TSX: YMI
VANCOUVER, May 11, 2017 /CNW/ - Yellowhead Mining
Inc. ("Yellowhead" or the "Company") (TSX-V: YMI), reports its
results of operations for the three months ended March 31, 2017, as well as the voting results for
the election of directors at the Company's Annual General and
Special Meeting ("Meeting") held on Wednesday, May 10, 2017 in Calgary, Alberta.
1. First Quarter 2017
During the first quarter of 2017, the Harper Creek Project
("Harper Creek") remained on care and maintenance, however, at the
present time, the Board of Directors of the Company intends to
investigate the potential of raising additional equity funds to
complete the EA Review Process for the Harper Creek Project.
Summary of First Quarter Results
(Amounts are expressed in thousands of Canadian dollars,
except per-share amounts)
|
2017
|
|
2016
|
Quarter
Ended
|
31-Mar
|
|
31-Mar
|
|
$
|
|
$
|
Administrative
expenses
|
158
|
|
284
|
Exploration and
maintenance expenses
|
32
|
|
22
|
Other
expenses/(income)
|
-
|
|
-
|
Net loss/(gain) and
comprehensive loss/(gain) for the period
|
190
|
|
614
|
Basic and diluted
loss per share for the period
|
$0.00
|
|
$0.00
|
Yellowhead has no revenue from operations. Results can
fluctuate significantly from period to period due to the level of
development activities on the Project.
Review of Quarterly Results
In Q1 2017, under the care and maintenance program, as compared
to Q1 2016:
- Administrative expenses decreased by $126K, mostly due to reduced salaries of
$97K and reduced office rent of
$33K, and
- Exploration and evaluation expenses increased $10K, mostly due to property taxes on the Harper
Creek property of $11K being accrued
in Q1 2017 and not being accrued in Q1 2016.
Cash and Cash Equivalents
|
As
at
|
|
March
31,
|
|
December
31,
|
Cash and cash
equivalents
|
2017
|
|
2016
|
Cash
|
$
92,285
|
|
$ 4,522
|
Short term money
market investments
|
400,060
|
|
613,150
|
Total cash and
cash equivalents
|
$
492,345
|
|
$ 617,672
|
Outlook
At the present time, the Board of Directors of the Company
intends to investigate the potential of raising additional equity
funds to complete the EA Review Process for the Harper Creek
Project.
2. Annual General Meeting Results
A total of 50,586,231 common shares were voted at the Meeting,
representing 40.88% of the votes attached to all issued and
outstanding common shares. The director nominees as listed in
the Management Information Circular dated April 4, 2017 were elected as Directors of
Yellowhead at the meeting as follows:
|
Votes
For
|
|
Votes
Withheld
|
|
Number
|
%
|
|
Number
|
%
|
T. Gregory
Hawkins
|
50,131,765
|
99.98
|
|
7,850
|
0.02%
|
Ryan
Jennings
|
50,081,765
|
99.88
|
|
57,850
|
0.12%
|
Ronald
Mathison
|
50,131,765
|
99.98
|
|
7,850
|
0.02%
|
Glen Swail
|
50,081,765
|
99.88
|
|
57,850
|
0.12%
|
The results of the other matters considered at the Annual
General Meeting are set out in the Report of Voting Results filed
on SEDAR as of today's date.
About Yellowhead Mining Inc.
Yellowhead Mining Inc. is a development stage company with a
100% interest in the Harper Creek Project, located in the
North Thompson - Nicola region of
British Columbia, Canada.
Forward Looking Statements
Except for statements of historical fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities laws. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are
made, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
statements, including, among others, the accuracy of mineral grades
and related assumptions, inherent operating risks, planned
expenditures, proposed exploration and development at the Harper
Creek Project, operating and economic aspects of the Harper Creek
Project, as well as those risk factors identified in the Company's
Annual Information Form filed under the Company's SEDAR profile.
Yellowhead undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions
should change except as required by law. The reader is cautioned
not to place undue reliance on forward-looking statements. More
detailed information about potential factors that could affect
projected results is included in the documents filed from time to
time with the Canadian securities regulatory authorities by
Yellowhead.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Yellowhead Mining Inc.