Yorbeau Resources Inc. is a Canadian public company (TSX: YRB.A) involved in gold exploration in Quebec, Canada. Its properties are located in a northwestern area of the province associated with a large number of significant deposits, namely the Cadillac-Larder Lake Break on the famed Abitibi Greenstone Belt. Some 200 million ounces of gold have thus far been mined in the area.
At the present time, Yorbeau is focusing on its Rouyn Property which has demonstrated the most immediate and substantial prospects for discovery of a major gold deposit and eventual mine development. The Rouyn Property straddles the Cadillac-Larder Lake Break for a distance of 12km and contains two well-defined projects, Augmitto and Astoria. These projects benefit from the existence of extensive surface and underground infrastructure representing substantial savings in development cost in the event of commercial production. Existing infrastructure includes, at Augmitto, a 1.2km decline, a 250m production shaft and a ventilation raise, and, at Astoria, a cement-lined production shaft some 500m deep with extensive lateral workings. In addition, there exists a >350,000m historical drill database.
At the present time the Company’s only NI 43-101 compliant resource is at the Astoria mine where 349,100 ounces of gold are in the measured and indicated categories. Historical production at Astoria only amounted to approximately 27,000 ounces and largely took place from 1993 to 1995 when gold prices ranged from US$330 to $400 per ounce. At Augmitto, where there exists only an historical resource, the Company is currently conducting a drilling program with the intention of delivering during the month of June 2011 a resource calculation compliant with NI 43-101.
In the last three years, the Company has made two new gold discoveries on the Rouyn Property at Lake Gamble and Cinderella East and has shown the continuity of the ore hosting structure and rock types over a distance of approximately six kilometres between the Astoria and Augmitto deposits. This exploration work at depths of 200 to 600 meters has been successful in outlining the potential for a further one to two million ounces of gold to a depth of only 600m, with considerable down-dip potential at greater depths along this six kilometre corridor.
In addition, the eastern half of the property, covering another six kilometres of the Cadillac-Larder Lake Break, is only minimally explored and presents further exploration opportunities.
The Company also holds a 2.5% Net Smelter Return Royalty on the Ellison Property where Agnico-Eagle Mines Limited intends to carry out in 2011 an exploration program budgeted at $4.8 million. In 2002 Yorbeau sold the Ellison Property to Agnico-Eagle for consideration consisting of $500,000 paid in cash, and future consideration consisting of a Discovery Bonus of $500,000 payable upon commercial production being achieved on the property, together with the retention of a Net Smelter Return Royalty. This royalty is a sliding scale royalty which is set at 2.5% if the market price of gold as established by the London Bullion Market Association is over US$425 per ounce.
Corporate Profile on Stockhouse
David P. Crevier
Chairman, President & CEO
David lives in Montreal where he is a partner in a law firm focused on business law and intellectual property. David holds degrees in civil and common law from McGill University and has been a member of the Quebec Bar since 1975. He has extensive experience in corporate reorganizations, securities and equity investment, particularly in the area of natural resources. He has served as a director and officer of numerous public companies involved in exploration and development in the mining and oil and gas sectors.