Updated Positive Feasibility Study for the Harper Creek Project & 2014 Second Quarter Report

VANCOUVER , Aug. 14, 2014 /CNW/ - Yellowhead Mining Inc. ("Yellowhead" or the "Company") (TSX: YMI) today announces the results of the updated feasibility study ("Feasibility Study") for its 100% owned Harper Creek Project ("Harper Creek" or the "Project") located in the Thompson-Nicola region of south-central British Columbia, Canada , together with the results of operations for the six months ended June 30, 2014 .

The technical report that will be prepared in compliance with National Instrument 43-101 ("NI 43-101"), which will be based on the full Feasibility Study, will be filed on SEDAR at www.sedar.com and on the Company's website at www.yellowheadmining.com , within 45 days of this release. The full condensed consolidated interim financial statements and management discussion & analysis for the second financial quarter ended June 30, 2014 are available on SEDAR at www.sedar.com and on the Company's website at www.yellowheadmining.com .

CEO Remarks

"Yellowhead has spent the last year working on a series of design improvements to both optimize the mine site footprint and general arrangement of Harper Creek, but more importantly, to both reduce and further mitigate the potential environmental impacts resulting from the development of Harper Creek. Consideration of the implications of design alternatives from an environmental management perspective, was an integral part of this process" noted Mr. Frank Wheatley , CEO of Yellowhead.

"The completion of the updated Feasibility Study is a critical milestone in the preparation of Yellowhead's application ("EA Application") for an environmental assessment certificate for the Project, which we are currently targeting submitting to the British Columbia Environmental Assessment Office ("BC EAO") at the beginning of the fourth quarter of 2014. We continue to take a disciplined approach to the development of Harper Creek, and with the Feasibility Study completed and reconfirming the value of Harper Creek, our attention is now focused on the finalizing the updated EA Application for Harper Creek" continued Mr. Wheatley .

Highlights
(All amounts in US$ unless otherwise specified)

Highlights of the Feasibility Study (on a 100% equity basis) include:

Proven and Probable mineral reserves of 716 million tonnes (Mt) @ 0.26% Cu, 0.029 g/t Au and 1.2 g/t Ag representing a total of approximately 4.077 billion pounds of contained copper
Measured and Indicated mineral resources of 1,300 Mt @ 0.25% Cu, 0.028 g/t Au and 1.2 g/t Ag, representing a total of approximately 7.253 billion pounds of contained copper
A 28 year mine life, a mill throughput rate of 70,000 tpd, and a Life of Mine ("LOM") average annual copper concentrate production of 231,000 dry metric tonnes
Initial capital cost of approximately C$1 billion and LOM sustaining capital of C$335.8 million
C1 cash operating costs, net of precious metals credits, of US$1.82 /lb Cu
Net present value ₈ ("NPV ₈ ") before tax of US$684 million , and a NPV ₈ of US$355 million after tax assuming metal prices of US$3.00 /lb Cu, US$1,250.00 /oz Au and US$20.00 /oz Ag
Internal rate of return ("IRR") before tax of 16.8%, and an IRR after tax of 13.4%, on a 100% equity basis
Payback period of 5.4 years after tax, on a 100% equity basis

Feasibility Study

The Feasibility Study was completed using engineering and consulting firms experienced in the British Columbia mining industry, with significant contributions to the report by the authors detailed under "Qualified Persons". The estimates of capital and operating costs presented in the Feasibility Study were prepared with an accuracy range of +15%/-5%, and are current as of March 2014 .

Design Improvements

Since the last feasibility study of Harper Creek was completed in March 2012 (the "2012 FS"), the Project has undergone a series of design changes to both optimize the mine site footprint and general arrangement of the Project, but more particularly to both reduce and further mitigate the potential environmental impacts resulting from the development of the Project. These design changes include relocation and reconfiguration of the waste rock stockpile, low-grade ore stockpiles and overburden and topsoil stockpiles, as well as modifications to management plans.

Mining and Production Profile

The Feasibility Study contemplates that Harper Creek will operate at a mill throughput rate of 70,000 tpd, with a LOM strip ratio of 0.76:1, for a mine life of 28 years based on proven and probable mineral reserves of 716.2 Mt. Active mining operations will continue for 24 years, during which low grade material will be stockpiled. After active mining operations cease in year 24, the low grade stockpiles will be processed during years 24 to 28 of operations. Mining will be conventional truck and shovel open pit methods, gyratory crushing, SAG-ball mill grinding, followed by conventional flotation. LOM average annual production of 231,000 dry metric tonnes of 25.5% copper concentrate will be trucked from the Project site approximately 25km to Yellowhead's rail load-out facility in the town of Vavenby , for rail shipment of approximately 526km to the Port of Vancouver for shipment to smelters overseas.

The first five years of operations will see increased ore grades and lower operating costs, as near surface higher grade zones are targeted and lower grade material is stockpiled for processing at the end of the mine life. The average grade processed for the first five (5) years is 0.31% Cu, compared to the LOM average of 0.26% Cu. Average cash operating costs for the first five years will be US$1.66 /lb, compared to the LOM average of US$1.82 /lb.

