Tyhee Gold Corp. (“Tyhee” or “the Company”) (TSX-Venture: TDC) is focused on developing the first gold mine on its flagship Yellowknife Gold Project ("YPG") in Canada's Northwest Territories. The project is located in the same prolific Archaen Greenstone Belt as the renowned world class "Con-Giant" deposit, which produced a combined 14 million ounces of gold.
Tyhee is led by a veteran, project-driven, management team committed to aggressively advancing a permitting and development path targeted to enable mine construction to begin in 2014.
An independent Feasibility Study ("FS")* has been completed (August 2012), which estimated that, at a base-case gold price of US$1,400 per ounce and a projected 4,000 tonnes-per-day processing plant comprised of a conventional gravity-flotation-cyanide process and incorporating open-pit and underground mining methods on the Ormsby, Bruce Lake, Clan Lake and Nicholas Lake deposits, the YGP is estimated to return a pre-tax net present value (NPV) at a 5% discount rate of approximately $216 million ($115 million post-tax) and an internal rate of return of 20% (15% post-tax) based on initial estimated capital cost of $193 million (including a 10% contingency.)
The study also estimated Proven and Probable mineral reserves(1) for the YGP at 20,433,000 tonnes at an average grade of 2.03 grams per tonne (“g/t”) gold, containing 1,334,000 ounces of gold, resulting in a mine-life of approximately 15 years. Tyhee’s technical team has identified six separate gold deposits in the YGP, including Ormsby, Bruce Lake, Clan Lake, Nicholas Lake and Goodwin Lake. These areas have a combined Measured and Indicated resource(2) estimated to total 1,715,000 ounces of gold contained in 27,115,000 tonnes at an average grade of 1.97 g/t, and Inferred resources of 487,000 ounces of gold contained in 5,774,000 tonnes at 2.62 g/t.
The Company is also actively engaged with local residents and regulatory authorities to ensure the project's proper integration with both nearby communities and the environment. Overall, Tyhee’s management is committed to applying a culture of corporate, social and environmental consciousness to the benefit of all of its stakeholders.
*The FS has been prepared based on technical and economic input by a team of consultants consisting of SRK Consulting (U.S.), Inc., (SRK), Lyntek Incorporated (Lyntek) and Knight Piésold and Co. (KP) and EBA (collectively referred to as the Consultants). National Instrument 43-101 compliant.
(1) The mineral reserve estimate for the YGP is shown below and was calculated by Bret C Swanson BE (Min), Principal Consultant, of SRK Consulting (U.S.), Inc. Effective Date of July 1, 2012. Reserves are inclusive of mineral resources.
April 2, 2013
April 2, 2013
Suite 401 - 675 West Hastings Street
Vancouver, British Columbia V6B 1N2 Canada
Telephone: (604) 681-2877
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