New Canadian company from Yuba Natural Res.

San Diego-based Yuba Natural Resources says its board has approved the formation of a new Canadian company called Yuba American Gold.

Yuba is involved in gold dredging operations in alluvial gravels situated next to the Yuba River, about 50 miles north of Sacramento, Calif. These dredging operations are being conducted by Yuba Placer Gold, a joint venture between Yuba Natural and St. Joe Gold Corp.

Chairman of Yuba Natural, Richard T. Silberman, says Yuba Natural will transfer to Yuba American the precious metal rights on 6,000 acres of its 10,000 acre property.

The new Canadian company, Yuba American, is comtemplating a public offering of its securities in Canada, says Mr Silberman.

“Following the offering, Yuba Natural anticipates it will retain a majority of the shares of Yuba American,” he says.