Yellowhead Mining Inc. Changes Financial Year End
2012年2月20日 - 8:52AM
PR Newswire (Canada)
TSX-V:YMI VANCOUVER, Feb. 20, 2012 /CNW/ - Yellowhead Mining Inc.
announced today that it intends to change its financial year end
from October 31 to December 31. The change in financial year end
will allow the Company to provide continuous disclosure information
on a comparable basis with its peer group. As a result of this
change, the Company will have a transitional 14 month financial
year ending December 31, 2012. Further details regarding the
change in financial year, including the Company's interim reporting
periods, will be available in the Company's Notice of Change of
Financial Year-End prepared in accordance with section 4.8 of
National Instrument 51-102, which will be filed shortly on SEDAR at
www.sedar.com. 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 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). 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 2011 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. 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: Saurabh
Handa, Chief Financial Officer shanda@yellowheadmining.comTel.
604.681.1709 ext. 206Website: www.yellowheadmining.comTwitter:
http://twitter.com/YMI_Mining
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Yellowhead Mining (TSXV:YMI)
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Yellowhead Mining (TSXV:YMI)
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