Yellowhead Mining Inc. Announces Graduation to TSX
08 June 2012 - 11:00PM
PR Newswire (Canada)
TSX-V:YMI VANCOUVER, June 8, 2012 /CNW/ - Yellowhead Mining Inc.
("Yellowhead" or the "Company") is pleased to announce that the
common shares of Yellowhead have been approved for listing on the
Toronto Stock Exchange (TSX) and will commence trading on the TSX
at market open on June 11, 2012. Concurrent with the TSX listing,
the Company's common shares will be de-listed from the TSX Venture
Exchange (TSX.V). The trading symbol of the Company's common shares
will continue to be "YMI". Mr. T. Gregory Hawkins, Chairman of the
Board, said: "As the TSX is the largest stock exchange in
Canada and serves the senior equity market, the Company's
graduation to the TSX is yet another milestone as the Company
continues the development of the Harper Creek Project to a
production decision. We believe a senior listing will enhance
the visibility of the Company and provide increased access to
capital markets and a more diverse investor base." 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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