11/14/2007
Toronto, ON November 14, 2007
FSC / Press Release
HY LAKE GOLD ACQUIRES ADDITIONAL PROPERTY IN RED LAKE, ONTARIO
Toronto, Ontario CANADA, November 14, 2007 /FSC/ - Hy Lake Gold Inc. (CNQ: HYLK, FWB: HYK), ("Hy Lake Gold" and "the Company") is pleased to announce that the Company has finalized an agreement to acquire a 100% interest in a six-claim addition to the Golden Tree Property, in the Ball township / Hammell Lake areas of the Red Lake Mining district. The claims, to be known as the Pipestone Bay Property, total approximately 416 hectares (1028 acres) and are contiguous, west-north-west along strike, with the Company's Mount Jamie Property. This addition increases the Company's property position along the favorable east-west geological trend by 2.5 km giving Hy Lake Gold a total prospective strike length of 10 km in the Red Lake Camp. The west Red Lake Trend is host to three former producing gold mines including the Mount Jamie mine and the Rowan mine.
The Pipestone Bay Property has been acquired from Antony Maciejewski and Martin Bobinski on an agreement substantially similar to the Company's existing agreement with them regarding the Golden Tree Property, as detailed in the news release of 6 March 2007. The addition of the Pipestone Bay Property annex more than triples the Company's interest in the Golden Tree Property and adds 16% to the Company's area of interest in the Red Lake mining district, which now stands at approximately 2943 hectares (7272 acres).
The terms of the agreement with Messrs Maciejewski and Bobinski provide for the issuance of an additional total of 150,000 shares to the optionors over three years and for the reimbursement of their out-of-pocket costs in acquiring the claims. Hy Lake Gold has also undertaken to ensure that sufficient work is performed to keep the claims in good standing. The 3% Net Smelter Return covering the original Golden Tree Property is being extended to cover the additional claims.
Hy Lake Gold further announces that it has granted options to purchase 1,060,000 shares to officers, directors and consultants of the Company, at an exercise price of $1.00 for a period of five years.
Hy Lake Gold is a junior exploration company focused on the gold exploration and development business in the prolific Red Lake mining district of northwestern Ontario, Canada. Hy Lake Gold has assembled four significant property packages on the west Red Lake Trend, totalling approximately 3,000 hectares, and intends to explore these properties both along strike and at depth. To find out more about Hy Lake Gold Inc. (CNQ: HYLK; FRANKFURT: HYK) visit our website at www.hylake.com.
There are 16,685,781 shares of the Company outstanding.
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