CORRECTION FROM SOURCE: Tyhee Grants Incentive Stock Options
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 1, 2013) - A Correction from Source is issued with respect to the release issued earlier today at 2:30 pm ET. A sentence has been removed from the end of the second paragraph, and the corrected version follows.
Tyhee Gold Corp. (TSX VENTURE:TDC) ("Tyhee" or the "Company") has granted incentive stock options or share purchase warrants to purchase in aggregate up to 5,850,000 common shares to its directors, officers and employees pursuant to its incentive stock option plan. The options are exercisable on or before February 1, 2018 at a price of $0.10 per share.
About Tyhee Gold: Tyhee 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, 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 (post-tax $115 million) and an internal rate of return of 20% (post-tax 15%) 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.
(1) The mineral reserve estimate for the YGP is shown above 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.
(2) The mineral resource for the YGP shown above was estimated by Jeff Volk, P. Geo. of SRK Consulting (U.S.), Inc. Effective Date of July 1, 2012.
FORWARD LOOKING STATEMENTS: Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information" Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.
Forward-looking statements or information relate to, among other things: resource estimate, grades on the Yellowknife Gold Project; scope of mineralization within the Yellowknife Gold Project; geological interpretations and potential mineral recovery processes.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada or other countries in which the Company may carry on business in the future; the uncertainties involved in interpreting geological data; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks).
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.
FOR FURTHER INFORMATION PLEASE CONTACT:
GT Investor Relations Inc.
C: 416 605-5120
Tyhee Gold Corp.