TYHEE STARTS FEASIBILITY STUDY ON ITS WHOLLY-OWNED YELLOWKNIFE GOLD PROJECT, NWT CANADA
VANCOUVER, June 27, 2011 /CNW/ - Tyhee Gold Corp. (TSXV: TDC) (the "Company"), a late stage development company, is pleased to announce that the board of directors has approved management’s recommendation for a Feasibility Study on the Yellowknife Gold Project. In addition to the recent hiring of Mr. Brian Briggs as Vice President Engineering and Project Manager, the company is in final contract negotiations with several reputable international consulting firms and agreements are expected to be signed within the next few weeks.
The Feasibility Study will start upon final contract signing and is expected to incorporate all current measured and indicated resource targets contained on the Yellowknife Gold Project. It will be managed by Mr. Brian Briggs P.E., and will build on the results and recommendations of the Preliminary Feasibility Study completed in July 2010.
“The Preliminary Feasibility Study only considered approximately 1.4 million ounces of gold from the Measured and Indicated Resources, whereas the Feasibility Study will consider the entire 1.9 million ounce Measured and Indicated Resource (17.45 million tonnes grading 3.47 grams per tonne gold), plus any additional resources resulting from our recently completed winter diamond drilling program” reports Dave R. Webb, President & CEO. “Our Preliminary Feasibility Study gave us a positive discounted net present value (NPV) using a portion of our gold resource, which, using today’s two year trailing monthly average gold price of US$1,206 is greater than US$250 million.
Dr. Webb also noted that, “Additional improvements to the NPV of the project could be made by incorporating all of our Measured and Indicated Resource and a more aggressive mine plan in addition to other optimizations highlighted by Tyhee’s management and engineering consultants.”
Tyhee Gold Corp. is actively moving its wholly-owned Yellowknife Gold Project towards production. A full environmental assessment report was submitted to the regulatory authorities on May 11, 2011 as part of the process to permit the construction and operation of a 3,000 tonne per day mine and mill complex. The review process of the environmental assessment report is expected to take an additional ten months and conclude concurrently with the Feasibility Study.
For further information, please contact:
Envoy Strategic Partners
President and CEO
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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.