Toronto, Canada, February 5, 2008, Yukon Gold Corporation, Inc. (“Yukon Gold” or the "Company"), (TSX: YK) (OTCBB: YGDC) (Frankfurt: W8Y) announces the results of an internal review of the 100% owned Marg Deposit dated February 1, 2008.
The internal review postulates that a positive production decision might be feasible based on a 2700 tonne per day mining and processing operation over a minimum mine life of seven (7) years. The internal review, amongst other items, recommends metallurgical test work and further exploration to expand the resource base which will provide additional mine life.
Yukon Gold will be retaining an independent Qualified Person to prepare a formal scoping study in accordance with the requirements for a preliminary assessment pursuant to National Instrument
43-101.
The internal review was based on a 43-101 Technical Report by Archer Cathro/Giroux, July 2007 with indicated resources of 1.72M tonnes of 1.97% Copper, 2.40% Lead, 4.59% Zinc, 59.72g/t Silver,
0.95g/t Gold and inferred resources of 4.8M tonnes of 1.81% Copper, 2.28% Lead, 4.64% Zinc, 54.47g/t Silver, 0.77g/t Gold at a 1% copper cut off. This report also expressed the belief that exploration potential of the Marg deposit is very high.
The internal review was based on comparisons with proximate deposits and associated feasibility studies at current metal prices, estimated trucking and shipping costs, industry treatment and refining costs, average metallurgical recoveries and concentrate grades from five VMS deposits. The internal review has not been analyzed by an independent Qualified Person and therefore the results of this review should not be relied upon. Yukon Gold believes that the internal review provides an indication of the potential of the Marg deposit and is relevant to ongoing exploration.
This Press Release has been reviewed by Ken Hill, P. Eng, Director, Yukon Gold Corporation, Inc. and a Qualified Person.
About Yukon Gold
Yukon Gold Corporation, Inc. (Yukon Gold) explores and develops mining properties with a commitment to moving projects towards production. Yukon Gold’s 100% owned Marg deposit is an advanced stage copper/lead/zinc/silver/gold deposit in the Tombstone Belt in Yukon, Canada,
43-101 Compliant report Archer Cathro/Giroux July 2007. Currently there are 28.9M of the Company’s common shares outstanding.
FOR FURTHER INFORMATION PLEASE CONTACT:
Yukon Gold Corporation, Inc.
Cletus Ryan, VP Corporate Development
416-865-9869 or 1-800-295-0671 x12
Email: cryan@yukongoldcorp.com
Website: www.yukongoldcorp.com
or
AGORACOM
Investor Relations
Email: YK@agoracom.com
Website: www.agoracom.com/ir/yukongold
Company Website: www.yukongoldcorp.com
FORWARD-LOOKING STATEMENTS: This news release contains 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 forward-looking statements.
Cautionary Note to US Investors – The United States Securities and Exchange Commission (SEC) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The reader is cautioned that the terms “resource,” “indicated” and “inferred” are not terms recognized by SEC guidelines for disclosure of mineral properties. Generally, “indicated” and “inferred” estimates do not rise to the level of certainty required by SEC guidelines. The mineralized material described above is not considered a “reserve” as that term is used in the mining industry and in SEC disclosure guidelines. The Company must undertake a feasibility study before it can estimate the value of the Marg Deposit. U.S. investors are urged to consider closely the disclosure in our Form 10-KSB, File No. 000-51068. You can review and obtain copies of these filings from the SEC’s website at http://www.sec.gov/edgar.shtml.
