Yellowjacket Announces Private Placement

Cranbrook, British Columbia CANADA, April 12, 2012 /FSC/ - Yellowjacket Resources Ltd. (YJK - TSX Venture), ("Yellowjacket") announces a non-brokered flow-through ("FT") and non-flow-through ("NFT") private placement offering (the "Offering") to arms-length and non-arms-length parties.

Yellowjacket intends to issue up to 5,000,000 FT Units at a price of $0.18 per Unit, to raise gross proceeds of up to $900,000. Each FT Unit will consist of one common share and one-half (1/2) of a share purchase warrant. Each whole warrant will entitle the holder to purchase one NFT common share in the capital of the Company for a period of two (2) years from the date of closing at a price of $0.32 per share.

In addition, Yellowjacket intends to issue up to 10,000,000 NFT Units at a price of $0.16 per Unit, to raise gross proceeds of up to $1,600,000. Each NFT Unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one NFT common share in the capital of the Company for a period of two (2) years from the date of closing at a price of $0.32 per share.

If, during the exercise period of either warrants, the closing price of the Company's common shares is $0.50 per share or higher for 20 consecutive trading days, the Company may accelerate the expiry date of the warrants to 30 days from the date written notice of same is provided to the holders.

The Offering is subject to the acceptance of the TSX-Venture Exchange. The Company may pay finder's fees in cash and/or securities of the Company in respect of the Offering. All securities issued to purchasers and finders under the Offering will be subject to a four-month hold period from the date of issuance of the securities, pursuant to applicable securities legislation and the policies of the Exchange.
Certain Directors and Officers of Yellowjacket will be participating in the financing.

The proceeds of the Offering will be used for the exploration and development of the Yellowjacket Property, and for general working capital.


About Yellowjacket Resources

Yellowjacket Resources was created in December 2011 by way of plan of arrangement and spun-off from Eagle Plains Resources Ltd. (TSX-V:EPL) on a one-for-three share basis to the shareholders of Eagle Plains. Yellowjacket will focus on the development of the Yellowjacket Gold Project.

The Yellowjacket Project is located 9 km east of Atlin, BC and is accessed by all-season road. Hydro-electric power is located within 5km of property boundaries. The project received a B.C. Mines Act permit in July, 2009 for an open pit gold mine and onsite 400 tpd mill and concentrator, processing up to 75,000 tons per year. The permit contemplates a 7-9 year mine life from a series of open pits entirely within an area of disturbed placer workings. Gold may be recovered using a simple gravity concentrating recovery plant without the use of chemicals or additives. Yellowjacket owns both mineral (hard-rock) and placer rights within the Project area. The project is located within the traditional territory of the Taku River Tlingit First Nation who have entered into a formal Impact and Benefits Agreement with respect to the project.

As part of the spinout transaction Eagle Plains holds 15% of the total common shares of Yellowjacket prior to this current financing. Concurrently, Eagle Plains transferred to Yellowjacket its entire interest in the Yellowjacket Project, an additional $600,000 cash and certain investments to provide working capital and exploration funding.


Signed,

"Charles C. Downie"

President and CEO
Yellowjacket Resources Ltd.



For further information, please contact Mike Labach at 1 866 HUNT ORE (486 8673)

Email: [email protected] or visit our websites at http://www.eagleplains.com or http://www.yellowjacketresources.com



Cautionary Note Regarding Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.


To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/yellowjacket04122012.htm



Source: Yellowjacket Resources Ltd. (TSX-V: YJK) http://www.yellowjacketresources.com
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Source: Filing Services Canada (April 12, 2012 - 9:30 AM EDT)

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