OAKVILLE, ON,
March 24, 2014 /PRNewswire/ - Yukon
Gold Corporation, Inc. (the "Company or Yukon") (OTC Market: YGDC)
(LOGO:
http://photos.prnewswire.com/prnh/20140322/TO618LOGO)
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.
SOURCE Yukon Gold Corporation, Inc.