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.

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.

This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements relating to: the retainer of consultants to prepare the feasibility study; the expected commencement and completion of the feasibility study and concurrent permitting process; the consideration of all measured and indicated mineral resources in the feasibility study; and the potential improvements to the NPV of the Yellowknife Gold Project. Such forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The assumptions made by the Company in preparing the forward looking statements contained in this news release, which may prove to be incorrect, include the specific assumptions set forth in the preliminary feasibility study, assumptions regarding the inclusion of additional resources and the ability to further optimize the mine plan.  Actual results and developments may differ materially from those contemplated by these statements.  Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including insufficient funding, availability of personnel and equipment to conduct work programs, permit reviews, information requests, commodity prices, exchange rates 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 forward-looking 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.

Tyhee's Preliminary Feasibility Study can be found at www.tyhee.com or at www.sedar.com

Table 1.  Resource Table for Yellowknife Gold Project, July 2010 as reported in Preliminary Feasibility Study.

Category Ormsby Zone Nicholas Lake Main Zone Bruce Lake Zone Clan Lake Goodwin Lake Total Resource
Measured            
Tonnes 3,003,000 1,249,000 N/A N/A N/A 4,252,000
Grams Gold per Tonne 3.41 3.81 N/A N/A N/A 3.53
Troy Ounces, Gold 329,000 153,000 N/A  N/A N/A 482,000
Indicated            
Tonnes 7,898,000 1,484,000 791,000 3,021,000 N/A 13,194,000
Grams Gold per Tonne 3.42 3.32 3.31 3.64 N/A 3.45
Troy Ounces, Gold 869,000 158,000 84,000 354,000 N/A 1,465,000
Measured+ Indicated            
Tonnes 10,901,000 2,733,000 791,000 3,021,000 N/A 17,446,000
Grams Gold per Tonne 3.42 3.54 3.31 3.64 N/A 3.47
Troy Ounces, Gold 1,198,000 311,000 84,000 354,000 N/A 1,947,000
Inferred            
Tonnes 223,000 955,000 396,000 N/A 971,000 2,545,000
Grams Gold per Tonne 3.14 3.92 2.76 N/A 2.91 3.29
Troy Ounces, Gold 23,000 120,000 35,000 N/A 91,000 269,000

*Rounded; cutoff grade: Ormsby, Bruce and Clan = 1.25 g/t, Nicholas = 1.1 g/t; as defined in the CIM Definition Standards for Mineral Resources and Mineral Reserves.  L Reggin is the QP within the meaning of NI 43-101 for this resource.


 

SOURCE Tyhee Gold Corp.

For further information:

Tyhee Gold Corp. Envoy Strategic Partners
David Webb, President and CEO Jay Bedard
Tel: 604-681-2877 Tel: 416-977-7778
info@tyhee.com jay@envoystrategicpartners.com

 

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Tyhee Gold Corp.

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