Providing coverage of Alaska and northern Canada's oil and gas industry
November 2012

Vol. 17, No. 46 Week of November 11, 2012

Mining Explorers 2012: Yellowjacket Resources Ltd.


President and CEO: Charles C. “Chuck” Downie, P.Geo.

Chairman: Tim J. Termuende, P.Geo.

Chief Financial Officer: Glen J. Diduck, CA

Yellowjacket Resources Ltd., spun out in December 2011 from Eagle Plains Resources Ltd., is focused on the Yellowjacket Gold Project located 9 kilometers (5.6 miles) east of Atlin, B.C. In a plan of arrangement, the junior acquired the Yellowjacket gold project, together with C$600,000 cash, C$969,020 in investment assets and reclamation bonds of C$150,522.The project is the site of a gold rush in the late 19th century that produced more than 1 million ounces of recorded gold. Yellowjacket intends to develop lode gold mineralization at three known zones and along strike within the project in hopes of identifying a substantial gold resource that will attract the acquisition interest of a large mining company. Yellowjacket’s 2012 exploration program consisted of a minimum of 2,500 meters (8,200 feet) reverse circulation drilling, ground-based geophysics and geological mapping designed to provide data to upgrade the near-surface resource calculation for future open pit mining operations. Step-out drilling will provide information about the continuity of gold mineralized zones away from the main Yellowjacket Zone. In addition to the RC drilling, Aurora Geosciences Ltd. of Whitehorse conducted a ground-based geophysical survey of the Pine Creek valley in order to better define the location of the main Pine Creek structure. The survey will be used to help target drill holes. Geological mapping also focused on bedrock exposed by recent placer mining in the eastern area of the Rock of Ages pit. Eagle Plains owns 15 percent of the outstanding common stock of Yellowjacket Resources Ltd.

Cash and short-term deposits: C$1.38 million (June 30, 2012)

Working capital: C$2.41 million (June 30, 2012)

Market capitalization: C$5.88 million (Sept. 1, 2012)

200, 44 - 12 Avenue S.

Cranbrook, B.C. Canada T2P 2Z1

Tel: 250-426-0749 • Fax: 250-426-6899

Mining News North - Phone: 1-907 522-9469 - Fax: 1-907 522-9583 --- ---

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