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Tyhee has filed applications with the NWT regulatory board for permits to construct and operate a 3,000 tpd mine and mill complex at its wholly-owned Yellowknife Gold Project. Production of 165,000 ounces of gold per year on average, is contemplated from a combined open pit and underground mine.

Gold resources occur in five separate gold zones, all open for expansion with three of the zones providing most of the current resource. All zones outcrop.

Production is expected to initially come from a large open pit on the Ormsby Zone and an underground mine on the Nicholas Lake Zone. The Clan Lake Main Zone open pit mine is scheduled to supply the mill as the Ormsby Zone switches to underground mining.

Ore will be processed at a mill to be constructed near the Ormsby Zone. Gold will be recovered from a conventional crush, grind, gravity, and flotation plus cyanidation circuit. Cost savings occur from using a relatively coarse grind of 150 micron, and a low mass pull from the flotation circuit. Overall recoveries are expected to be in the 95% range.

Additional gold resources occur at the Bruce Zone, adjacent to the Ormsby Zone and the Goodwin Lake Vad Zone, 13 km south of the Ormsby Zone. Undrilled gold zones near the Clan Lake Main Zone have yet to be assessed, and include the Morel, Iceberg and Cub Zones.

Tyhee is transforming from an exploration and development company into a more integrated organization with anticipated gold production. The company continues to build on its dominant position of 10,500 hectares

in the Yellowknife Gold Belt in the Northwest Territories, Canada. A NI 43-101 gold resource of 1.95 million ounces of measured and indicated gold plus 269,000 ounces of inferred gold has been developed for the project. The Big Sky Property is not currently part of the Yellowknife Gold Project but includes an additional 1,990 hectares of mineral claims and mining leases with significant gold showings.

Members of Tyhee’s board and management team have both operated Canada’s most northern gold mine as well as constructed and operated six other gold mines. The development of the Yellowknife Gold Project is progressing as planned after a minor delay due to the severe economic down-turn of late 2008-2009.

A Preliminary Feasibility Study commenced in 2009 should be completed by mid-2010. This study will incorporate the current gold resource, an increased gold price, and other changes in the operating and capital cost structure. Applications for permits to commence construction and operation of a mine and mill complex have been submitted and are part way through that process.

Tyhee is pleased that the Canadian Government understands the potential of Canada’s North. The government’s 2010 budget provides $11 million over two years to Indian & Northern Affairs Canada to support the acceleration of the review of resource projects in the North.

“These reforms will provide clarity and certainty for investors while ensuring that the environment is protected and that Canada’s obligations under existing land claims agreements with Aboriginal groups are respected”,

said the Minister of Finance.

2009 Accomplishments

The 2009 fiscal year started off with one of the most significant collapses of world financial markets in history.

The ensuing “flight to safety” resulted in a dramatic drop in equity prices across the board and in all industries.

The Junior Mining sector was hit particularly hard. Tyhee responded by halting any discretionary spending and reducing expenditures to a minimum. By mid-year, the gold markets, which had weathered the downturn better than most, showed tremendous resilience. As a result, Tyhee completed a modest financing to enable the advancement of three critical initiatives.

1. Tyhee commenced a Preliminary Feasibility Study, building on the positive results from the Preliminary Assessment Completed in 2008.

2. Tyhee received its final Terms of Reference and Work Plan from the Mackenzie Valley Environmental Review Board, and commenced completion of its Developer’s Assessment Report.

3. Tyhee conducted additional exploration work on its promising Clan Lake Property.

By the end of 2009, the Company had made significant progress on all three initiatives.

Preliminary Feasibility Study

Future Plans

Tyhee expects to reach several milestones this year, including the completion of the Preliminary Feasibility Study and filing of the Developer’s Assessment Report. The ultimate goal, pending positive results, of these two studies is to obtain operating permits and proceed to the decision on construction of a mine and mill complex.

“Dave R. Webb”