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Hy Lake Gold (CNSX: HYL) Option Agreement with Rubicon Minerals (TSX: RMX)by Ubika Research on Nov 30, 2010
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On Tuesday, November 29th, Hy Lake Gold Inc. (CNSX: HYL, Frankfurt: HYK) announced that the Company has entered into a Purchase Option Agreement with Rubicon Minerals Corporation of Vancouver, B.C. for additional property claims. This property adds to the four-claim South Jamie property currently under purchase option from Rubicon and helps the company to consolidate its land position around the South Jamie property.
Mr Vadim Galkin, Hy Lake Gold’s Vice President, Exploration, believes that the acquisition of this property is very important for Hy Lake from an exploration standpoint. He commented that to the south it borders the untested area between the West Red Lake Zone and Rowan Main Zone and has potential for vein type gold mineralization extension to the north. Furthermore, he believes that the historical geophysical data also looks very encouraging.
Hy Lake Gold Inc. is a junior gold exploration company with an excellent property package in the famous Red Lake gold mining camp in Northern Ontario, home to Goldcorp Inc. (TSX: G) and many promising junior mining companies such as Rubicon Minerals Corp. (TSX: RMX) and Claude Resources Inc. (TSX: CRJ).
Hy Lake has a strong working relationship with Goldcorp. This arises from the joint option with Goldcorp on the Rowan property. Very few junior gold companies can claim to have an earned option to become an operator on a highly prospective Red Lake property with Goldcorp being the joint venture partner. We believe that Hy Lake’s relationship with Goldcorp can be very conducive for future exploration and development.
Ubika Research initiated coverage on the company on May 2008 and has provided regular updates, the latest on November 3, 2010. All of our Hy Lake Gold research is available
at www.smallcappower.com/microsite/...d_inc_research_reports.html
Ubika Research believes that Hy Lake is moving ahead with its plan to find opportunities to acquire land claims strategic to its current positioning within the Red Lake district. The current acquisition of land claims will help the company in improving the exploration potential and will potentially allow more and better targets to drills.
For investors looking for the next line of promising juniors, Hy Lake Gold Inc. presents strong opportunity. Relative to its peers in the region and based on the current gold resource deposit, the company is undervalued. Hy Lake has been making steady progress over the last one year and has taken several necessary steps to reorganize its operations and now has a clear path towards sustained growth. It recently announced some encouraging drill results at the Rowan property. It has also made significant progress towards moving to the Toronto Venture Stock Exchange (TSXV). A move to TSXV will likely improve the liquidity in the stock and will help the company in exposing the investment potential to a wider investor base. and has filed
Ubika Research believes that the largest gold producers are seeking to replace their depleting reserves. The historic Red Lake gold camp is primed for more M&A activity. The Red Lake Mining District is the backyard of Goldcorp, which has a history of acquiring high potential junior gold exploration companies. Hy Lake’s strategic property package and its exploration potential can be a big attraction for big producers like Goldcorp.
We will watch the recent developments related to Hy Lake’s exploration activities and its plans to move to the Toronto Venture Exchange and will update our visitors on interesting developments.
Ubika Research had initiated research coverage on Hy lake Gold Inc. (CNSX HYL) on May 20, 2008. Visitors can access research reports on Hy Lake Gold Inc. on its Company Hub HERE.
Ubika Research has reports on over 45 interesting junior resource companies available at smallcappower.com. The Ubika Research “Resource Stock of the Week” series has outperformed the TSX Venture Index by 27% (as of Oct 31, 2010).
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