TSX Venture: TDC
VANCOUVER, June 11 /CNW/ - Tyhee Development Corp. (TSX Venture, TDC)
(the "Company") has purchased a 100% interest in 5 mining leases (Oro Lake
Property) covering 338 acres adjacent to its BigSky Property, from Norwest
Explorers Ltd, an arms-length company.
"The opportunity to purchase the property adjoining BigSky was too good
to pass up", said Tyhee's President and CEO, David Webb. "We will fully
investigate Oro Lake's potential in conjunction with the work being carried
out on the BigSky property. We continue to add to our position as the dominant
property holder in the Yellowknife gold camp".
Tyhee paid Norwest Explorers Ltd (Norwest) $20,000 as a one time payment
for a 100% interest in the leases. Tyhee will return the mining leases to
Norwest if Tyhee:
a) no longer wishes to retain the mining leases or
b) fails to expend $100,000 on the leases within 5 years of the date of
the agreement for the purchase of the leases.
Oro Lake Property
The Oro Lake Property was worked in the 1930's and 1940's, and drilled by
Lynx Yellowknife Gold Mines in 1944, resulting in the discovery of a
gold-bearing shear zone transecting Kam Group volcanic rocks. Narrow
high-grade gold mineralization has been defined in several places along the
shear zone from historic work including drillholes which returned values
including 208.1 grams per tonne (gpt) gold over 0.6 metres (m) in ddh 19,
27.75 gpt gold over 1.8 m in ddh 23, and 9.92 gpt over 0.8 m in ddh 52 (Mason,
J.D., 1975: Lynx Yellowknife Gold Mines., Oro Lake Area, NWT). These are
historic assay results and cannot be verified. They are reported because the
Company believes they are reliable, and identify a potential exploration
target to guide additional work.
The mineralized structure extends onto Tyhee's BigSky Property, and is
located 6.5 km south of our southern-most drillholes in our current drill
program. Tyhee intends to confirm the nature of and to extend the previous
work completed on the Oro Lake Property.
Tyhee is currently operating two of the three drills on its properties,
with operations at Nicholas Lake and Clan Lake. Mineralization at Nicholas
Lake is open to the east at depth, and the current drill program is designed
to test for extensions or close the mineralization off in this direction. The
Clan Lake drill program is designed to test for extensions of the Main Zone,
along strike and to depth.
The third drill is on stand-by pending results from the current holes.
Additional holes are planned for the Goodwin Lake Property utilizing the
Nicholas Lake drill rig and crews.
Surface programs are underway with geological crews prospecting on
BigSky. Crews will move to Clan and Goodwin Lakes later this summer. The
surface program will in part be guided by a 2,400 line km airborne geophysical
survey to be flown in June, 2008.
About Tyhee Development Corp.
Tyhee Development Corp. is a gold exploration and development company
currently focused on the historic Yellowknife Gold Camp, NWT, Canada. It is
the largest property holder in the historic camp, and has the largest
exploration and development program underway in the region. Its principal
asset is the advanced-stage Yellowknife Gold Project, which consists of
6,625 hectares (15,481 acres) of mining leases located 90 km (56 miles) north
of Yellowknife, NWT, Canada. The Company is completing a Preliminary
Assessment on the Yellowknife Gold Project with the results anticipated to be
received by the end of June 2008. Three additional gold properties have been
acquired within the Yellowknife Gold Belt and further acquisitions are being
considered. Exploration on these properties is focused on three different
deposit types, including large-tonnage breccia-hosted (Ormsby-style), large
tonnage granite-hosted, and high-grade shear zone-hosted (Con/Giant-style)
Dr. D.R. Webb, P.Geol., the designated QP within the meaning of
NI 43-101, has reviewed this release and approves of its content.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
Tyhee's shares trade on the TSX Venture Exchange under the symbol "TDC".
For additional information, please visit the Company's website, www.tyhee.com.
For further information:
For further information: Tyhee Development Corp., David Webb, President
and CEO, Tel: (604) 681-2877, toll free 1-866-681-2877, email@example.com