Retains Bay Street Connect
Vancouver, Feb 23, 2012 AEST (ABN Newswire) - Yellowhead Mining Inc. (
CVE:YMI) announces today that it has retained the services of Bay Street Connect to assist with investor relations activities.
"We are pleased to announce that Bay Street Connect has been selected to enhance Yellowhead's profile in the financial and investment communities and enhance the visibility of our project," stated Ian Smith, President and CEO of Yellowhead Mining Inc.
In consideration of the services to be provided, Yellowhead has entered into to a twelve month agreement commencing February 14, 2012 to pay a retainer of $6,500.00 per month to Bay Street Connect. In addition, upon board approval, 100,000 stock options will be granted to Bay Street Connect with an exercise price of $1.25 vesting quarterly over a twelve month period with a two year term.
About Yellowhead Mining Inc. and the Harper Creek Project
The Harper Creek Project is a copper-gold-silver volcanogenic sulphide deposit with an updated Measured and Indicated Resource of 815 million tonnes grading 0.29% Cu (5.26 billion pounds of copper) plus 0.032 g/t gold and 1.3 g/t silver, plus an Inferred Resource of 80.2 million tonnes grading 0.30% Cu (0.53 billion pounds of copper), announced in a news release dated February 16, 2012 entitled "Yellowhead Mining Updates Mineral Resource Estimate For Harper Creek Project". The Harper Creek Project is located in south-central British Columbia, approximately 150 kilometers by highway north of Kamloops.
Yellowhead has a 100% interest in the Harper Creek development project(1). A Preliminary Economic Assessment Report ("PEA"), which demonstrated the technical and economic viability of the Project, was completed at the end of March and filed on SEDAR on April 1, 2011 and can be viewed on www.sedar.com. The PEA demonstrated a 22 year project life based on a Measured & Indicated resource of 532 million tonnes at a grade of 0.31%, a milling rate of 70,000 tonnes per day, producing 149 million lbs. copper in concentrate per year for years one to eight, (132Mlb/year life-of-mine), a life-of-mine stripping ratio 0.88:1, a pre-tax IRR of 19.8% with a base case copper price of US$2.66/lb., an NPV8 of US$598 million and a capital cost of C$759 million in Q4 2010 dollars, including contingency, with a 4 year payback(2).
1 (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 3.3 million tonnes of ore which is expected to be mined beginning in year nine within the NI 43-101 resource.)
2 Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Contact
Ronald Handford, Executive Vice President, Corporate Development
Direct: 604.681.1709 ext. 204
Email: rhandford@yellowheadmining.com
Email: info@yellowheadmining.com
Website: www.yellowheadmining.com
Twitter: http://twitter.com/YMI_Mining
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