Yellowjacket Announces Succesful Closing of Private Placement

Cranbrook, British Columbia CANADA, May 04, 2012 /FSC/ - Yellowjacket Resources Ltd. (YJK - TSX Venture), ("Yellowjacket") is pleased to announce that it has successfully completed the previously announced private unit placement, as press released April 18, 2012. As a result, the company has issued 7,366,334 common shares at a price of $0.15 and 535,534 flow-through shares at a price of $0.18 for aggregate gross proceeds of $1,201,346.16

Each common share unit entitles the holder to one common share plus the ability to purchase a second common share in the capital of the Company for a period of thirty months from the date of closing at a price of $0.30 per share. Each flow-through unit entitles the holder to one common share plus the ability to purchase one-half of a common share for a period of thirty months from the date of closing at a price of $0.30 per share. There are no forced exercise attributes associated with the warrants.

Most notably, Yellowjacket did not pay any finder's fees or broker's warrants with respect to the financing.

Insiders, being Directors and Officers of the Company, participated in the financing, including:

Ryan Kalt, Director : $1,000,000.05 - 6,666,667 common share units

Chuck Downie, President, CEO : $14,400.00 - 80,000 flow-through share units

Glen Diduck, CFO, Director : $26,280.00 - 146,000 flow-through share units

Tim Termuende, Director : $5,400.00 - 30,000 flow-through share units

Darren Fach, Director : $13,700.00 - 91,334 common share units


"This financing allows Yellowjacket to move forward with its' summer hardrock exploration program. We are energized to see strong insider participation, including Mr. Kalt who becomes Yellowjacket's largest individual shareholder, and we are pleased with the confidence displayed by shareholders in accepting warrants at a 100% price premium to the common share component," commented Mr. Chuck Downie, P.Geo, President and Chief Executive Officer of Yellowjacket.

The Offering is subject to the acceptance of the TSX-Venture Exchange. 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 which applicable securities legislation and policies of the Exchange apply.

The proceeds of the Offering will be used by Yellowjacket for exploration and 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,

"Mr. Charles C. Downie",
President and Chief Executive Officer
Yellowjacket Resources Ltd.

For further information, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: [email protected] or visit http://www.yellowjacketresources.com