Message from Tyhee President Brian Briggs, P.E.
After a very tough period for the stock, I find this letter quite reassuring. Please understand, this does not mean the project has been significantly de-risked... it is still a risky and highly speculative investment. But for a Fool like me who has a bit riding on it, I did find this message encouraging.
As was noted in our most recent announcements, our goal is to establish a profitable operating mine at our Yellowknife Gold Project (YPG) by or before 2015. To accomplish this goal, Tyhee Management and our consulting team members are undertaking two main tasks. These are finalization of the Feasibility Study (FS) we started last August and completion of the Environmental Assessment process, being conducted by the Mackenzie Valley Environmental Impact Review Board, which is the next major step on the regulatory path leading to receipt of all necessary operating permits. The Feasibility Study was initially expected to take approximately 12 months and we remain on target to finish this up on time.
Although I joined this team after the Prefeasibility Study (PFS) was completed in July 2010, I am very familiar with the results as the pattern is to build upon those portions of a PFS that are deemed positive, and to revise and improve those portions that need work. As with any PFS, there is always room for improvement, but as many are unaware, a PFS is not expected to be the final word. Rather, it is expected to be accurate to ± 30%, whereas a Feasibility Study has an expected accuracy of ± 15%.
[And this one sounds like a potential game-changer to me]
Further, the NWT Government is currently assessing the development of a Seasonal Overland Route (SOR), which could extend from Yellowknife to the diamond mines. One such route is proposed to extend north of Yellowknife, past the hydroelectric plant at Bluefish, and within a few kilometres of the Clan Lake Main Zone. The recommendation of a route for development by the engineering firms consulting for the government is expected in March.