Key metrics of the processing facility are shown below:

Harper Creek Development Plan	Years 1 to 5	Life of Mine
Mine Life	28 Years	28 Years
Available mill operating days per year	365 days	365 days
Strip Ratio	1.4:1	0.76:1
Production Rate (average)	70,000 tpd	70,000 tpd
Average Process Recovery (Cu)	90.6%	89.2%
Average Process Recovery (Ag)	59.9%	55.8%
Average Process Recovery (Au)	58.4%	57.7%
Average Annual Copper Concentrate Production	276,000 dmt	231,000 dmt
Average Copper Concentrate Grade	25.5%	25.5%
Total Copper Produced	0.78 bn lbs	3.64 bn lbs
Total Gold Produced	0.09 M ozs	0.37 M ozs
Total Silver Produced	2.87 M ozs	15.6 M ozs

Mineral Resources Estimate

Ron Simpson of Geosim Services Inc. prepared the following mineral resource estimate for Harper Creek, effective as of March 30, 2014 and is a Qualified Person as defined in NI 43-101.

Measured and Indicated Mineral Resources	Contained Metal
	tonnes (000's)	% Cu	g/t Au	g/t Ag	Cu lbs (M's)	Au ounces (000's)	Ag ounces (000's)
Measured (M)	564,361	0.27	0.029	1.2	3,359	526	21,769
Indicated (I)	735,877	0.24	0.027	1.2	3,894	639	28,385
Total M + I	1,300,238	0.25	0.028	1.2	7,253	1,165	50,154
Inferred Mineral Resources
	tonnes (000's)	% Cu	g/t Au	g/t Ag
Inferred	119,743	0.25	0.025	1.2	660	96	4,619

Notes:

CIM definitions were followed for mineral resources and are inclusive of Mineral Reserves.
Mineral resources are estimated at a cut-off grade of 0.15% Cu, which is considered consistent with other mineral deposits of similar characteristics, scale and location.
Mineral resources are amenable to open pit mining methods and have been constrained using a Lerchs‐Grossman optimized pit.
Mineral resources were estimated using a copper price of US$3.50 /lb Cu.
Totals may not add due to rounding.

The mineral resources and reserves included drill and assay information up to March 2014. A total of 90,778 metres of drilling in 353 drill holes, comprise the data base for the mineral resource and reserve estimates.

Mineral Reserves Estimate

John Nilsson of Nilsson Mine Services Ltd. prepared the following mineral reserve estimate for Harper Creek, effective as of March 30, 2014 and is a Qualified Person as defined in NI 43-101.

Proven and Probable Mineral Reserves	Contained Metal
	tonnes (000's)	% Cu	g/t Au	g/t Ag	Cu lbs (M's)	Au ounces (000's)	Ag ounces (000's)
Proven	457,227	0.27	0.030	1.2	2,706	439	17,465
Probable	258,948	0.24	0.026	1.2	1,371	220	9,636
Proven + Probable	716,175	0.26	0.029	1.2	4,077	659	27,101

Notes:

CIM definitions were followed for mineral reserves.
Mineral reserves were estimated at a cut-off grade of 0.14% Cu.
Mineral reserves were estimated using a copper price of US$2.25 /lb., a gold price of US$1,250.00 /oz and a silver price of US$20.00 /oz.
Totals may not add due to rounding.
The mineral reserve estimate may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical and other relevant issues.

Capital Cost Estimate

Initial Capital Costs

Merit Consultants International Inc. estimated the initial capital costs at C$1,025.8 million , compared with C$838.9 million in the 2012 FS, representing an increase of approximately 22%. The updated estimate of initial capital costs is based upon a foreign exchange rate of C$1 = US$0.90 , an accuracy range of +15/-5%, and a first quarter 2014 capital environment.

The updated estimate of initial and sustaining capital has benefited from additional design and engineering work undertaken on the Project since completion of the 2012 FS. Coupled with the design improvements relating to environmental mitigation referred to above, such additional work has resulted in a greater degree of accuracy with respect to estimating mine equipment requirements, material movement quantities, and the design of ancillary facilities and power supply and distribution. General escalation in prices of mine and process equipment since 2012 have also been reflected in the updated capital cost estimates.

An estimate of BC provincial sales tax, and additional reclamation bonding requirements, which were not included in the 2012 FS, have been included in the updated estimate. In addition to those two items, the other major components of the increase in the estimate of initial capital costs include:

increased mine development and pre-stripping costs as a result of longer haul profiles and consumable costs due to the design changes from an environmental perspective;
escalation in the cost of mining equipment and process equipment;
escalation in construction labour rates of approximately 9%, reflecting the current state of the construction industry in BC; and
re-allocation of mining equipment from sustaining capital into initial capital, to facilitate mining requirements in Year 1 of operations.

