Tyhee Development Potential

Late September 2010

Its been quite a few months since I did this and since the prefeasabilty study is out, I

need to adjust a few numbers.

Assumptions:

Production rate of 150,000 oz/per year.

Total shares outstanding at time of production of 400 Million

Total debt at start of production $150 Million at 8% APR, 8 year amortization:

Monthly payment of $2,120,000 = $25,440,000 per year.

Price / Earnings (PE) Ratio of 30.

Operating cost of $550/ounce (Current est. per PF is low 500's)

GOLD PRICE at $2,000 (I think this is a safe bet for a couple years out even though

most of us know a higher price is likely)

Yearly Gross: 150,000 x $2,000 = $300,000,000 ($300M)

Yearly Net: $300M – (150K x $550) – ($25.44M) = $192.06M

Earnings per share: $192.06M / 400M shares = $ 0.48

Price Per Share(PPS): 30 (PE) = PPS/$0.48

Therefore PPS = $14.40

So, if gold goes higher, Tyhee increases production, and the blow-off stage occurs

eventually in the mining shares, what will Tyhee's share price potential be?

Tyhee: STILL STRONG BUY

* Assuming Tyhee gets financing