PLAN OF ARRANGEMENT WITH QUEENSTAKE BECOMES EFFECTIVE Vancouver, BC -- June 21, 2007 -
YGC Resources Ltd. (Toronto Stock Exchange: YGC; Frankfurt Xetra Exchange: ZH6) -- Graham Dickson, the President of Yukon-Nevada Gold Corp. (formerly named YGC Resources Ltd. (the "Company")), is pleased to announce that the Plan of Arrangement with Queenstake Resources Ltd. ("Queenstake") became effective at 12:01 a.m., June 20, 2007.
As announced in the Company's releases dated May 30, 2007 and June 12, 2007, gross proceeds of $64.7 million were closed into escrow from a brokered private placement co-led by Pacific International Securities Inc. and Casimir Capital LP, and including Blackmont Capital Inc. and Wellington West Capital Markets Inc. as agents. An additional $11.5 million was closed into escrow from a non-brokered private placement. As a result of the Plan of Arrangement becoming effective, the Company will be receiving the net proceeds from the $76.2 million gross proceeds held in escrowed.
Subject to filing of all requisite material with the Toronto Stock Exchange ("TSX"), the shares of Queenstake will be de-listed, and the shares of the Company will be called for trading under the symbol "YNG" on a day determined by the TSX.
Shareholders of Queenstake will be receiving a Letter of Transmittal setting out the procedure to be followed in order for them to exchange their certificates representing Queenstake Shares for certificates representing shares of Yukon-Nevada Gold Corp.
The Company will issue a comprehensive news release summarizing the business of the company soon after trading commences.
YGC Resources Ltd.
Graham Dickson, President Tel: (604) 688-9427 Email: graham@ygcr.ca http://www.ygcr.ca