VANCOUVER, Feb. 12, 2013 /CNW/ - Yellowhead Mining Inc. ("Yellowhead" or the "Company") (TSX: YMI)
(OTCQX: YHMGF) is pleased to report that Evercore Group L.L.C. ("Evercore" or
"Evercore Partners") of New York has been engaged by the Company to
provide financing advisory services and assist in evaluating strategic
and financing alternatives in connection with the Company's Harper
Creek Project (the "Strategic Partnering Process").
Mr. T. Greg Hawkins, Chairman of the Board and Interim Chief Executive
Officer stated: "We are privileged to work with Evercore's mining team
on a formal global project partnering process for our Harper Creek
Project. We believe that Harper Creek is a robust, large scale copper
project located in a politically desirable investment location. We are
confident that together Yellowhead and this top-tier, international,
independent financial advisor will achieve the best possible outcome
for Harper Creek."
Evercore Partners is a leading independent investment banking advisory
firm. Evercore's Investment Banking business advises its clients on
mergers, acquisitions, divestitures, restructurings, financings, public
offerings, private placements and other strategic transactions and also
provides institutional investors with high quality research, sales and
trading execution that is free of the conflicts created by proprietary
activities. Evercore's Investment Management business comprises wealth
management, institutional asset management and private equity
investing. Evercore serves a diverse set of clients around the world
from its offices in New York, Boston, Chicago, Minneapolis, Houston,
Los Angeles, San Francisco, Washington D.C., Toronto, London, Aberdeen,
Scotland, Mexico City and Monterrey, Mexico, Hong Kong and Rio de
Janeiro and São Paulo, Brazil. More information about Evercore can be
found on the Company's website at www.evercore.com.
The Company cautions shareholders that there is no assurance that the
engagement of Evercore will result in any specific strategic or
financial transaction and no timetable has been set for the completion
of any specific transaction. The Company will keep shareholders updated
on the Strategic Partnering Process and any material developments.
About Yellowhead Mining Inc.
Yellowhead's Harper Creek Project is a copper-gold-silver volcanogenic
sulphide deposit located in south-central British Columbia,
approximately 150 kilometers by highway north of Kamloops. The
Company's development strategy is to engineer, permit, finance,
construct and operate the project.
The Company's amended Feasibility Study, dated January 25, 2013 with an
effective date of March 29, 2012 (and available for review on SEDAR and
Yellowhead's website) demonstrated a 28 year project life at a milling
rate of 70,000 tpd (25.55Mt/y). The project as designed is expected to
produce a total of 3.63 billion pounds of copper, 372,000 ounces of
gold and 14 million ounces of silver contained in concentrate.
At a 0.14% Cu cutoff, Proven Reserves are estimated at 401.18Mt @
0.272% Cu, 0.031g/t Au and 1.15g/t Ag; Probable Reserves 303.22Mt @
0.248% Cu, 0.027g/t Au and 1.13g/t for a total Proven and Probable
Reserve of 704.4Mt @ 0.262% Cu, 0.029g/t Au and 1.14g/t Ag.
The Feasibility Study is based on an updated resource. At a 0.20% Cu
cutoff Measured Resources are estimated at 348.5Mt at 0.31 % Cu,
0.034g/t Au, 1.3g/t Ag; Indicated Resources at 466.5Mt at 0.28% Cu,
0.03g/t Au, 1.3g/t Ag for a total Measured and Indicated Resource of
815Mt at 0.29% Cu, 0.032g/t Au and 1.3g/t Ag (5.26 billion pounds of
copper contained). A further 80.17Mt at 0.30% Cu, 0.033g/t Au, and
1.4g/t Ag are estimated in the Inferred Resource category (0.53 billion
pounds of copper contained) and are reported as waste in the mine
production schedule until they can be upgraded by additional infill
Yellowhead has a 100% interest in the Harper Creek Project (subject to
the payment of a 3% NSR royalty capped at $2.5 million, adjusted for
inflation and an additional 2.5% NSR royalty on an estimated 1.5 Mt of
ore which is expected to be mined beginning in year 16 of the
Feasibility Study mine plan).
T. Gregory Hawkins, Interim Chief Executive Officer of the Company and a
Qualified Person under NI 43-101, has reviewed and approved the
technical content of this press release.
Forward Looking Statements
Except for statements of historical fact, this news release contains
certain "forward-looking information" within the meaning of applicable
securities laws. Forward-looking information is frequently
characterized by words such as "plan", "expect", "project", "intend",
"believe", "anticipate", "estimate" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are subject to a
variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those anticipated in
the forward-looking statements, including, among others, the accuracy
of mineral grades and related assumptions, inherent operating risks,
planned expenditures, proposed exploration and development at the
Harper Creek Project, operating and economic aspects of the Harper
Creek Project, as well as those risk factors identified in the
Company's Annual Information Form filed under the Company's SEDAR
profile. Yellowhead undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions
should change except as required by law. The reader is cautioned not to
place undue reliance on forward-looking statements. More detailed
information about potential factors that could affect projected results
is included in the documents filed from time to time with the Canadian
securities regulatory authorities by Yellowhead.
This news release includes disclosure of scientific and technical
information, as well as information in relation to the calculation of
mineral resources and reserves, with respect to the Harper Creek
Project. Yellowhead's disclosure of mineral resource and reserve
information is governed by National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101") under the guidelines set
out in the Canadian Institute of Mining, Metallurgy and Petroleum (the
"CIM") Standards on Mineral Resources and Mineral Reserves, adopted by
the CIM Council, as may be amended from time to time by the CIM ("CIM
Standards"). There can be no assurance that mineral resources will
ultimately be converted into mineral reserves. Mineral resources are
not mineral reserves and do not have demonstrated economic viability.
This news release uses the terms "measured", "indicated" and "inferred"
resources. U.S. persons are advised that while such terms are
recognized and required by Canadian regulations, the U.S. Securities
and Exchange Commission does not recognize them. "Inferred Resources"
have a great amount of uncertainty as to their existence and as to
their economic and legal feasibility. It cannot be assumed that all or
any part of an inferred resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred resources may not
form the basis of feasibility or other economic studies. U.S. persons
are cautioned not to assume that all or any part of measured or
indicated resources will ever be converted into reserves. U.S. persons
are also cautioned not to assume that all or any part of an inferred
mineral resource exists, or is economically or legally mineable.
SOURCE: Yellowhead Mining Inc.
For further information:
Ronald Handford, Executive Vice President, Corporate Development
604.681.1709 Ext. 204