Yellowhead Mining Inc. announces appointment of new Chief Financial Officer
2012年1月3日 - 4:35AM
PR Newswire (Canada)
TSX-V:YMI VANCOUVER, Jan. 4, 2012 /CNW/ - Yellowhead Mining Inc.
announces the appointment of Saurabh Handa as Chief Financial
Officer effective January 4, 2012. Mr. Handa replaces
Robert L. J. Harper who will remain with the Company through a
transition period to the end of January as Chief Financial Officer
and continue thereafter as a consultant. "Since Yellowhead's
inception as a private company in 2005, Mr. Harper has played an
integral role in the transformation of the Company to what it is
today," said Ian Smith, President and CEO. "We are grateful
for Bob's contribution and we look forward to a continuing
relationship." Saurabh Handa is a Chartered Accountant certified by
the Institute of Chartered Accountants of British Columbia.
Prior to joining Yellowhead, Mr. Handa was the Corporate Controller
for SouthGobi Resources Ltd., a public mining company listed on
both the TSX and Hong Kong Stock Exchange. While at
SouthGobi, Mr. Handa was involved in the company's transition from
the exploration to development to the production stage; convertible
debt financing; secondary listing on the Hong Kong Stock Exchange;
transition from the TSX-V to TSX; early adoption of the IFRS
accounting standards; and implementation of a company-wide
financial reporting system. Previous to that, Mr. Handa
worked at Deloitte and Touche LLP as a Senior Staff Accountant
working in its audit and valuation practices primarily on
international mining companies. Mr. Handa holds a Diploma in
Accounting from the University of British Columbia, a Bachelor of
Science from the University of British Columbia and a Diploma in
Computer Systems and Technology form the British Columbia Institute
of Technology. "I am pleased that Saurabh is joining our team at
Yellowhead, where I am confident he will make a significant
contribution to the next phase of our company's growth and
development," said Mr. Smith. 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: Ian
Smith, President & Chief Executive
Officerismith@yellowheadmining.comTel. 604.681.1709 ext.
207Website: www.yellowheadmining.comTwitter:
http://twitter.com/YMI_Mining
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Yellowhead Mining (TSXV:YMI)
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