The executive summary of the study, which was prepared by SRK Consulting, Knight Piésold and Lyntek Inc. out of their Denver, Colorado offices, will be available on Tyhee’s website and on SEDAR within 45 days.

At a base-case gold price of US$1,400 per ounce and a projected 4,000 metric-tons-per-day processing plant comprised of a conventional gravity-flotation-cyanide process and incorporating open-pit and underground mining methods on the Ormsby, Bruce Lake, Clan Lake and Nicholas Lake deposits, the project is estimated to return a pre-tax net present value, at a 5 percent discount rate, of about US$216 million and an internal rate of return 20 percent based on initial estimated capital cost of US$193 million (including a 10 percent contingency.)

At the current gold price of roughly $1,600 per ounce, Yellowknife Gold is projected to have an NPV of US$375 million, an IRR of 28 percent and a payback period of 30 months.

Final engineering and procurement are slated to begin in the fourth quarter, and continue through 2013. Construction is proposed to begin in the first quarter of 2014, subject to ongoing permitting, with production estimated to commence in the third quarter of 2015.

Tyhee President and CEO Brian Briggs, P. Eng., said, “I am very pleased with the results of the feasibility study. It is a dramatic improvement on the prefeasibility study and demonstrates that this project is operationally feasible and, once in operation, will generate a significant cash flow for the company, benefiting our shareholders. As we now move into final engineering, we will evaluate the opportunities identified in this study to further enhance the economics of the project. These include process changes that could lead to sharply improved recoveries on Nicholas Lake as well as further optimization of mine scheduling.”

Added Tyhee Chairman Denis Taschuk, , “I would like to thank Brian and his dedicated team for the exceptional work they have done to bring us to this final stretch; but, I would also like to thank our loyal shareholders for their support, which we hope and believe will soon be more appropriately rewarded.”

Proven and probable mineral reserves for Yellowknife Gold are estimated at 20.43 million metric tons at an average grade of 2.03 grams per metric tons gold, containing 1.33 million ounces of gold, resulting in a mine-life of about 15 years. The reserves are inclusive of mineral resources and are based on a gold price of US$1,400/oz.

Open pit reserves assume full mine recovery and are not diluted (Further to dilution inherent in the resource model and assume selective mining unit of 3 meters by 3 meters by 3 meters. Underground reserves assume planned dilution, 5 percent unplanned dilution at the Nicholas Lake deposit and 9 percent at the Ormsby deposit.

In situ gold ounces do not include metallurgical recovery of 92 percent for Ormsby, Clan Lake and Bruce or 82 percent for Nicholas Lake.

An open pit cut-off grade of 0.6 g/t gold was applied to open pit resources constrained by the final pit design. An underground cut-off grade of 2.0 g/t gold was applied to underground resources constrained by a final underground design.

Thus far, Tyhee’s technical team has identified six separate gold deposits in the Yellowknife Gold projrct, including Ormsby, Bruce Lake, Clan Lake, Nicholas Lake and Goodwin Lake. These areas have a combined measured and indicated resource estimated to total 1,715,000 ounces of gold contained in 27.12 million metric tons at an average grade of 1.97 g/t, and inferred resources of 487,000 ounces of gold contained in 5.77 million metric tons at 2.62 g/t.

Open pit resources stated as contained within a potentially economically minable open pit above a 0.50 g/t gold cut-off. Pit optimization is based on an assumed gold price of US$1,500/oz., metallurgical recovery of 90 percent, mining cost of US$2.00 per ton and processing and G&A cost of US$23.00/t.

Underground resources stated as contained within potentially economically minable gold grade shapes above a 1.50 g/t gold cut-off. Mineral resource tonnage and grade are reported as undiluted and reflect a potentially minable bench height of 3.0 meters.

Tyhee said the potential exists for the development of additional gold resources from the Ormsby, Nicholas Lake, Goodwin Lake and Clan Lake properties. These deposits are open laterally and/or vertically and additional diamond drilling is planned.

