TYHEE ANNOUNCES DIAMOND DRILLING HAS COMMENCED AT CLAN LAKE, YELLOWKNIFE GOLD PROJECT, NWT, CANADA
VANCOUVER, British Columbia (Monday, November 29, 2010) - Tyhee Development Corp. (TSX Venture, TDC) (the “Company”) announces drill crews were mobilized to Tyhee’s Clan Lake Camp on Thursday, November 18th and drilling commenced on Saturday November 20th. The first holes, CL170 and CL171 were completed at target depth of 247m and 233m respectively on the Spud Zone, and the third hole CL172 is in progress. Tyhee anticipates completing around 1,500 metres on the Spud Zone before temporarily shutting down for Christmas, and then restarting after the New Year.
Dave Webb reports “Tyhee now has two fully winterized camps, one on either end of its wholly owned Yellowknife Gold Project, and can work year round. Operations at Clan Lake are made easier by virtue of being located only 28 km north of the hydroelectric power plant at Bluefish Lake, and a short 15 minute flight from Yellowknife’s airport.”
Tyhee is now fully financed and plans to drill test some recent discoveries adjacent to the Clan Lake Main Zone, which hosts part of the 1.95 million ounce Measured and Indicated gold Resource defined for the project (see NR S.11, R.11, July 22, 2010). Targets to be assessed in this program include the Spud, Bear and Morel Zones, as well as northern and southern extensions of the Main Zone. Additional drilling on the north-end of the Ormsby and deeper Nicholas Lake Main Zones are being planned for 2011.
Tyhee is also completing its environmental assessment report for the Yellowknife Gold Project, (Developer’s Assessment Report or DAR), and anticipates submitting this early in the second quarter of 2011. Additional engineering studies are ongoing and will form part of a Feasibility Study, the timing of which will be determined later.
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 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.
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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.