VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2013) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SEVICES

Tyhee Gold Corp. (the "Company") (News - Market indicators) announces today that as a result of a review by the British Columbia Securities Commission (the "BCSC"), the Company is issuing the following news release to clarify its continuous disclosure record.

SRK Consulting, Knight Piésold and Lyntek Inc. completed an independent feasibility study on the Company's Yellowknife Gold Project in August, 2012 ("Feasibility Study") and which is filed on SEDAR at www.sedar.com. The Company included the results from the Feasibility Study in the Company's new releases dated August 15, October 1 and December 17, 2012 (collectively, the "News Releases"), in its corporate investor presentation dated November 9, 2012 ("Corporate Presentation"), in its corporate fact sheet dated September, 2012 and updated in November, 2012 ("Corporate Fact Sheet"), and on its website.

The Company is now issuing this news release to clarify and in some cases, retract, certain disclosure in respect of the Yellowknife Gold Project as follows:

• When the Company previously disclosed the results of the economic analysis from the Feasibility Study, it only disclosed pre-tax numbers. To ensure shareholders understand the value of the Yellowknife Gold Project and to provide balanced disclosure, the Company would like to present the economic analysis with both pre-tax and post-tax numbers:

¹ This $1,400/oz. base-case gold price is calculated based on the 36 month trailing average gold price as of August 1, 2012. 

The Company has also revised its Corporate Presentation and Corporate Fact Sheet and updated its website disclosure to present its economic analysis with pre-tax and post-tax numbers.

• The Company would like to clarify that the base-case gold price used in the sensitivity analysis in the Feasibility Study is $1,400/oz., which was calculated based on the 36 month trailing average as of August 1, 2012. The Company has revised disclosure where the Company previously highlighted gold prices higher than $1,600/oz. in its sensitivity analysis.

• The Company retracts its disclosure of gold price sensitivity analysis, and in particular, the sensitivity analysis based on the then current gold price of $1,770/oz., found in its October 1, 2012 news release. To provide a more balanced disclosure of the sensitivity analysis, the Company has updated its disclosure to highlight the use of the $1,400/oz. base-case gold price, and to present the gold price sensitivity analysis disclosed in accordance with data presented in the NI 43-101 technical report "NI 43-101 Technical Report Yellowknife Gold Project, Northwest Territories, Canada, Effective Date September 7, 2012" available on SEDAR. The revised disclosure is as follows:
   

¹ This $1,400/oz. base-case gold price is calculated based on the 36 month trailing average gold price as of August 1, 2012. 

• The Corporate Presentation included disclosure of an economic performance chart with calculations based on a $1,700/oz. gold price, which was presented on a price sensitivity basis. This gold price was not specifically disclosed in the Feasibility Study sensitivity analysis and the disclosure was unbalanced since it did not provide a corresponding downside analysis. The Company has updated the Corporate Presentation and related website disclosure to remove any disclosure of an economic performance chart based on a $1,700/oz. gold price without a corresponding balance to the downside at $1,100/oz.

• The Corporate Presentation included disclosure of the exploration potential (being the potential quantity and grade of gold resource) at the Yellowknife Gold Project. Such disclosure included the statement "Multi-million ounce gold potential", which is not in compliance with N I 43-101 Standards of Disclosure for Mineral Projects. The Company retracts this disclosure in its entirety.

In those instances where the Company has retracted, revised, clarified or updated previous disclosure, the Company advises readers not to rely on such statements as they may continue to be found in the public domain.

The scientific and technical information contained in this news release was prepared by or under the supervision of Brian Briggs.

FORWARD-LOOKING STATEMENTS: Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information" Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.

Forward-looking statements or information relate to, among other things: resource estimate, grades on the Yellowknife Gold Project; scope of mineralization within the Yellowknife Gold Project; geological interpretations and potential mineral recovery processes.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada or other countries in which the Company may carry on business in the future; the uncertainties involved in interpreting geological data; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks).

This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.