TORONTO, June 15, 2006 (PRIMEZONE) -- Yukon Gold Corporation, Inc. ("Yukon Gold") (TSX:YK) (OTCBB:YGDC) today announced it will begin an extensive drilling and exploration program on its Mount Hinton Gold Project for the 2006 summer work season, to further delineate 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 Mount 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 approximately $6 million was spent on the property by previous explorer groups.
The primary drill targets are located along a 300 metre wide and over 3.2 kilometre long trend of structured mineralized gold and silver vein faults. 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 260 metres down the face of Mount Hinton. Individual samples from these veins have returned grades of up to 160 grams of gold and 1,020 grams of silver per ton. Assay analysis was conducted by ALS Chemex Labs of North Vancouver, British Columbia using a Fire-Assay Atomic Absorption Spectroscopy procedure.
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 discovery results and has 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 drilling and underground exploration and development.
Archer Cathro & Associates, a consulting engineering firm offering contract mineral development and exploration services for mining companies will oversee the drilling program on Mount Hinton. Results from the drilling will be published as they are made available and reviewed by Yukon Gold's management team. The Qualified Person supervising this program is R. C. Carne, P. Geo., an independent consultant.
About Yukon Gold
Yukon Gold Corporation, Inc. is an active and progressive public exploration and development company. The Company's main focus is its recently acquired VMS deposit (Marg Property) and its Mount Hinton gold and silver exploration project in the Central Yukon Territory of Canada. These properties lie within the Tombstone Gold Belt, world renowned for the discovery of major gold and base metal deposits. The Company recently listed its shares on the TSX and raised sufficient capital to carry out its 2006 property work programs. Currently, there are approximately 16.3 million of the Company's common shares outstanding.
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.