Williams Creek Announces the Acquisition of 10,000,000 shares in the Tyhee Development Corporation
01 November 2010 - 11:30PM
Marketwired
Williams Creek Explorations Limited (TSX VENTURE: WCX) ("Williams
Creek", "WCX", or "the Company") is pleased to announce that it has
subscribed to 10,000,000 newly issued common shares in the Tyhee
Development Corporation ("Tyhee"), a publicly-traded company (TSX
VENTURE: TDC) engaged in the exploration and development of mineral
properties. Tyhee's principal project is the Yellowknife Project in
the Northwest Territories, Canada. The total cost of the shares is
$1,000,000 (CAD).
"I am especially encouraged by the size, quality and extent of
the measured, indicated and inferred gold resources of Tyhee's
Yellowknife project," said Michael Sonnenreich, Chairman and CEO of
Williams Creek. "Tyhee has discovered substantial amounts of gold
which can be economically mined in an accessible and geopolitically
stable location (Tyhee NR, July 22, 2010)."
Tyhee reports 1.95 million ounces of gold in Measured and
Indicated Resource categories, which are in part inclusive of
811,200 ounces of gold in the Proven and Probable Reserve
categories. There are also 269,000 ounces of inferred gold (Tyhee
NR, July 22, 2010). The resources occur in five gold zones which
are all open to depth, two of which are also open along strike. Two
new gold zones have been discovered this year (Tyhee NR, August 11,
2010). The Yellowknife gold camp has produced over 14.5 million
ounces of gold in the past.
"Williams Creek's rationale in helping to capitalize Tyhee is to
facilitate Tyhee's continuing exploration and development of its
Yellowknife project," added Sonnenreich. "As well, we intend for
the capital to be used for Tyhee to proceed with its ongoing
demonstration of the economic viability of that project."
The shares are accompanied by an additional 5,000,000 warrants
entitling Williams Creek to purchase a further 5,000,0000 newly
issued shares in the Tyhee Development Corporation at a price of
$0.125 CAD per share within the next 24 months.
"As I have often said, Williams Creek has a three part strategy:
a) to explore its existing holdings, b) to participate in equity
and joint venture agreements, and c) to engage in royalty and
finance agreements," said Sonnenreich. "The purchase of this equity
interest, as well as the accompanying warrants, is a good example
of the second part of Williams Creek's mandate, namely
participation in equity and joint venture agreements."
Williams Creek is investing side-by-side with Interinvest, an
asset management company with offices in Boston and Montreal, which
acts as the non-discretionary investment advisor to WCX.
Interinvest is purchasing an additional 20,000,000 units offered in
the same private placement. Mr. Sonnenreich and Dr. Hans P. Black,
chairman of Interinvest, are participating directly in the
Interinvest portion of the private placement as individuals.
"Tyhee is very pleased to have Williams Creek as a shareholder,"
said Dave Webb, CEO of Tyhee. "We look forward to a constructive
relationship."
About WCX:
Williams Creek Explorations Ltd. is a Canadian company with the
primary purpose of participating broadly in the natural resource
sector, with an emphasis on the gold subsector, through
exploration, joint ventures or other equity investments.
The Company owns twenty-eight crown granted mineral claims in
the Cariboo Mining Division and three crown granted mineral claims
in the Kamloops Mining Division. The Company also has a net 30%
interest in the ATW diamond property in the MacKenzie Mining
District of the Northwest Territories.
This news release may contain forward-looking statements
including management's assessments of future plans and operations,
and expectations of future production. These statements are based
on current expectations that involve a number of risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not
limited to, the risks associated with the mining and exploration
industry (e.g. operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production and the uncertainty of the availability of
capital). The assumptions used in the preparation of such
statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
The TSX Venture Exchange has not reviewed nor accepted
responsibility for the adequacy or accuracy of this news release
which has been prepared by management.
Contacts: Williams Creek Explorations Limited Michael
Sonnenreich 514.393.3232 Williams Creek Explorations Limited Dov
Zigler 514.393.3232 www.williamscreek.ca
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