TDC

Tyhee Gold Corp. (TSX VENTURE:TDC) ("Tyhee" or the "Company") announces that it
has reached agreement with the Company's former President, Director and Chief
Executive Officer, Dr. Dave Webb, amending the previous Net Smelter Royalty
("NSR") Agreement on the Yellowknife Gold Project ("YGP"). It has been apparent
that the previous royalty agreement, made in 2001 between Tyhee and Dr. Webb,
has been an impediment for certain parties considering providing financial
support to the Company as it advances the YGP towards production, targeted in
2015. While Dr. Webb sold this royalty to related companies in 2007, his related
company agreed to significantly reduce royalty payments during the critical
project pay-back period, which is projected to be between three and four years
following the start of gold production. This significantly improves the
Company's ability to obtain financing, and the Company appreciates Dr. Webb's
continued commitment to make the YGP work.


All other outstanding issues between the parties have also been amicably
resolved. With the conclusion of this agreement, the Company plans to accelerate
its efforts in the design, permitting and construction phases of the YGP.


Dr Webb, who until December 2011 served as Tyhee's President and CEO, has had a
long and successful association with the Company, which has benefited
substantially from his geological expertise. He used his specific knowledge of
Archean gold deposits to identify and consolidate the four properties that now
form the Yellowknife Gold Project. He also led the dedicated professional team
that consolidated the land and built the gold resource up to more than two and a
quarter million ounces. Under his leadership, Tyhee initiated the submission of
applications for the permitting of Yellowknife mine and mill complex, which is
currently in technical review. Since leaving Tyhee, Dr. Webb has been providing
consulting services to other companies in Africa and North America, while
developing other gold properties owned by his company.


Brian Briggs, P. Eng., Tyhee's President and CEO, commented, "We wish to thank
Dr. Webb for his two decades of service to the Company, during which he laid the
foundation for our transition from being an explorer to building the next gold
mine in the NWT."


Dr. Dave Webb added, "I am happy to have left Tyhee in strong and capable hands,
ready to execute our vision of creating the newest and preeminent gold producer
in the Yellowknife Gold Belt. I remain a significant shareholder and will
continue to be available to offer my assistance to Brian and his team as
needed."


(Further detail regarding the original NSR may be found with the Company's other
documents filed on www.sedar.com as well as on the Company's website
(www.tyhee.com), including in "Volume 1 Executive Summary, Yellowknife Gold
Project Feasibility Study, Northwest Territories, Canada" at
http://www.tyhee.com/docs/yellowknife_fs_vol1_execsummary_final_21_aug_2012.pdf).


About Tyhee Gold: Tyhee is focused on developing the first gold mine on its
flagship Yellowknife Gold Project ("YPG") in Canada's Northwest Territories. The
project is located in the same prolific Archaen Greenstone Belt as the renowned
world class "Con-Giant" deposit, which produced a combined 14 million ounces of
gold. Tyhee is led by a veteran, project-driven, management team committed to
aggressively advancing a permitting and development path targeted to enable mine
construction to begin in 2014. An independent Feasibility Study ("FS")(i) has
been completed, which estimated that, at a base-case gold price of US$1,400 per
ounce and a projected 4,000 tonnes-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 YGP is estimated to return a pre-tax net present value (NPV)
at a 5% discount rate of approximately $216 million and an internal rate of
return of 20% based on initial estimated capital cost of $193 million (including
a 10% contingency.) At current gold prices of approximately US$1,600 per oz.,
the YGP would have an NPV of $375 million, an IRR of 28% and a payback period of
30 months.


The study also estimated Proven and Probable mineral reserves(1) for the YGP at
20,433,000 tonnes at an average grade of 2.03 grams per tonne ("g/t") gold,
containing 1,334,000 ounces of gold, resulting in a mine-life of approximately
15 years. Tyhee's technical team has identified six separate gold deposits in
the YGP, including Ormsby, Bruce Lake, Clan Lake, Nicholas Lake and Goodwin
Lake. These areas have a combined Measured and Indicated resource(2) estimated
to total 1,715,000 ounces of gold contained in 27,115,000 tonnes at an average
grade of 1.97 g/t, and Inferred resources of 487,000 ounces of gold contained in
5,774,000 tonnes at 2.62 g/t.


(1) The mineral reserve estimate for the YGP is shown above and was calculated
by Bret C Swanson BE (Min), Principal Consultant, of SRK Consulting (U.S.), Inc.
Effective Date of July 1, 2012. Reserves are inclusive of mineral resources.


(2) The mineral resource for the YGP shown above was estimated by Jeff Volk, P.
Geo. of SRK Consulting (U.S.), Inc. Effective Date of July 1, 2012.


All statements in this news release, other than statements of historical facts,
that address events or developments that the Company expects to occur, including
statements regarding the expected payback period, the improved ability to obtain
financing and plans to accelerate its efforts in the design, permitting and
construction phases of the YGP are "forward-looking statements". Forward-looking
statements are necessarily based on estimates and assumptions that are
inherently subject to known and unknown risks, uncertainties and other factors
that may cause the Company's actual results, performance or achievements to be
materially different from those expressed or implied by such forward-looking
statements. Forward-looking statements are not guarantees of future performance,
and actual results and future events could materially differ from those
anticipated in such statements. Factors that may cause actual results to vary
from those made in the forward looking statements described in this document
include: changes in general economic conditions and conditions in the financial
markets; changes in demand and prices for minerals; delays in obtaining
approvals, litigation, legislative, environmental and other judicial,
regulatory, political and competitive developments; delays in completion of work
necessary to complete the feasibility study, whether as a result of adverse
weather conditions, contract or labour disputes, equipment failure, or response
to regulatory enquiries in respect of permit applications; technological and
operational difficulties encountered in connection with the activities of the
company. This list is not exhaustive of the factors that may affect the forward
looking statements. These and other factors should be considered carefully and
readers should not place undue reliance on the companies' forward-looking
information. The Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, events or otherwise, except in accordance with applicable
securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
GT Investor Relations Inc.
Greg Taylor
905 337-7673 or Cell: 416 605-5120
gtaylor@tyhee.com


Tyhee Gold Corp.
Brian Briggs
President
604 681-2877
info@tyhee.com
www.tyhee.com

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