TYHEE GOLD CORP MOVES CLOSER TO PRODUCTION WITH COMPLETION OF THE ENVIRONMENTAL ASSESSMENT REPORT FOR ITS WHOLLY-OWNED YELLOWKNIFE GOLD PROJECT, NWT CANADA.
TSX Venture: TDC
VANCOUVER, May 11 /PRNewswire/ - Tyhee Gold Corp. (TSX Venture, TDC) (the "Company"), a late stage development company, is pleased to announce that it has reached a major milestone by filing its environmental assessment report with the Mackenzie Valley Environmental Impact Review (MVEIRB) in the Northwest Territories.
"The environmental assessment report, referred to as the Developers Assessment Report (DAR) in the Northwest Territories, incorporates the results of detailed studies related to the pre-production, construction, operation and closure phases of the Yellowknife Gold Project and assesses its potential environmental and socio-economic impacts. The DAR follows both biophysical and engineering studies previously completed and submitted to the Mackenzie Valley Land and Water Board (MVLWB) with permit applications in July 2008.
"Tyhee's Developers Assessment Report concludes that any potential impacts related to the development and operation of the Yellowknife Gold Project can be sufficiently managed and minimized by Tyhee NWT Corp (a wholly-owned subsidiary of Tyhee Gold Corp), implementing appropriate mitigation programs during all phases of the Yellowknife Gold Project, including mine closure" said Hugh R. Wilson, Vice President - Environment and Community Affairs, Tyhee NWT Corp.
Dave Webb, President and CEO of Tyhee Gold Corp added "the submission of the DAR is a significant milestone in the overall development of the Yellowknife Gold Project and sets in motion the environmental assessment process within the timelines set out by the MVEIRB. It represents the culmination of baseline studies, data collection, laboratory analyses, heritage, water, air, wildlife, botanical and socio-economic studies, some of which were initiated six years ago, completed by EBA Engineering Consultants Ltd. and incorporating the services of more than a dozen contributing authors. Tyhee has invested over $3 million to complete this study which was filed to support its application to build and operate a 3,000 tpd open pit and underground mine with a conventional mill complex at its Yellowknife Gold Project."
The Yellowknife Gold Project, once built, will be the first new gold mine in the NWT in over 20 years and will generate positive economic benefits for both the NWT and Canada. In addition, the Yellowknife Gold Project will employ about 325 workers during the construction and operational phases of the project and will provide significant business opportunities for northern aboriginal businesses.
The MVEIRB will now carry out a review to ensure that it conforms to their Terms of Reference. After confirming that the DAR conforms to the Terms of Reference, the MVEIRB will distribute the DAR to various government agencies, affected communities and other interested parties for comment.
Following this review by interested parties, the MVEIRB will advise Tyhee of any additional information requests, schedule technical meetings and a pre-hearing conference which will lead to a public hearing that will provide the information that the MVEIRB requires to prepare its report. The MVEIRB report will be forwarded to the Minister of Indian and Northern Affairs for approval. Following Ministerial approval, the Regulatory process to obtain the operating water licence and land use permits will be undertaken by the MVLWB. After the MVLWB public hearings, Tyhee should receive its water licence and land use permits to allow for the construction and operation of the YGP.
"Tyhee NWT Corp personnel look forward to working in a timely manner with the MVEIRB during the environmental assessment process and also with the MVLWB in the following regulatory phase of the process." said Hugh R. Wilson.
Coinciding with the MVEIRB and MVLWB process, Tyhee NWT Corp will be discussing the tailings alternative assessment for the Yellowknife Gold Project with the Department of Fisheries and Oceans and with Environment Canada to gain approval to use Winter Lake as a tailings containment area pursuant to Schedule II of the Metal Mining Effluent Regulations.
"Tyhee NWT Corp personnel will move forward with more detailed discussions with the affected First Nations groups to further enhance their participation in the Yellowknife Gold Project through employment, training and business opportunities. This will benefit the affected First Nations and develop a sustainable source of trained employees and reliable business partners" said Hugh R. Wilson, Vice President- Environment and Community Affairs.
Tyhee Gold Corp. is actively moving its wholly-owned Yellowknife Gold Project towards production with a defined resource of 2 million ounces of gold in its Measured and Indicated categories in part including a Proven and Probable Reserve of over 800,000 ounces of gold. A positive Preliminary Feasibility Study, assuming a gold price of US$950 per ounce has been completed (see www.sedar.com or www.tyhee.com (July 2010). Using more current gold prices (US$1450) the project, as reported in July 2010, has a discounted (5%) NPV of $437 million. Further work on resource and reserve expansion, and mine and mill optimization continues in advance of a Feasibility Study. All gold resources are open for expansion at depth, some are open for expansion along strike, and additional zones continue to be delineated.
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 proposed or anticipated work programs and anticipated timing of permit applications. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements. Factors which may lead the company to not proceed with anticipated work programs or to delay permit applications include factors such as analysis of the exploration results may lead to a determination that further exploration is not warranted, insufficient funding, delays as a result of early or late onset of winter conditions, availability of personnel and equipment to conduct work programs, permit reviews, information requests 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.
SOURCE Tyhee Gold Corp.