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 ®

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 ® (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 ®.

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.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Yankee Hat Minerals Ltd. David Matousek President 604.697.5790 604.697.0790 (FAX) [e-mail] www.yankeehatminerals.com Investor Cubed Inc. Neil Simon 647.258.3310 or Toll Free: 1.888.258.3323 [e-mail] www.investor3.ca