MONTRÉAL, Dec. 1, 2016 /CNW Telbec/ - Yorbeau Resources Inc. ("Yorbeau" or the "Company") (TSX: YRB.A) is pleased to announce that Institutional Shareholder Services Inc. ("ISS"), a leading independent proxy advisory firm, has recommended that shareholders of Yorbeau vote FOR the special resolution approving the sale of Yorbeau's Rouyn property upon exercise of an option under the Option Agreement dated October 24, 2016 entered into by an affiliate of Kinross Gold Corporation and Yorbeau at the special meeting of shareholders to be held on December 14, 2016 (the "Meeting").
ISS' report noted that "the Option Agreement makes strategic sense as it will monetize the Property for an amount that takes into consideration the existing mineral resources and future potential resources to be discovered. In addition, it is consistent with the company's recent transactions, which have modified the company's focus from being a gold exploration company to a more diversified Quebec exploration company." The report concludes that shareholders should vote FOR the sale of the Rouyn property "in light of the certainty of value provided by the cash consideration and the strategic merits of the transaction which appear to be consistent with the business objective of the company".
We encourage all Yorbeau shareholders to read the Company's management information circular which was mailed to shareholders of record as of November 10, 2016 and is available under the Company's profile on www.sedar.com. The information circular provided by Yorbeau contains a detailed description of the proposed transaction.
The board of directors of Yorbeau Resources Inc. unanimously recommends that shareholders vote FOR the approval of the sale of the Rouyn property at the Meeting
Yorbeau's shareholders are reminded to vote before the proxy voting deadline at 5:00 p.m. (Montréal time) on Monday December 12, 2016.
If you require any assistance in completing your proxy, please contact our proxy solicitor, Kingsdale Shareholder Services ("Kingsdale") by telephone at 1-866-229-8214 toll-free in North America or call collect at 416-867-2272 outside of North America or by e-mail at [email protected].
About Yorbeau Resources Inc.
The Company's 100% controlled Rouyn Property contains four known gold deposits in the 6-km-long Augmitto-Astoria corridor situated on the western half of the property. Two of the four deposits, Astoria and Augmitto, have substantial underground infrastructure and have been the subject of NI 43-101 technical reports that include resource estimates. The Company recently announced signing an Option Agreement with an affiliate of Kinross Gold Corporation to pursue exploration on the Rouyn Property (see press release dated October 25, 2016). In 2015, the Company expanded its exploration property portfolio by acquiring strategic base metal properties in prospective areas of the Abitibi Belt of Quebec and Ontario that also feature infrastructure favourable for mining development. The newly acquired base metal properties include Scott Lake which hosts important mineral resources. The Company also owns the Beschefer project immediately adjacent to SOQUEM's B-26 deposit and where, regionally, exploration interest has been increasing. More information on the Company may be found on the Company's website at www.yorbeauresources.com.
Forward-looking statements: Except for statement of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
SOURCE Yorbeau Resources Inc.
For further information: please contact: Gérald Riverin, PhD, P. Geo, President, Yorbeau Resources Inc., Yorbeau Resources Inc., [email protected]; Tel: 819-279-1336; G. Bodnar Jr., Vice President, Yorbeau Resources Inc., [email protected], Tel: 514-384-2202, Toll-Free in North America 1-855-384-2202