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Publish Date : 29-Jun-2013

Yorbeau Resources Inc. (the "Company" or "Yorbeau") is pleased to announce that the option and joint venture agreement with Gold Fields Sudbury Exploration Corp., a 100% indirect subsidiary of Gold Fields Limited ("Gold Fields"), commenced on June 26, 2013. As announced on May 22, 2013, Yorbeau and Gold Fields entered into an agreement relating to the Rouyn Property subject to various conditions, including completion by Gold Fields of its due diligence investigation. Gold Fields has advised Yorbeau that it has completed the due diligence investigation and that all conditions under the agreement have now been satisfied with an effective Commencement Date under the agreement of June 26, 2013.

As previously announced, Gold Fields has the option to earn a 51% interest in the Company's 100% held Rouyn Property ("Property") in Quebec, Canada. In order to exercise the option and vest the 51% interest, Gold Fields is required to fund $19 million in exploration and development expenditures, which includes a cash pre-payment of $1 million to Yorbeau in respect of services and equipment to be provided to Gold Fields by the Company. Gold Fields is also required to participate in three private placements for securities of Yorbeau with the cost ranging from at least $3 million up to a maximum of $6 million. Upon vesting a 51% interest in the Property, Gold Fields has a further option to increase its interest to 70% by spending an additional $15 million over three years after the initial term.

In recognition of the value of the infrastructure currently existing on the Property, the agreement also requires Gold Fields to provide the Company with a credit of $40 million in lieu of Yorbeau's future contributions to the joint venture.

The 51% option has various milestones over a period of 4.5 years from the Commencement Date, which may be accelerated at the option of Gold Fields. These milestones include a firm commitment by Gold Fields to spend $4 million within the first 18 months with additional expenditures to be incurred at the rate of $5 million per annum for an aggregate expenditure of $19 million. The $4 million commitment includes a cash pre-payment of $1 million to be paid in two equal instalments; the first on Commencement Date and the second nine months later.

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