interest in the Platinum Project is held by Mojave Gold Corporation, a Nevada private company. Yukon plans to make every effort to acquire this interest. Yukon has assumed all responsibility of GlobalMin in negotiations with Mojave. Mojave borrowed a large portion of the money it invested in the Platinum Project to earn their 23% interest and are subject to a lawsuit which names GlobalMin and GGI. The lenders have agreed to release GlobalMin and GGI without prejudice on closing of this agreement.
The Company has received majority shareholder approval to change its name to GlobalMin Ventures Inc.
Yukon Gold Corporation, Inc. is currently a shell company trading on the OTC Markets in the Pink Category under the symbol "YGDC". The Company has been devoted since November 2010 to looking for a promising development project around which the Company can be revitalized. This Platinum Project meets all its expectations. Yukon is excited about acquiring GlobalMin's interests in Guyana and is looking forward to working closely with Dr. Lechler over the coming months to advance the Platinum Project. Final closing is expected to be completed on or before March 28, 2014.
FORWARD-LOOKING STATEMENTS: This news release may contain 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 forwarding-looking statements.
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SOURCE: Yukon Gold Corporation, Inc.
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