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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (22799)	10/17/2006 11:41:58 AM
From: siempre33	Respond to of 78418

Impact Silver goes to Yale for JV.... Yale to Acquire up to 80% in Three Silver Properties in Zacatecas, Mexico Tuesday October 17, 10:44 am ET VANCOUVER, BC--(MARKET WIRE)--Oct 17, 2006 -- Yale Resources Ltd. (TSX VENTURE:YLL.V - News) (Frankfurt:YAB.F - News) is pleased to announce that the Company has signed a Letter Agreement with IMPACT Silver Corp. (TSX VENTURE:IPT.V - News) to purchase up to an 80% interest in three properties in the Zacatecas Silver District, Mexico, which have recently been acquired by IMPACT. The three properties, collectively called the Zacatecas Venture, are San Sabino, San Jose, and Salvador. All three properties are within eight kilometres of the Veta Grande processing plant, which IMPACT has recently announced that it has an option to purchase (see IMPACT's news release dated Sept. 28, 2006). By teaming with IMPACT, Yale has access to an aggressive well managed partner who is working toward becoming a dominant player in the Zacatecas District. A key aspect in the evaluation of these properties is the high grade nature of the run of mine dumps located on the properties -- grades from sampling done to date shows that the dumps grade, on average, in excess of 300 g/t silver. Should the results of the upcoming exploration programs prove favourable, Yale will be able to process material through the Veta Grande processing plant once IMPACT exercises its option to acquire the plant. Each of the three properties has had some past silver production dating back to the Spanish period. The Zacatecas silver district is one of the largest historic silver districts in the world with past production estimated at 1.2 billion ounces. The Agreement: Under terms of the Agreement, for each property, Yale must reimburse Impact the property purchase cost and then spend a minimum of US $100,000 on exploration within 18 months in order to earn a 65% interest in the property. Yale will then have an option to increase its interest to 80% by paying IMPACT US $125,000 in either cash or shares, at IMPACT's discretion. IMPACT will be the operator of the Zacatecas Venture.