Crow,

Here's LOM's (Loewen, Ondaatje, McCutcheon Limited) Jan. 2011 report.

Tyhee Development Corp. (TDC-TSXV)1,2
Speculative BUY – Target: $0.30
Jan 07/11 closing price: $0.145

Tyhee Reports More Assay Results From Clan Lake – Positive: The Company announced
that these results have demonstrated mineralization in what is called the Spud Zone, which is a new discovery located on the Clan Lake project area. Some of the results are: 32 metres of 1.74 grams per tonne gold and 4.3 grams per tonne silver, 4 metres of 5.29 grams per tonne gold and 4 metres of 5.29 grams per tonne gold and 10.5 grams per tonne silver. These are good results. The Clan Lake area hosts a measured and indicated resource of 354,000 ounces and currently has reserves of 38,400 ounces. This area is the current focus of attention for Tyhee as the company believes that resources could grow substantially from further drilling. Fuelling this belief is that mineralization is present in five zones, three of which have extremely high grab sample values and no drilling. There is every reason to believe that these zones could host extra resources. Drilling continues.

We believe that the shares are very undervalued considering its asset base. The shares trade at just $20 per resource ounce. This is a low value compared to the Canadian norm of plus $75 per resource ounce. A potential partnership with a
producer may be the catalyst for a rise in the stock price. We continue to rate the shares a Speculative Buy with a $0.30 target.

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