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Message: Yankee Hat to Focus on Tungsten

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Yankee Hat to Focus on Tungsten

posted on Apr 16, 09 01:21AM

April 15, 2009

Yankee Hat to Focus on Tungsten

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 15, 2009) - Yankee Hat Minerals Ltd. (TSX VENTURE:KHT) ("Yankee Hat" or the "Company"), is pleased to announce it has entered into a letter of intent ("LOI") with Eagle Hill Exploration Corporation ("Eagle Hill") pursuant to which Eagle Hill will be entitled to earn up to a 100% interest in the Fran Property (the "Transaction"), upon execution of a Definitive Agreement (the "Definitive Agreement").

This Transaction is structured in a way that the Yankee Hat shareholders may benefit by having Eagle Hill incur expenditures on exploration work that is focused on proving any potential resources on the Fran Property. If the Fran Property proves to hold a significant resource, the value of Yankee Hat's asset will increase and the Company will benefit by either a direct payment from Eagle Hill or maintaining an interest in a proven resource property.

Director, Terence Schorn stated, "As part of Yankee Hat's ongoing strategy to effectively deploy our capital program and focus our exploration efforts on high quality projects, we have restructured our asset base in western Canada to focus on tungsten properties by successfully vending our interest in the gold based Fran Property."

Acquisition Terms

Under the terms of the LOI, Eagle Hill will be granted the exclusive option to earn up to a 51% interest in the Fran Property by:

(a) Making a payment of $100,000 upon execution of the Definition Agreement (the "Effective Date") or a date no later than December 31, 2009;

(b) Incurring $1,500,000 in expenditures on the Fran Property by December 31, 2010; and

(c) Funding, completing and delivering a NI 43-101 compliant technical report on the Fran Property within eighteen (18) months of the Effective Date.

Furthermore, the Company will grant Eagle Hill up to a 90% in the Fran Property by:

(a) Paying an additional $1,500,000 to the Company by December 31, 2010 or a later date through mutual agreement; and

(b) Upon receipt of this payment the Company would hold a 10% carried interest in the Fran Property.

The remaining 10% interest in the Fran Property may be purchased by Eagle Hill from the Company for $5 million, leaving the Company with a 2% Net Smelter Royalty.

The obligation of Eagle Hill and the Company is to complete the transaction contemplated under the Definitive Agreement subject to the satisfaction of certain conditions precedent including the receipt of the approval of the TSX Venture Exchange and all other necessary regulatory authorities. This is a related party transaction by way of a common director and officer.

About Yankee Hat Minerals Ltd.

Yankee Hat Minerals Ltd. is a publicly held resource company that utilizes its management's expertise in mineral exploration and evaluation, and financial acumen, to identify, acquire, and develop mineral prospects in mining friendly jurisdictions with the potential to host large-scale discoveries. The company strategically focuses on advanced stage projects and commodities that have strong underlying price fundamentals such as tungsten, rare earth elements and copper.

ON BEHALF OF THE BOARD

P. Bradley Kitchen, President

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