TYHEE DEVELOPMENT CORP REPORTS RECEIPT OF PRELIMINARY FEASIBILITY STUDY AND IDENTIFIES NEW PROJECT OPTIONS
VANCOUVER, British Columbia (Tuesday July 6, 2010) -- Tyhee Development Corp. (TSX Venture, TDC) (the “Company”) is pleased to announce the receipt of a Preliminary Feasibility Study (PFS) on the Yellowknife Gold Project.
Tyhee announces it has reviewed a draft copy of a preliminary feasibility study on the Yellowknife Gold Project. Following this review Tyhee and EBA Engineering Consultants Ltd. identified a number of options available to the project that had not previously been considered and that could have material impact on the project. A review of these options and their impact, which is anticipated to improve project economics, will be necessary prior to the release of the preliminary feasibility study. It is expected that the review process will delay the release of the PFS for few weeks while management identifies the best option.
In other news, six diamond drillholes have been completed at Clan Lake. These holes are at various stages of processing and results will be reported as they become available. Mapping and prospecting at Clan Lake has focused on the north eastern margins of the Clan Lake Main Zone and prospecting work will continue to the northeast where additional subparallel gold zones have been identified but are poorly defined.
Tyhee Development Corp. is a gold exploration and development company working to start gold production in the historic Yellowknife Gold Camp, NWT, Canada. It is the largest property holder in this camp and has the largest exploration and development program underway in the region. Its principal asset, the Yellowknife Gold Project includes the Nicholas Lake, Ormsby, Bruce, Goodwin Lake, and Clan Lake Gold Zones. All are located on mineral claims and mining leases 50 to 90 km north of Yellowknife, NWT and are expected to feed a single milling operation. (Note: only Nicholas Lake and Ormsby Zones are being included for permitting purposes).
For further information, please contact:
President and CEO
Envoy Strategic Partners
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements relating to proposed or anticipated work programs and anticipated timing of permit applications. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements. Factors which may lead the company to not proceed with anticipated work programs, construction or development projects and studies, to delay permit applications or delay the delivery of the feasibility study include factors such as analysis of the exploration results may lead to a determination that further exploration or development is not warranted, additional information requirements necessary to complete permit applications and the feasibility study may be delayed by weather and other constraints, insufficient funding, delays as a result of early or late onset of winter conditions, availability of personnel and equipment to conduct work programs, permit reviews, information requests and other factors not within the Company’s control. The factors identified above are not intended to represent a complete list of the factors that could affect the Company. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forwardlooking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company does not undertake to update forward-looking statements, except where required by law. Readers should not place undue reliance on forward-looking statements.