Gold Fields advises Yorbeau of intent to withdraw from Yorbeau’s Rouyn property
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Montréal, June 17, 2014 - Yorbeau Resources Inc.(TSX: YRB.A) (the “Company” or “Yorbeau”) announces that it has been advised by Gold Fields Sudbury Exploration Corp. (“Gold Fields“) that, as part of its withdrawal from most greenfields exploration projects, resulting from the Gold Fields Group’s revised portfolio management process and focused corporate growth strategy, Gold Fields intends to drop its option to earn a joint venture interest in the Rouyn property. Yorbeau continues to hold a 100% interest in its Rouyn property.
The Option and Joint Venture Agreement signed by Gold Fields in 2013 included a firm commitment to incur expenditures of $4 million on the Rouyn property by the end of 2014. Gold Fields has advised that it will make a cash payment to Yorbeau in the amount of any shortfall in the required $4 million expenditure.
Management of the Rouyn property project will revert to the Yorbeau exploration team that is already in place at the property. Transition issues such as the transfer of databases and of other relevant documents including pending assays results, geotechnical reports and resource models should be completed in the coming weeks.
David Crevier, President and CEO commented: “Gold Fields’ choice to no longer invest in greenfields exploration worldwide reflects their assessment that, in the current very difficult market conditions, it is cheaper to buy, rather than build, an operating mine. Regardless, Gold Fields’ presence in the evolution of our Rouyn property has been extremely beneficial to the project. Our project has been strengthened by the drilling of the past 12 months as we have been able to better understand both historical zones, such as Astoria and Augmitto, and new discoveries that continue to expand such as Cinderella and Lake Gamble. In light of these developments we are presently reviewing what will be the optimal way to create value from our asset base and look forward to updating shareholders as to our future course of action.”
About Yorbeau Resources Inc.
The Company’s 100% controlled Rouyn property contains four known gold deposits in the 6-km-long Augmitto-Astoria corridor situated on the western half of the property. Two of the four deposits, Astoria and Augmitto, have substantial underground infrastructure and have been the focus of NI 43-101 technical reports that include resource estimates. The raison d’être of Yorbeau is to identify a world class gold deposit in a major mining camp.
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Yorbeau Resources Inc.
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