Yellowhead Mining Inc. appoints Beverly A. Bartlett to board and grants stock options
02 May 2012 - 6:30AM
PR Newswire (Canada)
TSX-V:YMI VANCOUVER, May 1, 2012 /CNW/ - Yellowhead Mining Inc.
("Yellowhead" or "the Company") announces today that Beverly A.
Bartlett has been appointed as a director of Yellowhead, effective
today's date, to fill a casual vacancy on the board of directors.
Ms. Bartlett has over 35 years of administrative and supervisory
experience, and has over 15 years of corporate secretarial
experience. Since 1997, she has worked with Global Mining
Management, and in this capacity has been responsible for
overseeing corporate administration and maintaining regulatory
compliance of both public and private companies in the resources
and energy fields. In addition to being the Vice President
and Corporate Secretary of Ivanhoe Energy Inc. (NASDAQ, TSX),
Ivanhoe Mines Ltd. (NYSE, TSX, NASDAQ), and SouthGobi Resources
Ltd. (TSX), she is the director of numerous subsidiary companies of
the aforementioned public companies. She is also the
companies' Compliance and Ethics Officer, ensuring ethical conduct
in corporate governance throughout the organizations. Mr. T.
Gregory Hawkins, Chairman of the Board, noted: "We are pleased to
have Beverly join the Yellowhead board of directors. With her
wide-ranging international experience in administration and
regulatory compliance, and an extensive general knowledge of our
business, I am certain that she will contribute greatly to the
board." Pursuant to the Company's stock option plan and subject to
regulatory approval, the Company has today granted 150,000 stock
options to Ms. Bartlett. These options have an exercise price
of $1.25 each, will vest quarterly over a period of three years and
are exercisable for a period of five years. About Yellowhead Mining
Inc. Yellowhead's Harper Creek Project is a copper-gold-silver
volcanogenic sulphide deposit located in south-central British
Columbia, approximately 150 kilometers by highway north of
Kamloops. Feasibility Study results announced on March 2,
2012 showed a pre-tax NPV(8 )of $749.7 million with an IRR of 20.2%
based on long-term metal price projections of US$2.50/lb Cu,
US$1,250/oz Au and US$20/oz Ag, and a US$:Cdn$ exchange rate of
0.86:1. The Feasibility Study demonstrated a 28 year project
life at a milling rate of 70,000 tpd (25.55Mt/y). The project as
designed is expected to produce a total of 3.63 billion pounds of
copper, 372,000 ounces of gold and 14 million ounces of silver
contained in concentrate. At a 0.14% Cu cutoff, Proven
Reserves are estimated at 401.18Mt @ 0.272% Cu, 0.031g/t Au and
1.15g/t Ag; Probable Reserves 303.22Mt @ 0.248% Cu, 0.027g/t Au and
1.13g/t for a total Proven and Probable Reserve of 704.4Mt @ 0.262%
Cu, 0.029g/t Au and 1.14g/t Ag. The Feasibility Study is based on
an updated resource (refer to news release dated February 16,
2012). At a 0.20% Cu cutoff Measured Resources are estimated
at 348.5Mt at 0.31% Cu, 0.034g/t Au, 1.3g/t Ag; Indicated Resources
at 466.5Mt at 0.28% Cu, 0.03g/t Au, 1.3g/t Ag for a total Measured
and Indicated Resource of 815Mt at 0.29% Cu, 0.032g/t Au and 1.3g/t
Ag (5.26 billion pounds of copper contained). A further
80.17Mt at 0.30% Cu, 0.033g/t Au, and 1.4g/t Ag are estimated in
the Inferred Resource category (0.53 billion pounds of copper
contained) and is reported as waste in the mine production schedule
until it can be upgraded by additional infill drilling. Yellowhead
has a 100% interest in the Harper Creek Project (subject to the
payment of a 3% NSR royalty capped at $2.5 million, adjusted for
inflation and an additional 2.5% NSR royalty on an estimated 1.5 Mt
of ore which is expected to be mined beginning in year 16 of the
Feasibility Study mine plan). Ian Smith, President & CEO of the
Company and a Qualified Person under NI 43-101, has reviewed and
approved the technical content of this press release. 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. This news release includes disclosure of
scientific and technical information, as well as information in
relation to the calculation of mineral resources and reserves, with
respect to the Harper Creek Project. Yellowhead's disclosure of
mineral resource and reserve information is governed by National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
("NI 43-101") under the guidelines set out in the Canadian
Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards
on Mineral Resources and Mineral Reserves, adopted by the CIM
Council, as may be amended from time to time by the CIM ("CIM
Standards"). There can be no assurance that mineral resources will
ultimately be converted into mineral reserves. Mineral resources
are not mineral reserves and do not have demonstrated economic
viability. This news release uses the terms "measured", "indicated"
and "inferred" resources. U.S. persons are advised that while such
terms are recognized and required by Canadian regulations, the U.S.
Securities and Exchange Commission does not recognize them.
"Inferred Resources" have a great amount of uncertainty as to their
existence and as to their economic and legal feasibility. It cannot
be assumed that all or any part of an inferred resource will ever
be upgraded to a higher category. Under Canadian rules, estimates
of inferred resources may not form the basis of feasibility or
other economic studies. U.S. persons are cautioned not to assume
that all or any part of measured or indicated resources will ever
be converted into reserves. U.S. persons are also cautioned not to
assume that all or any part of an inferred mineral resource exists,
or is economically or legally mineable. Neither the TSX Venture
Exchange Inc. 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.
Yellowhead Mining Inc. CONTACT: Ronald Handford, Executive Vice
President, Corporate Development 604.681.1709 Ext. 204Email:
rhandford@yellowheadmining.comWebsite:
www.yellowheadmining.comTwitter: http://twitter.com/#!/YMI_Mining
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