Ubika Research provides an update on big Merger & Acquisition at Hy Lake's neighbour at Red Lake District
TORONTO, Canada - Ubika Research has provided an update on big M&A at Hy Lake's neighbour at Red Lake District. On Thursday, July 31, 2008, Goldcorp (G:TSX) offered C$1.47 billion for Gold Eagle Mines (GEA: TSX) to pick up the Bruce Channel gold discovery, an exploration project next to Goldcorp's flagship Red Lake operations. Ubika Research considers this M&A activity SIGNIFICANTLY POSITIVE for Hy Lake as it brings into focus the continued potential of this region.

Ubika first highlighted Hy Lake's enormous potential in a detailed report (Hy Lake Gold Inc: A Promising Exploration Company in Canada's Prolific Red Lake area, dated May 15, 2008) available for FREE download at initiated coverage on Hy Lake Gold Inc. (CNQ: HYLK, Frankfurt: HYK) in a report, "Initiating Coverage: A promising exploration company in Canada's prolific Red Lake Area" (May 16, 2008). Given its 12-km long contiguous properties in core Red Lake area, Ubika Research considers HYLK to be an exciting 'pure' Red Lake gold play. Also, its close working relationship with Goldcorp Inc (GG:TSX), a Red Lake veteran, bodes well for the company. HYLK is rated Speculative Buy by Ubika Research, with a 12-month target of C$ 0.81.

Download the free report at http://www.ubikaresearch.com/report/hy_lake.aspx

About Hy Lake Gold Inc. Hy Lake Gold Inc. is a junior gold exploration veteran in Northern Ontario's Red Lake mining district, whose goal is to find high potential gold properties with a high level of gold mineralization.

About Ubika Research Ubika Research is an issuer paid equity research firm based in Toronto and Vancouver. It provides investors with objective and independent research on under-researched micro and small cap companies. For more information visit www.ubikaresearch.com

Disclosure Except for the historical information presented herein, matters discussed in this document contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements.

Ubika Research, a division of Ubika Corporation, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this report. For making specific investment decisions, readers should seek their own advice. For full disclosure please visit http://www.ubikaresearch.com/report/hy_lake.aspx