Yorbeau announces the closing of the purchase and sale transaction with Cogitore Resources
Montreal, February 2, 2015 - Yorbeau Resources Inc.(TSX: YRB.A) (“Yorbeau” or the “Company”) is pleased to announce that it has closed the purchase and sale transaction with Cogitore Resources Inc. (“Cogitore”) previously announced on October 21, 2014. Pursuant to the transaction, the Company acquired substantially all of Cogitore’s exploration assets in consideration of the issuance of 25 million shares.
The exploration assets acquired by Yorbeau consist of seven (7) base metal exploration properties located in the highly prospective Abitibi Belt of Quebec and Ontario, and a core shack and office building located in Chibougamau. Acquisition of these assets, combined with the exploration properties acquired through the recent business combination with Cancor Mines Inc. (see press release of May 29, 2014) results in Yorbeau becoming a major owner of high quality base metal properties. The properties acquired from Cogitore include the Scott and Lemoine base metal projects in the Chibougamau region. Scott already hosts resources, prepared in compliance with NI 43-101, in the inferred category, of 5.4 million tonnes grading 1.2% copper, 4.6% zinc, 0.2 g/t gold and 34 g/t silver. Highly promising exploration targets ready to be drilled have recently been identified at Scott and opportunities for increasing the resources are considered excellent. The Lemoine project encloses the former producing Lemoine mine from which very high grade massive sulphides have been produced totaling 758,000 tonnes grading 4.2% copper, 9.6% zinc, 4.2 g/t gold and 83 g/t silver (source: Quebec government records). In northwestern Quebec, the projects include Selbaie West and Caribou. Selbaie West encloses the same volcanic package that hosts the former producing Selbaie Mine (53 Mt grading 1.0% Cu, 2.0% Zn, 0.6 g/t Au and 41 g/t Ag) (source: Quebec government records). Recent drilling by Cogitore at Selbaie West led to the discovery of a silver zone grading 174 g/t silver over a core length of 5.4 m with no follow-up ever done on it. The Caribou project is located to the east of Hecla’s Casa Berardi gold mine. It contains a massive sulphide discovery made by Cogitore in 2009 (Caribou discovery) and which yielded high grade massive sulphides over core lengths of up to 2.3 metres. Prospects for possible extensions of the Caribou massive sulphide zone at depth are considered excellent.
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. As a result of the transaction with Cogitore, Yorbeau now owns a portfolio of high grade volcanogenic massive sulphide (VMS) base metal exploration properties located in promising areas in the highly prospective Abitibi Belt of Quebec and Ontario.
More information on the Company may be found on the Company’s website at www.yorbeauresources.com. The raison d’être of Yorbeau is to identify a world class deposit in a major mining camp.
For further information, please contact:
Gerald Riverin, Ph D., P. Geo
Yorbeau Resources Inc.
G. Bodnar Jr.
Yorbeau Resources Inc.
Toll free in North America: 1-855-384-2202
Forward-looking statements: Except for statement of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.