VANCOUVER, February 16, 2012 /PRNewswire/ --
M&I tonnage increases 53% and Contained Copper Increases 47%
Yellowhead Mining Inc. ("Yellowhead" or the "Company", TSX-V: YMI) is pleased to announce the results of an updated National Instrument 43-101-compliant resource estimate as of December 20, 2011 for its Harper Creek Project north of Kamloops, British Columbia.
The updated resource includes drilling conducted in 2011 in support of the Feasibility Study, scheduled for completion by March 31, 2012. A total 10,843 metres were drilled in 37 holes. At a 0.2% copper cut-off grade ("COG"), total measured and indicated ("M&I") resource is estimated at 815 million tonnes grading 0.29% copper and containing 5.26 billion pounds of copper, an increase of 1.67 billion pounds of copper over the prior Preliminary Economic Assessment (PEA) estimate.A significant part of the increase in M&I is a result of drilling that has expanded the resource at depth and to the north. Infill drilling has also improved the confidence in the resource and allowed the reclassification of 40 million tonnes of Inferred material at a 0.2% copper COG. A tabulation of mineral resource by category follows at the end of the news release. Ian Smith, President & CEO of Yellowhead, stated, "This resource update confirms our belief that the Harper Creek deposit holds significant potential for expansion. Geophysical targets and geochemical anomalies together with outcropping sulphides indicate that the deposit remains open along strike for some 4km to the east, as well as down dip to the north and at depth. We plan to continue step out drilling to expand the existing resource and to identify new deposits within our mineral tenures. We have also observed that closing up the drill spacing yields an improvement in grade for copper, gold and silver in the Measured category over the PEA results. We believe that Harper Creek is one of the largest independent copper development projects inCanada, capable of producing a large, long-term supply of clean concentrates, with exceptional infrastructure and a favourable political climate. The planned production rate of 25.55Mt/year milled would currently make Harper Creek Canada's second largest open pit copper mine." Harper Creek Mineral Resource Estimate Methodology