The resource potential of the Ormsby deposit is limited laterally, but unbounded vertically. Diamond drilling that defines the Ormsby gold resource demonstrates geological continuity to the bottom of the known gold resource, approximately 400 meters below surface. Two deep diamond drill holes show the amphibolite and gold mineralization occur 650 m below the surface. The nearby Discovery Mine deposit, which produced 1 million ounces of gold from stopes as deep as 1,240 meters below surface, suggests a possible vertical extension to the Ormsby deposit.

Diamond drilling limits the lateral extent of the Nicholas Lake deposit but the deposit is unbounded below the bottom of Nicholas Lake resource, some 360 meters below surface. Likewise, the Clan Lake Main Zone gold deposit is unbounded both laterally and vertically. Considering only the immediate vicinity of the Clan Lake Main Zone gold deposit, diamond drill programs have been conducted on some 25-30 percent of the area that surface prospecting has demonstrated to contain gold mineralization.

Yellowknife Gold will be environmentally sound, and will be developed using proven environmental management plans to ensure conformance with applicable environmental regulations and guidelines. Comprehensive environmental baseline studies have been carried out by Tyhee and its consultants between 2004 and 2011. In all cases, these studies have indicated that any potential adverse environmental effects can be satisfactorily mitigated, and that progressive reclamation and closure activities will return the mine and processing site to a landscape comparable to the surrounding area.

Water management plans have been specifically designed for the Yellowknife Gold site to contain potentially contaminated water within a controlled tailings containment area. Excess storage capacity allowances provide for additional operational flexibility and contingencies.

Water treatment facilities include a potable water treatment plant, a sewage treatment plant, a cyanide detoxification plant, and a tailings containment area. These facilities are expected to produce water suitable for discharge into the downstream receiving water bodies. No planned discharges are expected from the TCA; however, should discharges be required, then water discharged from the TCA will meet the standards set out in the Metal Mining Effluent Regulations, or as specified in the project’s water license.

Following implementation of mitigation measures, no effects on existing aquatic resources are expected from mining and milling operations at the project and monitoring of Narrow Lake is expected to be included in the Yellowknife Gold Project water license. Although the project is located within the Bathurst caribou herd’s winter range, it is outside known migration corridors and it is not expected to affect the migratory routes of the Bathurst caribou.

Tyhee said the project will incorporate a program of progressive reclamation that minimizes costs and allows timely monitoring of performance. Upon closure, some waste rock may be used as backfill material for the Ormsby pit and Nicholas Lake underground mining operations; other waste rock will remain in-situ. For closure, the waste rock material is assumed to be resistant to erosion and rilling at the design slope of 37o (1.3H:1.0V) and will not be re-graded. Natural, volunteer revegetation is expected to occur on the waste rock facility surfaces. These surfaces will not need to be covered as a result of the operational management of the potential acid generating materials, and the gradation indicates gravel and cobble size material will not generate fugitive dust. A series of diversion ditches will collect surface runoff from the waste rock storage areas and redirect it to settling ponds or other appropriate containment structures.

All operating permits and licenses are to be issued by the Mackenzie Valley Land and Water Board and Tyhee does not foresee any concerns in this regard, allowing the YGP to proceed as scheduled in the feasibility study.

Tyhee said the development of Yellowknife Gold is expected to provide significant new employment and business benefits for indigenous people and regional communities, as well as the Northwest Territories and Canada. The project is located within the Chief John Drygeese traditional territory of the Akaitcho Region of the NWT, where the Yellowknives Dene First Nation is one of the primary aboriginal groups with which Tyhee liaises. The North Slave Métis Alliance is another indigenous people that may benefit from the project.

The project is estimated to employ up to 265 people depending on the mine phase, including construction, operations, and reclamation. During construction, an estimated 75 project personnel (not including contractors – estimated at 200) are required. Tyhee has estimated that up to 20 percent of the work force during the construction phase could come from the territory.

During operations, average personnel requirements are estimated at 220 people per year, with about 120 people on site at any one time during the operation’s 15-year mine life. It is estimated that up to 50 percent of the work force during the operations phase could come from the NWT. In addition to the employment and business benefits, the company’s social responsibility statement will guide Tyhee management, operations personnel and all contractors directing them to operate within the statement’s guiding principles.