/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMENATION IN THE UNITED STATES/
Release: Series 11 Release 4
TSX Venture: TDC
VANCOUVER, Feb. 25 /CNW/ - Tyhee Development Corp. (TSX Venture, TDC) (the "Company") has closed on 4,830,000 units of the 21,030,000 unit financing announced on February 16, 2010. One million of these warrants had been exercised earlier and were not available to participate in the financing. In this closing 4,830,000 units were subscribed for and $724,500 was received. 4,830,000 warrants, exercisable at $0.15, were submitted for cancellation. A total of 4,830,000 shares and 2,415,000 warrants exercisable at $0.25 anytime prior to July 15, 2011 have been issued. All securities are subject to a four month hold. Funds from the private placement will be used for further exploration and development of the Company's advanced-stage Yellowknife Gold Project and for general corporate purposes.
Tyhee currently has three diamond drills on its Yellowknife Gold Project, two operating on the Clan Lake Main Zone, and one operating on the Ormsby Zone. "These funds, together with those raised in December 2009 will enable Tyhee to continue to advance its Yellowknife Gold Project." reports Dave Webb, President & CEO. "Tyhee has completed the first six of the current 33 drillhole program at Clan Lake. Tyhee has an indicated resource of 354,000 ounces at the Clan Lake Main Zone. The drill core is currently being processed and the first assays should be received by mid March. Additionally, two more drillholes are planned at the Ormsby Zone."
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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. (Note: only Nicholas Lake and Ormsby Zones are been included for permitting purposes).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Tyhee Gold Corp.
For further information: For further information: Tyhee Development Corp.: David Webb, President and CEO, Tel: (604) 681-2877, firstname.lastname@example.org; Envoy Strategic Partners: Jay Bedard, Tel: (416) 977-7778, email@example.com