Yankee Hat Announces Closing of Private Placement With the MineralFields Group

Yankee Hat Minerals Ltd. ("Yankee Hat" or the "Company") (TSX VENTURE:KHT) is
pleased to announce that it has closed a private placement previously announced
November 25, 2010. The Company will issue 13,333,333 units (the "Units") at a
price of $0.075 per Unit for gross proceeds of $1,000,000 (the "Offering"). Each
Unit consists of one common share in the capital of the Company which will be
designated as a flow-through common share pursuant to the Income Tax Act
(Canada) (a "FT Share") and one-half of one common share purchase warrant (a
"Warrant"). Each whole Warrant will entitle the holder thereof to purchase one
common share in the capital of the Company (a "Share") at a price of $0.12 per
Share until June 3, 2012. The Company will renounce an amount equal to the gross
proceeds derived from the sale of the Units to the purchasers thereof in
accordance with the provisions of the Income Tax Act (Canada).


The Company will pay Limited Market Dealer Inc. ("LMD") a cash commission equal
to 5% of the proceeds of the sale of Units by LMD (being $47,500) and will issue
to LMD such number of finder's compensation options (the "Finder's Options") as
is equal to 9% of the number of Units sold by LMD in the Offering (being
1,139,999 Finder's Options). Each Agent's Option will entitle LMD to purchase a
unit (an "Agent's Unit") at an exercise price of $0.10 per Agent's Unit until
June 3, 2012. Each Agent's Unit is comprised of one Share and one half of a
non-transferable share purchase warrant (an "Agent's Warrant"). Each whole
Agent's Warrant will entitle the holder thereof to purchase one additional Share
at the price of $0.12 until June 3, 2012. 


All securities issued in the closing of the Offering will be subject to a hold
period which expires April 4, 2012. The proceeds from the Offering will be used
to for Canadian exploration purposes.


"We are very pleased to be entering into this relationship with MineralFields
Group," said P. Bradley Kitchen, Chief Executive Officer. "This is an important
milestone in the growth of Yankee Hat Minerals Ltd. and we look forward to
working with MineralFields Group as we develop the Fran Property in central
British Columbia."


About MineralFields, Pathway and First Canadian Securities (R)

MineralFields Group (a division of Pathway Asset Management), based in Toronto,
Vancouver, Montreal and Calgary, is a mining fund with significant assets under
administration that offers its tax-advantaged super flow-through limited
partnerships to investors throughout Canada as well as hard-dollar resource
limited partnerships to investors throughout the world. Pathway Asset Management
also specializes in the manufacturing and distribution of structured products
and mutual funds (including the Pathway Multi Series Fund Inc. corporate-class
mutual fund series). Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities (R) (a division of Limited
Market Dealer Inc.) is active in leading resource financings (both flow-through
and hard dollar PIPE financings) on competitive, effective and service-friendly
terms, and offers investment banking, mergers and acquisitions, and mining
industry consulting, services to resource companies. MineralFields and Pathway
have financed several hundred mining and oil and gas exploration companies to
date through First Canadian Securities (R).


About Yankee Hat Minerals Ltd.

Yankee Hat Minerals Ltd. is a publicly held resource company that utilizes its
management's expertise in mineral exploration and evaluation, and financial
acumen, to identify, acquire, and develop mineral prospects in mining friendly
jurisdictions with the potential to host large-scale discoveries. The company
strategically focuses on commodities that have strong underlying price
fundamentals such as gold and precious metals, rare earth elements and tungsten.
The Company's website at www.yankeehatminerals.com and public filings at
www.sedar.com provide additional information on its projects and other
information with respect to its management and operations. 


ON BEHALF OF THE BOARD

P. Bradley Kitchen, Chief Executive Officer

This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.


FORWARD LOOKING STATEMENTS: This press release contains forward-looking
statements. Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions "will",
"would", "may", "could" or "should" occur. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance
and actual results may differ materially from those in forward looking
statements. Forward-looking statements are based on the beliefs, estimates and
opinions of the Company's management on the date such statements were made. The
Company expressly disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future events
or otherwise.