Yankee Hat Minerals Ltd. Update

Yankee Hat Minerals Ltd. (TSX VENTURE:KHT) - 

Changes to Board of Directors and Management

On November 1, 2012 David Matousek resigned as President and on the same date P.
Bradley Kitchen consented to act as President of Yankee Hat. On December 3,
2012, Jason Scharfe and Terence Schorn resigned as directors of the Company and
Cale Thomas resigned as Chief Financial Officer.


Cease Trade Order

The Company was cease traded by the British Columbia Securities Commission on
December 7, 2012 for failing to file its audited financial statements for the
year ended July 31, 2012. The Company was unable to complete the audited
financial statements due to a lack of working capital to pay its auditors, BDO
Canada LLP. The Company is currently trying to arrange a financing in order to
complete the audit. The Company will keep its shareholders apprised of its
progress in doing so.


Settlement with Manto Resources Ltd.

Yankee Hat is pleased announce that it has formalized its previously announced
settlement with Manto Resources Ltd. ("Manto") and various other parties in
respect of its proceedings in the Supreme Court of British Columbia over the
Fran mineral claims. Pursuant to the settlement, Yankee Hat agreed, among other
things, to assign to Manto all of its interest, as optionee, in an option
agreement in respect of certain Fran claims entered into by Yankee Hat on March
31, 2004 and all of its interest in its other Fran claims. Yankee Hat will focus
its efforts on its other mineral property, namely the option it holds in the
Lancer property in the Yukon Territory.


About Yankee Hat Minerals Ltd.

Yankee Hat is a mineral exploration company based in British Columbia, Canada.
Yankee Hat welcomes the news of the settlement and looks forward to focusing its
efforts on managing its exploration operations with a view to growth and
expansion.


ON BEHALF OF THE BOARD OF DIRECTORS

P. Bradley Kitchen, CEO and Director

FOR FURTHER INFORMATION PLEASE CONTACT: 
Yankee Hat Minerals Ltd.
Brad Kitchen
604.697.5790
[e-mail]
www.yankeehatminerals.com