This afternoon, Dave Webb emailed me this independent evaluation of Tyhee's news release. It's part of a daily sheet he gets...

Daily Report – Jul 23, 2010

Tyhee Development Corp.

Symb Mkt Price Volume 52wk L 52wk H Cap Mils

221992000 Shares TDC $ 0.14 245,000 $ 0.10 $ 0.29 $ 31

Tyhee Development Corp. (TDC) announced the completion of a Preliminary Feasibility Study (PFS) on the YellowknifeGold Project, located from50 to 90 kilometres north ofYellowknife, NWT, Canada. The PFS considers all aspects of the project including mining, processing, and related infrastructure. Gold mineralization from the Ormsby, Nicholas Lake Main and Clan

LakeMain Zones are considered in this study. The Bruce Lake and Goodwin Lake Vad Zones along with all inferred resources are excluded from the economic model.

A combination of open pitmining at the Ormsby and Clan LakeMain Zones and underground mining at Nicholas Lake Main and Ormsby Zones feeding a 3,000 tonne per day conventional mill at the Ormsby Zone site is contemplated. The underground potential at Clan Lake was not considered as the deposit is in an early stage of assessment and its full lateral extent has not been established.

A total of 7,560,000 tonnes grading 3.34 recovered grams per tonne over a 7 1/2 yearmine life including stockpiles will produce 811,200 ounces of gold. Potential for resource expansion occurs in all of the zones to depth, as well as along strike at the Clan Lake Main and Goodwin Lake Vad Zones. Additional gold zones at Clan Lake contribute to the overall resource potential.

The base case considers a 3,000 tonne per day operation, initially as an open pit at Ormsby with underground operations at Nicholas Lake. In year 4 underground mining will commence at Ormsby and the open pit equipment moving to Clan Lake for start up in year 6. Production will be on average 108,000 ounces of gold per year for 7.5 years at an average operating cost of US$541 per recovered ounce of gold. Initial capital costs are estimated to be CAD$170 million with a contingency of CAD$20 million.

The project generates a discounted Net PresentValue (NPV) of CAD$71.3million with a base case scenario of US$950/ounce of gold and a 5% discount rate. At more current prices, the economics become very robust with a NPV exceeding $200 million and IRR exceeding 38%.