2017 First Quarter Report and Annual General Meeting Results
TSX: YMI
VANCOUVER, May 11, 2017 /CNW/ - Yellowhead Mining Inc. ("Yellowhead" or the "Company") (TSX-V: YMI), reports its results of operations for the three months ended March 31, 2017, as well as the voting results for the election of directors at the Company's Annual General and Special Meeting ("Meeting") held on Wednesday, May 10, 2017 in Calgary, Alberta.
1. First Quarter 2017
During the first quarter of 2017, the Harper Creek Project ("Harper Creek") remained on care and maintenance, however, at the present time, the Board of Directors of the Company intends to investigate the potential of raising additional equity funds to complete the EA Review Process for the Harper Creek Project.
Summary of First Quarter Results
(Amounts are expressed in thousands of Canadian dollars, except per-share amounts)
| 2017 | 2016 | ||
| Quarter Ended | 31-Mar | 31-Mar | |
| $ | $ | ||
| Administrative expenses | 158 | 284 | |
| Exploration and maintenance expenses | 32 | 22 | |
| Other expenses/(income) | - | - | |
| Net loss/(gain) and comprehensive loss/(gain) for the period | 190 | 614 | |
| Basic and diluted loss per share for the period | $0.00 | $0.00 |
Yellowhead has no revenue from operations. Results can fluctuate significantly from period to period due to the level of development activities on the Project.
Review of Quarterly Results
In Q1 2017, under the care and maintenance program, as compared to Q1 2016:
- Administrative expenses decreased by $126K, mostly due to reduced salaries of $97K and reduced office rent of $33K, and
- Exploration and evaluation expenses increased $10K, mostly due to property taxes on the Harper Creek property of $11K being accrued in Q1 2017 and not being accrued in Q1 2016.
Cash and Cash Equivalents
| As at | ||||
| March 31, | December 31, | |||
| Cash and cash equivalents | 2017 | 2016 | ||
| Cash | $ 92,285 | $ 4,522 | ||
| Short term money market investments | 400,060 | 613,150 | ||
| Total cash and cash equivalents | $ 492,345 | $ 617,672 | ||
Outlook
At the present time, the Board of Directors of the Company intends to investigate the potential of raising additional equity funds to complete the EA Review Process for the Harper Creek Project.
2. Annual General Meeting Results
A total of 50,586,231 common shares were voted at the Meeting, representing 40.88% of the votes attached to all issued and outstanding common shares. The director nominees as listed in the Management Information Circular dated April 4, 2017 were elected as Directors of Yellowhead at the meeting as follows:
| Votes For | Votes Withheld | ||||
| Number | % | Number | % | ||
| T. Gregory Hawkins | 50,131,765 | 99.98 | 7,850 | 0.02% | |
| Ryan Jennings | 50,081,765 | 99.88 | 57,850 | 0.12% | |
| Ronald Mathison | 50,131,765 | 99.98 | 7,850 | 0.02% | |
| Glen Swail | 50,081,765 | 99.88 | 57,850 | 0.12% | |
The results of the other matters considered at the Annual General Meeting are set out in the Report of Voting Results filed on SEDAR as of today's date.
About Yellowhead Mining Inc.
Yellowhead Mining Inc. is a development stage company with a 100% interest in the Harper Creek Project, located in the North Thompson - Nicola region of British Columbia, Canada.
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.
Neither 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.
SOURCE Yellowhead Mining Inc.
Contact
Frank Wheatley, Chief Executive Officer, Email: fwheatley@yellowheadmining.com; David McGoey, Chief Financial Officer / Darryl Coates, Phone: 403-294-6497, Email: DMcgoey@yellowheadmining.com, Website: www.yellowheadmining.com