|April 26, 2011|
Harper Creek Drill Holes HC11-83 and HC11-84 Confirms Mineralization 500m Beyond Northern Limit of Drill Holes in PEA Resource Model; Historical Resampling Continues
|Yellowhead Mining Inc. ("Yellowhead", TSX-V: YMI) is pleased to report the results from the eighth and ninth drill holes of the winter drill program, HC11-83 and HC11-84. These holes are in line along strike with Hole HC10-82 previously reported, and Hole HC11-85 as the most northerly drill holes completed at the Harper Creek deposit to date. The new hole results are presented on sections with resampled historical holes.|
Holes HC11-83 is part of a four-hole fence (including historical holes J-32 and J-34 as well as Yellowhead's hole HC08-64) at the north-eastern limit of the resource on Section 305300E. Hole HC11-83 is collared 118m west of hole HC10-82 and 513m north of J-32.
The significant intersections from Hole HC11-83 are presented in the table below.
Please refer to the Cross Section Map:
And Drill Plan Map:
or available at www.yellowheadmining.com
In addition, the results from resampling historical holes J-32 and J-34 for precious metals are presented below.
1 Missing core: 100.58-166.73 m
2 Missing core: 193.55-207.87 m
1 Missing core: 194.77-201.93 m
Holes HC11-84 is part of an 11-hole fence (including historical holes 96-3, J-8, J-15, J-26 and J-31) on Section 305170E. Holes HC11-84 was collared 122m west of hole HC11-83 and 385m north of hole 96-3.
The significant intersections from Hole HC11-84 are presented in the table below.
Please refer to the Cross Section Map:
The results from resampling historical holes 96-3, J-31, J-26, J-15 and J-8 for precious metals are presented below.
1 Resampled results based on re-analysis of original pulp samples
1 Missing core: 7.01-20.42 m
2 Missing core: 33.83-111.86 m
3 Missing core: 126.19-197.51 m
4 Missing core: 225.55-246.89 m
5 Missing core: 253.29-288.95 m.
1 Missing core: 246.89-254.20 m
1 Missing core: 121.62-128.02 m
Ian Smith, Chief Executive Officer, stated "The results of drill holes HC11-83 and HC11-84 support the results of drill hole HC10-82, with significant widths of copper mineralization encountered down-dip from the pit outline determined in the 2011 Preliminary Economic Analysis. By stepping out up to some 500 m from the previous northern limit of drilling, we have demonstrated both the apparent continuity of the previously identified mineralized horizons and the potential to increase the resource down-dip to the north. The resampling of historical holes within the pit outline continues to establish continuity and pervasiveness of precious metals across the resource."
Laboratory assays lag the drilling and logging by approximately six weeks. The program is being managed by CME Consultants Inc. ("CME").
Christopher O. Naas, P.Geo. B.Sc., Project Manager for Yellowhead's Harper Creek Project, is a qualified person as defined by National Instrument 43-101 and prepared or reviewed the preparation of the scientific and technical information in this press release with respect to the assay results from the Harper Creek drill program.
SAMPLE COLLECTION, ANALYSES, AND QA-QC
All core processing was undertaken by CME personnel. Core was cut by electric motorized rock saw with half core shipped to Eco Tech Laboratory Limited, part of the Stewart Group (Eco Tech), in Kamloops, BC for sample preparation and analysis. Drill core samples were analyzed for gold by fire assay with an AA finish and multi-elements by total digestion ICP-ES. Core samples returning greater than 2,000 ppm copper in the ICP-ES process were then assayed for copper. In addition to control samples inserted by CME, the analytical laboratory routinely inserted their own control samples, which consisted of standards, blanks and sample repeats. Further information is available in the NI 43-101 compliant technical report entitled "Technical Report and Preliminary Assessment of the Harper Creek Project" dated March 31, 2011 and filed under the Company's profile on SEDAR at www.sedar.com.
HARPER CREEK PROJECT
Harper Creek 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 0.032g/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). Mineralization occurs as a series of tabular bodies hosted within the Eagle Bay Assemblage metavolcanic and metasedimentary rocks.
ABOUT YELLOWHEAD MINING INC.
Yellowhead has a 100% interest in the Harper Creek Project, (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). The Harper Creek Project is a large copper-gold-silver project located in south-central British Columbia, approximately 150 kilometres by highway from Kamloops.
For more information, please contact:
Ronald Handford, Executive Vice President, Corporate Development
Anita Datt Investor Relations
604.273.5597 or 604.916.7175
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 Filing Statement 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 resources, 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.
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