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Tyhee CEO replaced
Yellowknife Gold Project proponent president and CEO replaced by vice president of engineering and project manager

Thandiwe Vela
Northern News Services
Published Tuesday, January 3, 2012

Yellowknife Gold Project proponent Tyhee Gold Corp., has replaced its president and CEO.

NNSL photo/graphic

An aerial view of Tyhee Gold Corp.'s Yellowknife Gold Project, located about 75 km northeast of the city. - photo courtesy of Tyhee Gold Corp.

The company announced the management change in December, replacing geologist David Webb -- who also served as president and director of the company's NWT operating company Tyhee NWT Corp.-- with Tyhee's vice president of engineering and project manager for the Yellowknife Gold Project, Brian Briggs, who has been appointed interim CEO.

The management change comes as the company shifts its focus from exploration to the permitting and technical process and construction, spokesperson Greg Taylor said.

"The company has moved from being an exploration company to being a company focused on its plans to develop a gold mine on the Yellowknife Gold project," Taylor said. "And the gentleman who is now the CEO -- albeit interim CEO -- has extensive experience building and developing mines."

Briggs, who joined Tyhee last May, is a registered professional mining engineer with more than 23 years of mine operations and development experience in North America, Africa and Asia, the company said.

Webb, who remains a director of the company, served as CEO and president for more than five years -- his role primarily in geology and exploration.

The company has no further exploration drilling planned for 2012, as its developers assessment report (DAR) and public consultation process is advanced, and the bankable feasibility study is completed -- currently being overseen by Briggs. Financing is also continuing into the year with a target of $6 million to cover operational costs.

“We expect 2012 will be an extremely exciting year for Tyhee as we look forward to the results of the Feasibility Study, advancement of the DAR and other important milestones on the road to building the Yellowknife Gold Project," chair Denis Taschuk said. "We feel that Mr. Briggs is extremely well suited to guide the Company through these final stages towards mine development.”

Tyhee continues to update the project's timeline, but if permitting, financing and technical studies go optimally, the company hopes to start construction of a Yellowknife Gold Project mine sometime in late 2013, and production within the next four years, Taylor said.

Figures from the project's prefeasibility study, which pegged capital costs at about $170 million, including a $20 million contingency for possible extra costs based on a 3,000 to 4,000 tonne per day operation, are expected to be dramatically updated in the bankable feasibility study, scheduled to be complete by mid 2012.

The 2010 resource estimate of 1.95 million ounces of measured and indicated gold and 269,000 ounces of inferred gold, is also expected to be changed dramatically with the bankable feasibility study.

Shares of Vancouver-based Tyhee Gold Corp. are traded on the TSX Venture Exchange.

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