2013-03-18 14:50:12 -
Cranbrook, British Columbia CANADA, March 18, 2013 /FSC/ - Yellowjacket Resources Ltd. (YJK - TSX Venture), ("Yellowjacket" or "the Company") is very pleased to announce that it has entered into an agreement to acquire additional mineral claims in the Athabasca Basin area of Saskatchewan. The new claims consist of 8 claim groups totaling 61,452 acres and are contiguous with the company's Patterson Lake South claim group. The additional claims are collectively known as the Orr Peninsula Uranium Property.
The Athabasca Basin, located in northern Saskatchewan, Canada, is one of the world's most important uranium producing districts, and accounts for approximately 20% of global primary uranium supply.
Yellowjacket is the largest mineral claim holder in the Patterson Lake area and currently
controls 391,142 acres of uranium exploration claims along the southwest margin of the Athabasca Basin. Approximately 95% of the company's mineral claims are regional to Patterson Lake, which has received escalating exploration attention and claim acquisition activity as a result of the exploration results of Alpha Minerals Inc. and Fission Energy Corp. The other 5% of the claims form three separate groups located approximately 50 kilometers east of Patterson Lake.
Maps showing the Yellowjacket claims may be found on the Company's website at:
Scale 1:1,700,000 - www.yellowjacketresources.com/projects/pattersongroupsouth/docum ..
Scale 1:800,000 - www.yellowjacketresources.com/projects/pattersongroupsouth/docum ..
Scale 1:500,000 - www.yellowjacketresources.com/projects/pattersongroupsouth/docum ..
The Orr Peninsula Uranium Property was acquired at acquisition cost from a non-arm's length director of Yellowjacket and the vendor was granted an option to acquire a 2% NSR in the mineral claims for cash consideration to the Company.
The Patterson Lake South Claim Group
The Patterson Lake South Claim Group consists of two separate exploration projects: the Preston Lake claims and the Patterson West claims. The Preston Lake claims are centered approximately 26 kilometers southeast of the Patterson Lake uranium discovery area and are directly contiguous to claims held by Fission Energy Corp. The claims are accessible by road with primary access from the all-weather Highway 955, which runs north through the Patterson Lake South discovery being advanced by Fission Energy Corp. and Alpha Minerals Inc. through to the former Cluff Lake mine, (> 60M lbs of U3O8 produced). The highway also passes through the nearby UEX-Areva Shea Creek discoveries which are approximately 50 km to the north and are currently under active exploration and development. Extensive in size, the acquired claim package is contiguous to numerous regional operators including Fission Energy Corp., NexGen Energy Ltd. and Forum Uranium Corp.
The Patterson West claims are located approximately 40 kilometers west of Fission Energy Corp.'s Patterson Lake claims and are contiguous with lands currently held by Areva Resources Canada Ltd and NexGen Energy Ltd.
Extension of Warrants
Yellowjacket also announces that it will be extending the term of the warrants issued as part of a financing completed in May 2012 from November 02, 2014 to May 02, 2017. The exercise price of the warrant remains unchanged at $0.30. The transaction will be completed pending approval of the TSX Venture Exchange.
Technical Information Disclaimer
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43- 101 and reviewed on behalf of the company by C.C. (Chuck) Downie, P.Geo. President and CEO for Yellowjacket Resources, and "Qualified Person".
The reader is cautioned that the Yellowjacket mineral claims that are the subject of this news release are at an early stage of exploration and there is no assurance that any economic discovery will be made on the claims. In addition, other projects mentioned in this news release are there for reference only, and Yellowjacket Resources does in no way imply that similar mineralization is present on its claims.
About Yellowjacket Resources Ltd.
Yellowjacket Resources Ltd. is a junior exploration company created in December 2011 by way of plan of arrangement and spin-out from Eagle Plains Resources Ltd. (TSX-V:EPL). The company is focused on mineral exploration projects proximate to infrastructure. Yellowjacket Resources Ltd. is the largest mineral claim holder in the Patterson Lake area and currently controls 391,142 acres of uranium exploration claims along the southwest margin of the Athabasca Basin.
The Company also controls the Yellowjacket Gold Project; a gold exploration property located approx. 9 km east of Atlin, British Columbia and accessible by an all-season road. The Yellowjacket Gold Project holds a British Columbia Mines Act permit for an open-pit gold mine and onsite 400 tpd mill and concentrator, processing up to 75,000 tons per year. The permit contemplates a 7-9 year mine life from a series of open pits entirely within an area of disturbed placer workings.
"C. C. (Chuck) Downie"
President and CEO
Yellowjacket Resources Ltd.
For further information, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
or visit our website www.yellowjacketresources.com
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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Source: Yellowjacket Resources Ltd. (TSX-V: YJK) www.yellowjacketresources.com
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