Tyhee Grants Incentive Stock Options
VANCOVUER, BRITISH COLUMBIA -- (Marketwired) -- 06/06/13 -- Tyhee Gold Corp. (TSX VENTURE: TDC) (the "Company") announces that it has granted incentive stock options to purchase an aggregate of up to 1,000,000 common shares to one of its directors pursuant to the Company's incentive stock option plan. The options granted are exercisable on or before June 4, 2018 at a price of $0.10 per share.
About Tyhee Gold: Tyhee is led by a veteran, project-driven, management team committed to aggressively advancing a permitting and development path targeted to enable construction beginning in 2014 of a new gold mine near Yellowknife in Canada's Northwest Territories. This objective is supported by the independent National Instrument 43-101-compliant Feasibility Study ("FS") entitled "NI 43-101 Technical Report, Yellowknife Gold Project Feasibility Study, Northwest Territories, Canada," dated October 1, 2012. This FS provided the economic and technical framework supporting an operation that would produce approximately 100,000 ounces ("oz.") of gold per year during the first eight full years of production. The study used a base-case gold price of US$1,400/oz. and a projected 4,000 tonnes-per-day processing plant comprised of a conventional recovery circuit (gravity-flotation-CIL). Approximately 75% of the reserves are contained in the Ormsby open pit with the remainder coming from Nicholas Lake, Ormsby Underground, Bruce Pit and a small amount of reserves from Clan Lake also.
According to the study's authors - SRK Consulting, Knight Piesold and Lyntek Inc. out of their Denver, Colorado offices - this project is estimated to return a pre-tax net present value at a 5% discount rate of approximately $216 million (post tax: $115 million) and an internal rate of return of 20% (post tax: 15%) based on an initial estimated capital cost of $193 million (including a 10% contingency and, as noted, a $1400/oz gold price.)
The Company'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.
Contacts:
GT Investor Relations Inc.
Greg Taylor
O: 905 337-7673 or C: 416 605-5120
gtaylor@tyhee.com
Tyhee Gold Corp.
Brian Briggs
604 681-2877
info@tyhee.com
www.tyhee.com