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
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus intern...
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and valu...
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
This talk centers around how to automate best practices in a multi-/hybrid-cloud world based on our work with customers like GE, Discovery Communications and Fannie Mae. Today’s enterprises are reaping the benefits of cloud computing, but also discovering many risks and challenges. In the age of DevOps and the decentralization of IT, it’s easy to over-provision resources, forget that instances are running, or unintentionally expose vulnerabilities.
Everywhere we turn in our industry we can find strong opinions about the direction, type and nature of cloud’s impact on computing and business. Another word that is used in every context in our industry is “hybrid.” In his session at 20th Cloud Expo, Alvaro Gonzalez, Director of Technical, Partner and Field Marketing at Peak 10, will use a combination of a few conceptual props and some research recently commissioned by Peak 10 to offer a real-world consideration of how the various categories of...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
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 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...
SYS-CON Events announced today that Systena America will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Systena Group has been in business for various software development and verification in Japan, US, ASEAN, and China by utilizing the knowledge we gained from all types of device development for various industries including smartphones (Android/iOS), wireless communication, security technology and IoT serv...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.