MONTREAL, Dec. 19, 2018 /CNW Telbec/ - Yorbeau Resources Inc. (TSX: YRB) ("Yorbeau" or the "Company") is pleased to announce that, at the special meeting of shareholders held today, it has received the approval of its Class A common shareholders for the potential sale of a 100% interest in Yorbeau's Rouyn property upon the exercise of an option to purchase such interest granted by Yorbeau to IAMGOLD Corporation ("IAMGOLD").
A definitive option agreement granting such option was signed by Yorbeau and IAMGOLD on December 14, 2018, as previously announced in the Company's press release dated December 17, 2018.
The first cash payment from IAMGOLD to Yorbeau in the amount of $1,000,000 is expected to be made by December 21, 2018, as of which the option will become effective.
About Yorbeau Resources Inc.
The Rouyn Property, wholly-owned by the Company, contains four known gold deposits in the 6‑km‑long Augmitto-Astoria corridor situated on the western portion of the property. Two of the four deposits, Astoria and Augmitto, benefit from substantial underground infrastructure and have been the subject of technical reports that include resource estimates and that were filed in accordance with Regulation 43-101. 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 feature an infrastructure favourable for mining development. The newly acquired base metal properties include the Scott Project, which bears important mineral resources (see the press release dated March 30, 2017) and on which a positive Preliminary Economic Assessment was recently completed.
For additional information on the Company, consult its website at www.yorbeauresources.com.
Forward-looking statements: Except for statement of historical fact, all statements in this news release, without limitation, regarding cash payments to be made by IAMGOLD and 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. Yorbeau disclaims any obligation to update such forward-looking statements, other than as required by applicable securities laws.
SOURCE Yorbeau Resources Inc.
For further information: Gérald Riverin, PhD, P. Geo, President, Yorbeau Resources Inc., Yorbeau Resources Inc., [email protected], Tel: 819-279-1336; G. Bodnar Jr., Vice-President, Chief Financial Officer, Yorbeau Resources Inc., [email protected], Tel: 514-384-2202; Toll free in North America: 1-855-384-2202