TORONTO, Feb. 22, 2005 (PRIMEZONE) -- Yukon Gold Corporation, Inc. ("Yukon Gold") (OTCBB:YGDC) today announced it will expedite exploration plans on its Mt Hinton Gold Project for the 2005 work season, to further assess the extensive gold vein mineralization on the property, located in the Yukon Territory. The Mount Hinton project covers approximately 12,355 acres within the Tombstone Gold Belt, which is world renowned for the discovery of major gold and base metal deposits, and lies just east of the United Keno Hill Mining Camp.
United Keno Hill Mines Ltd. controlled the Mt. Hinton property for over 40 years and carried out exploration work in the 1960's and again in 1980, discovering a number of gold veins. It has been estimated that $6 million CDN was spent on the property by previous explorer groups.
The primary exploration target on the Mount Hinton property is a 1,000-foot wide and over 2-mile long trend of mineralized gold and silver bearing vein fault structure. As many as 50 mineralized veins or discrete mineralized vein float trains have been discovered to date in this vein fault structure. These individual veins delineate continuous gold mineralization over the distances sampled. Vertical gold mineralization occurs over a distance of approximately 800 feet down the face of Mount Hinton. Individual samples from these veins have returned grades of up to 5.0 ounces of gold and 30.0 ounces of silver per ton.
Given the geological and structural model developed from 100 years of exploration and mining in the area, the extent and continuity of gold mineralization in the Mount Hinton vein fault system presents the potential for development of a significant gold/silver resource. Work carried out to date by Yukon Gold has verified old discoveries and results plus added several new veins and anomalies, extending the strike length of the identified vein fault structure. Road access and drill sites have been completed in preparation for diamond drilling and underground exploration and development.
To date, Yukon Gold has spent approximately $900,000 on exploration of the Mount Hinton project, which it acquired in 2002. The exploration programs carried out have included geochemical mapping, trenching, and sampling of a number of highly mineralized veins. The 2005 work program will include drilling targeted vein prospects, well defined anomalies, and identifying an underground portal location for further exploration and development. Establishing underground access will allow close spaced diamond drilling to further delineate and evaluate the size and grade of the targeted veins.
About Yukon Gold
Yukon Gold Corporation, Inc. is an extremely active and progressive public junior exploration and development company trading on the NASDAQ OTCBB under the symbol "YGDC". The Company's main focus is its Mount Hinton gold and silver exploration project in the Central Yukon Territory of Canada. The property lies within the Tombstone Gold Belt, world renowned for the discovery of major gold and base metal deposits. Within immediate proximity to the Mount Hinton Project are a number of idle, former producing mines and drill indicated resources which the Company plans to target for acquisition. For more information regarding Yukon Gold and its properties, please visit: www.yukongoldcorp.com
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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.