TYHEE FILES NI 43-101 REPORT ON GOLD RESOURCE FOR YELLOWKNIFE GOLD PROJECT, NWT CANADA
VANCOUVER, British Columbia (Wednesday, December 23, 2009)-- Tyhee Development Corp. (TSX Venture, TDC) (the “Company”) has filed an NI 43-101 compliant report entitled “Report on the Resource Estimate of the Yellowknife Gold Project” by V. Pratico, December 23, 2009.
The report discloses a total Measured and Indicated Resource for the wholly owned Yellowknife Gold Project of 1.95 million ounces of gold in 17.5 million tonnes grading 3.47 gpt and an Inferred Resource of 269,000 ounces of gold in 2.5 million tonnes grading 3.29 gpt.
This represents a 100,000 ounce increase in resources on the Clan Lake Zone which was developed with less than $500,000 in expenditures. Dave Webb, President & CEO, stated “We are very pleased with the results from our summer and fall exploration program on Clan Lake. The development of 100,000 ounces at a cost of less than $5 per ounce supports our belief in and commitment to the Clan Lake Zone and the development of the Yellowknife Gold Project”. Only one half of the known strike length has been drilled to date and the Company is scheduled to restart the three diamond drills on the property in January with proceeds from their recent financing.
Progress is continuing to being made on the Preliminary Feasibility Study and the results should be available within six months. Permitting work is progressing with completion of our Developer’s Assessment Report to be completed within six months.
Tyhee Development Corp. is a gold exploration and development company working 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 is the Yellowknife Gold Project which includes the Nicholas Lake, Ormsby, Goodwin Lake (13 km south of the Ormsby Zone), and the Clan Lake Zones (27 km south of the Ormsby Zone). All are centrally located on mineral claims and mining leases 50 to 90 km north of Yellowknife, NWT. (Note: only Nicholas Lake and Ormsby Zones are been included for permitting purposes).
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President and CEO
Envoy Strategic Partners
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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.