Guyana Platinum Discoveries
OAKVILLE, ON, March 24, 2014 /PRNewswire/ – 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
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
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
SOURCE Yukon Gold Corporation, Inc.