VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2012) - Tyhee Gold Corp. ("Tyhee" or the "Company) (TSX VENTURE:TDC) is pleased to announce the positive results from an independent Feasibility Study ("FS") on its Yellowknife Gold Project (YGP) in Canada's Northwest Territories. The Executive Summary of the full FS, prepared by SRK Consulting, Knight Piésold and Lyntek Inc. out of their Denver, Colorado offices, will be available shortly on the Company's website and on SEDAR (www.sedar.com.) A National Instrument 43-101-compliant summary of the FS will be available on the Company's website and on SEDAR within 45 days. (All dollar ($) figures are in U.S. currency.)

Overview

At a base-case gold price of $1,400 per ounce ("/oz.") and a projected 4,000 tonnes-per-day ("tpd") processing plant comprised of a conventional gravity-flotation-cyanide process and incorporating open-pit and underground mining methods on the Ormsby, Bruce Lake, Clan Lake and Nicholas Lake deposits, the YGP is estimated to return a pre-tax net present value ("NPV") at a 5% discount rate of approximately $216 million and an internal rate of return ("IRR") of 20% based on initial estimated capital cost of $193 million (including a 10% contingency).

At the current gold price of approximately $1,600 per oz., the YGP would have an NPV of $375 million, an IRR of 28% and a payback period of 30 months.

Final Engineering and Procurement are slated to begin 4th quarter, 2012, continuing through 2013. Construction is proposed to begin 1st quarter, 2014 subject to ongoing permitting, with production estimated to commence 3rd quarter 2015. (See Timeline Targets)

Commenting on the results of the study, Brian Briggs, P. Eng., President and CEO of Tyhee, said, "I am very pleased with the results of the Feasibility Study. It is a dramatic improvement on the Prefeasibility Study and demonstrates that this project is operationally feasible and once in operation will generate a significant cash flow for the Company, benefiting our shareholders. As we now move into final engineering, we will evaluate the opportunities identified in this study to further enhance the economics of the project. These include process changes that could lead to sharply improved recoveries on Nicholas Lake as well as further optimization of mine scheduling."

Added Denis Taschuk, Chairman, "I would like to thank Brian and his dedicated team for the exceptional work they have done to bring us to this final stretch; but, I would also like to thank our loyal shareholders for their support, which we hope and believe will soon be more appropriately rewarded."

Reserves:

Proven and Probable mineral reserves for the YGP are estimated at 20,433,000 million tonnes ("Mt") at an average grade of 2.03 grams per tonne ("g/t") gold, containing 1,334,000 ounces of gold, resulting in a mine-life of approximately 15 years: