Welcome!

News Feed Item

Guyana Platinum Discoveries

OAKVILLE, ON, March 24, 2014 /PRNewswire/ - Yukon Gold Corporation, Inc. (the "Company or Yukon") (OTC Market: YGDC)

(LOGO: http://photos.prnewswire.com/prnh/20140322/TO618LOGO)

The Company is pleased to announce it has completed an Agreement with GlobalMin LLC ("GlobalMin"), incorporated in Nevada, USA and GlobalMin Guyana Inc ("GGI") incorporated in Guyana, South America to acquire 100% ownership of GGI and GlobalMin's 77% interest in a Platinum Project controlled by GGI, subject to board and shareholder approval.

Consideration for the purchase is to be 200,000,000 common shares of the Company plus additional consideration if further interest is acquired in the Platinum Project.

The Guyana Platinum Project (the "Project") is made up of three (3) main Target areas that may contain the sources of the Platinum Group Minerals ("PGM") present in river sediments located downstream of these Targets.  PGM have been known from river sediments in Guyana since the mid-1920s, about the same time that platinum was discovered in South Africa, but the bedrock sources have eluded discovery for almost a century. These significant discoveries were made by Dr. Paul Lechler who's Ph.D. in geology and geochemistry included a dissertation on platinum deposits.  Over a 27-year career as Chief Geochemist for the Nevada Bureau of Mines and Geology, Dr. Lechler published an impressive volume of reports and articles along with presentations and speeches during his tenure. He retired in 2011 to focus entirely on the Guyana Platinum Project where he has dedicated 14 years to exploring for Platinum in Guyana. His hard work and diligence have now come to fruition with the discovery of these three target areas. Dr. Lechler's company GlobalMin will become a controlling shareholder of Yukon upon the completion of this transaction and will be appointed a director.  In addition, Dr. Lechler will assemble a strong, diverse geological and engineering consulting team to assist in his efforts in developing these targets.

Target 1 is a body of lower Proterozoic anorthosite with features suggestive of the presence of a platinum reef that has been traced on the surface for four (4) miles.  This geologic setting is similar to that of the J-M Reef in the Stillwater intrusion in Montana and, especially, to the Merensky Reef in the Bushveld intrusion in South Africa, which is also of Proterozoic age.

Target 2 is a Proterozoic mafic dike that extends over 25 miles, with widths up to one (1) mile, with strong aerial magnetic anomalies along the structure.  Surface sampling has demonstrated anomalous mineralization of PGM and associated elements related to one of the magnetic anomalies at the north end of the dike.  Much of the dike to the south remains currently unexplored.

Target 3 is a bedrock magnetic anomaly in lower Proterozoic mafic rocks underlying PGM-bearing river sediments along a one-mile reach of river. These sediments are estimated to contain as much as 100,000 ounces of platinum and 50,000 ounces of palladium.  The bedrock source of this profound PGM anomaly is the focus of exploration efforts at Target 3.

Dr. Lechler commented, "After eluding discovery for almost a century, we are now beginning to uncover the bedrock origins of the PGM that are known from Guyana's rivers, using modern technology and persistent hard fieldwork.  Guyana's largely-undeveloped interior jungles are covered with thick soils and vegetation, bedrock and the PGM mineralization is largely hidden, and access is very difficult compared to South Africa, where Dr. Merensky was able to quickly follow placer PGMs to the famous mineralized reef that is still in production today."

GGI presently holds an exploration permit covering 3.3 million acres which contains provisions to be converted into as many as ten (10) Prospecting Licenses.  The application for these Prospecting Licenses, covering 128,000 acres (200 square miles), is currently being processed and the licenses are expected to be issued shortly.  Yukon is responsible to raise the initial round funding of $600,000 within 120 days of closing.  These funds are to fund some of the Project expenses and working capital to be followed by a larger financing to fund the initial drilling of all 3 Targets.

Administration of the Company is under contract with Lance Capital Ltd. an Ontario Canada corporation whose staff has been providing administration service to public companies since 1975.

The remaining 23% interest in the Platinum Project is held by Mojave Gold Corporation, a Nevada private company.  Yukon plans to make every effort to acquire this interest.  Yukon has assumed all responsibility of GlobalMin in negotiations with Mojave.  Mojave borrowed a large portion of the money it invested in the Platinum Project to earn their 23% interest and are subject to a lawsuit which names GlobalMin and GGI.  The lenders have agreed to release GlobalMin and GGI without prejudice on closing of this agreement.

The Company has received majority shareholder approval to change its name to GlobalMin Ventures Inc.

Yukon Gold Corporation, Inc. is currently a shell company trading on the OTC Markets in the Pink Category under the symbol "YGDC".  The Company has been devoted since November 2010 to looking for a promising development project around which the Company can be revitalized.  This Platinum Project meets all its expectations.  Yukon is excited about acquiring GlobalMin's interests in Guyana and is looking forward to working closely with Dr. Lechler over the coming months to advance the Platinum Project.  Final closing is expected to be completed on or before March 28, 2014.

FORWARD-LOOKING STATEMENTS:  This news release may contain certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended.  Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements.  Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words or statements that certain events or conditions "may" or "will" occur.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.  These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors.  The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change.  The reader is cautioned not to place undue reliance on forwarding-looking statements.

SOURCE Yukon Gold Corporation, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that’s no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, will explore how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He wi...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, will discuss th...
Given the popularity of the containers, further investment in the telco/cable industry is needed to transition existing VM-based solutions to containerized cloud native deployments. The networking architecture of the solution isolates the network traffic into different network planes (e.g., management, control, and media). This naturally makes support for multiple interfaces in container orchestration engines an indispensable requirement.
yperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let’s say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it....
SYS-CON Events announced today that App2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. App2Cloud is an online Platform, specializing in migrating legacy applications to any Cloud Providers (AWS, Azure, Google Cloud).
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single-threaded, you can effectively identify hot spots in your serverless code. In his session at @DevOpsSummit at 21st Cloud Expo, Dave Martin, Product owner at CA Technologies, will give a live demonstration and code walkthrough, showing how ...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...