TSX Venture: TDC
VANCOUVER, Oct. 3, 2011 /PRNewswire/ - Tyhee Gold Corp. (TSXV: TDC) ("Tyhee" or the "Company") has, in furtherance of the permitting of the planned first new gold mine and mill operation in the Northwest Territories in over 21 years, hosted representatives from the Yellowknife Dene First Nation (YKDFN) and separately, representatives from the Mackenzie Valley Environmental Impact Review Board (MVEIRB).
Representatives from the YKDFN communities of N'Dilo and Dettah came to site where they met with senior management and toured the proposed development site, which is located on YKDFN traditional lands. This trip was organized to continue to strengthen Tyhee's relationships as part of its ongoing commitment to consult with affected communities. Chief Sangris from Dettah presented Tyhee personnel with the Yellowknives flag, which now proudly flies with the Canadian and NWT flags at the site.
Board members and staff from the MVEIRB visited the site to familiarize themselves with and gain an on-site perspective of the proposed development in conjunction with the environmental assessment process for the project. Tyhee senior staff provided updates to current planning and outlined some of the early findings of the ongoing Feasibility Study which is due to be completed mid-2012. These discussions will continue throughout the environmental assessment and subsequent regulatory phases of the Yellowknife Gold Project.
Hugh R. Wilson, Tyhee's V.P. Environment and Community Affairs stated, "The site visits by the YKDFN and the MVEIRB provided them with an up-to-date look at the Yellowknife Gold Project and a greater understanding of the project's key aboriginal and environmental assessment aspects. Together, we are helping to set a solid foundation for future discussions on how best to develop this important project."
Diamond drilling on the project is expected to be shutdown in October following completion of the planned 3,000 metre summer program (see Tyhee announcement of August 3, 2011.) Assays results, which will be available shortly, will be used to update the resource estimate at Clan Lake and will then be incorporated into the Feasibility Study.
(*SRK Consulting is the lead consultant in the preparation of the Feasibility Study. Knight Piésold Consulting and Lyntek, Inc. are providing support, completing geotechnical, environmental, and engineering design associated with the Tailings Storage Facility and other water related structures, and process design and engineering associated with milling facilities and infrastructure respectively. This study is being managed for Tyhee by Brian Briggs, P.E., Vice President of Engineering and Project Manager. Following completion, and assuming positive results, permits, and licenses, it is Tyhee Gold Corp's intention to immediately move ahead with financing and construction of the Yellowknife Gold Project.)
Tyhee Gold Corp. is a gold development company currently focused on the historic Yellowknife Gold Camp, NWT, Canada. Tyhee is planning to construct and operate a gold mine and mill complex, based upon details presented in its Developers Assessment Report, filed with the MVEIRB in May 2011. A positive Preliminary Feasibility Study completed in 2010 formed the basis of a Feasibility Study, currently in progress. Tyhee's principal asset is the advanced-stage Yellowknife Gold Project located 90 km (56 miles) north of Yellowknife.
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.
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, construction or development projects and studies, to delay permit applications or delay the delivery of the feasibility study include factors such as analysis of the exploration results may lead to a determination that further exploration or development is not warranted, additional information requirements necessary to complete permit applications and the feasibility study may be delayed by weather and other constraints, 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.