Yankee Hat Announces Start of Drilling and Arrangement of Private Placement

Yankee Hat Minerals Ltd. (TSX VENTURE:KHT) ("Yankee Hat" or the "Company") is
pleased to announce that drilling on the Fran Property will commence Monday
November 29, 2010. The mobilization process has already begun and drilling is on
track for the start of next week. The Fran Property is advantageously positioned
in Central BC, just 30km away from the Mt. Milligan Cu-Au deposit. All weather
road access to the Fran project means cost effective drilling, and significant
infrastructure in the area increases the availability of trades and equipment. 


The program is designed to test both the extension of the known high-grade gold
potential of the project, but also explore previously undrilled areas. Previous
high-grade intersections include holes FR-07-074 at 12.9m of 7.39 g/t Au, and
FR-06-055 at 9.55m of 8.21 g/t Au. 


The drill program has been designed by Yankee Hat's recently appointed Chief
Geologist, Dr. Jean-Philippe Desrocher. Dr. Desrochers has over 17 years of
experience in mineral exploration, including 11 years with Aur Resources. He
holds a PhD in geology from University of Montreal. Dr. Desrochers specializes
in the field of structural geology applied to ore deposits in the search for
Archean lode gold, volcanogenic massive sulfides, porphyry copper, skarn, and
epithermal gold deposits. The actual drilling will be coordinated and managed by
Equity Exploration Consultants Ltd. ("Equity") based out of Vancouver. Equity
has over 22 years of project management experience, and is very familiar with
working in gold exploration in central British Columbia. 


The Board of Directors are also pleased to announce that it will proceed with a
private placement of up to 13,333,333 units (the "Units") at a price of $0.075
per Unit for gross proceeds of up to $1,000,000 (the "Offering"). Each Unit will
consist 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 for a period of 18 months from the closing of the Offering. 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 may pay a finder's fee on the Offering within the maximum amount
permitted by the policies of the TSX Venture Exchange.


Closing of the Offering is subject to a number of conditions, including receipt
of all necessary corporate and regulatory approvals, including the TSX Venture
Exchange. All securities issued in connection with the Offering will be subject
to a statutory hold period of four months plus a day from the date of issuance
in accordance with applicable securities legislation. The proceeds from the
Offering will be used to for Canadian exploration purposes.


Mr. Terence Schorn, P.Geo. is a Qualified Person registered in British Columbia
as defined by NI-43-101 and has reviewed the technical information this press
release contains. 


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.