Here is todays release. Regards
Wheaton River To Sell Control Position In YGC Resources
YGC Resources Ltd. has been advised by Wheaton River Minerals Ltd. that Wheaton has signed an agreement with B.Y.G.
Natural Resources Inc. for the sale of Wheaton's control position in YGC. Wheaton will sell 6,000,000 YGC common shares
and 2,320,000 YGC common share purchase warrants for $1,580,000 in cash, 438,596 common shares of BYG, and a
debenture of BYG in the amount of $200,000 which is convertible into 338,983 shares of Trumpeter Yukon Gold Inc.
("Trumpeter") .
In connection with the transaction, BYG and certain investors will make a private placement into YGC in the amount of
$1,000,000 at a price of $0.40 per common share which will be flow-through common shares. Proceeds of the private
placement will be used to continue exploration programs on YGC's wholly-owned Ketza River, Yukon gold property, on its
75 percent-owned Motherlode, B.C. gold property, and on six YGC owned and operated base metal exploration properties
in the Finlayson Lake camp, Yukon.
The transaction is subject to approvals of the Toronto and Vancouver Stock Exchanges. Closing of the transaction is
scheduled to occur in early April, whereupon three of the four YGC directors will resign in favour of BYG nominees.
Wheaton will continue to hold approximately 1.3 million common shares of YGC and will focus its resources on
construction of the Golden Bear heap leach gold mine in northwestern British Columbia.
BYG is a Yukon-based gold mining company which has a 100 percent interest in the producing Mt. Nansen mine.
Trumpeter, a BYG subsidiary, is involved in several Yukon gold exploration properties, including those of Omni Resources
Inc. in which Trumpeter is earning a 50 percent interest. |
