Yellowhead Mining Inc. purchases abandoned Weyerhauser mill property in Vavenby with rail siding for concentrate load-out
07 Noviembre 2011 - 9:02PM
PR Newswire (Canada)
TSX-V:YMI VANCOUVER, Nov. 8, 2011 /CNW/ - Yellowhead Mining Inc.
closed an agreement acquiring the former Weyerhauser Company
Limited sawmill property in Vavenby, BC, about 2.5 km west of
Vavenby. The acquisition includes the remaining buildings,
offices and statutory rights of way. The purchase price was
CAD$2,150,000. Closing was effective November 7, 2011. The
property comprises approximately 79.3 hectares and has an
approximately 1,880 metre rail siding, connecting to the Canadian
National Railway's transcontinental main line that passes through
Vavenby. The rail load-out will be located approximately 25
km by road from the Harper Creek project mill site. The rail
distance to Vancouver is approximately 450 km. The property
layout is shown in
http://www.yellowheadmining.com/i/Photos/YMI_Vavenby_Property.jpg
or on www.yellowheadmining.com. Ian Smith, CEO of Yellowhead,
stated: "This acquisition is a very important building block for
the project development, and ensures we will have room for
concentrate storage, rail access and staging grounds for the
construction phase. We are continuing to de-risk the project
with this acquisition and by advancing the feasibility study
expected to be complete in the first quarter on 2011." About
Yellowhead Mining Inc. and the Harper Creek Project The Harper
Creek Project is a copper-gold-silver volcanogenic sulphide deposit
with a Measured and Indicated Resource of 563.2 million tonnes
grading 0.31% Cu (3.6 billion pounds of copper) plus 0.032 g/t gold
and 1.08 g/t silver, plus an Inferred Resource of 117 million
tonnes grading 0.29% Cu (0.7 billion pounds of copper). 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 at a milling rate of 70,000
tonnes per day, a planned production of 149 million lbs. copper in
concentrate per annum for years one to eight, (132Mlb/y LOM), 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.
FORWARD-LOOKING STATEMENTS AND CAUTIONARY DISCLAIMER 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
financial 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 re-sources, with respect to the Harper Creek
Project. Yellowhead's disclosure of mineral resource 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 resources 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,
CorporateDevelopment:rhandford@yellowheadmining.comTel.
604.681.1709 ext. 204Website: www.yellowheadmining.comTwitter:
http://twitter.com/YMI_Mining -- Renmark Financial Communications
Inc.Barry Mire: bmire@renmarkfinancial.comMaurice Dagenais:
mdagenais@renmarkfinancial.comTel.: (514) 939-3989 or (416)
644-2020www.renmarkfinancial.com
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