Sustaining Capital

LOM sustaining capital, which is comprised mainly of mining and mobile equipment replacement, ongoing tailings management facility embankment construction, and estimated closure and reclamation cost requirements, is estimated to be C$335.8 million , compared with C$318.0 million in the 2012 FS, representing an increase of approximately 6%.

Initial capital costs and LOM sustaining capital estimates are set forth below.

Harper Creek Capital Costs
Initial / Preproduction Capital	2014 FS (C$millions)	2012 FS (C$millions)	Difference (%)
Mining & Preproduction Development	298.0	209.2	42
	Mine Equipment	205.1	146.8	40
	Mine Pre-Production Stripping	92.9	62.4	49
Plant Site Infrastructure	9.5	10.4	(9)
Site Services & Utilities	13.4	9.6	40
Process Facilities	279.6	257.6
	Primary Crushing	56.7	49.2	15
	Grinding and Classification	109.3	104.4
	Flotation & Regrind	53.1	48.7
	Mill Building & Common Services	60.5	55.3
Ancillaries	27.4	23.8	15
	Truck Shop	21.0	18.5	14
	Warehouse, Administrative Buildings, Assay Lab	6.4	5.3	21
Power Supply & Distribution	47.7	40.1	19
	Transmission Line	4.3	4.8	(10)
	Site Power Distribution	43.3	35.4	22
Tailings Management Facility & Water Reclaim	54.0	55.3	(2)
Total Direct Costs:	729.5	606.0	20
EPCM Costs	56.7	53.9
Equipment and Construction Camp	105.4	88.0	20
Owner's Costs	25.6	14.6	75
Contingency (10%)	90.7	76.4	19
Total Indirect Costs:	278.4	232.9	20
BC Provincial Sales Tax	10.0
Initial Reclamation Bonding	7.9
TOTAL INITIAL CAPITAL COST:	1,025.8	838.9	22

Sustaining Capital
Operations (including Working Capital)	298.0	313.2	(5)
Closure and Reclamation Bonding ²	37.8	4.8	688
Total Sustaining Capital :	335.8	318.0

TOTAL PROJECT COST:	1,361.5	1,156.9	18

Notes:

Totals may not add due to rounding.
Total reclamation bonding of US$104.5 million , less recaptured bonding of US$66.7 million .

Operating Cost Estimates

C1 cash operating costs are estimated at US$1.82 /lb Cu, compared with US$1.39 /lb Cu in the 2012 FS ² , representing an increase of approximately 31%. The updated estimate of C1 cash operating costs is based upon a foreign exchange rate of C$1 = US$0.90 and an accuracy range of +15/-5%.

The updated estimate of C1 cash operating costs has also benefited from the additional design and engineering work undertaken on the Project since completion of the 2012 FS. This work has also resulted in a greater degree of accuracy with respect to estimating blasting requirements, hauling profiles, manning levels and manning rates, as well as increased maintenance and fuel requirements. In addition, updates to transportation, treatment and refining charges, which fluctuate on the basis of supply and demand and refining capacity, have also been included in the updated estimate.

Major components of the increase in the estimate of C1 cash operating costs initial capital costs include increased:

tonnages and haul profiles for stockpiles and waste dumps
manning levels and manning rates
transportation, treatment and refining costs
fuel consumption and power costs

The LOM C1 cash operating cost estimates are set forth below.

Harper Creek Operating Costs
Area		2014 FS	2012 FS	Difference (%)

Mining ¹	C$/t milled	3.75	3.02	24
Processing	C$/t milled	3.65	3.12	17
General and Administrative	C$/t milled	0.44	0.38	16
Site Services	C$/t milled	0.35	0.28	25
Royalties	C$/t milled	0.04	0.03	33
Total Site Operating Costs:	C$/t milled	8.22	6.83	20
On-Site Operating Costs:
	Mining	US$/lb	0.66	0.50	32
	Processing	US$/lb	0.65	0.52	25
	General and Administrative	US$/lb	0.06	0.05	20
	Site Services	US$/lb	0.07	0.06	17
	Royalties	US$/lb	0.01	0.00
Off-Site Operating Costs:
	Deductions	US$/lb	0.13	0.10	30
	Transportation	US$/lb	0.20	0.17	18
	Treatment and Refining	US$/lb	0.23	0.17	35
	By-Product Metal Credits	US$/lb	(0.19)	(0.19)
Total C1 Cash Operating Costs ^2,3 :	US$/lb	1.82	1.39	31

Notes:

Mining costs exclude pre-stripping, but include stockpile re-handling.
C1 cash operating costs, for purposes of the Feasibility Study, include the costs of mining, milling and concentrating, onsite administration and general expenses, property and production royalties not related to revenues or profits, metal concentrate treatment charges, and freight and marketing costs, less the net value of the by-product credits. C1 cash operating costs is a non-GAAP financial measure and does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers.
The 2014 FS assumes an exchange rate of C$1 = US$0.90 , the 2012 FS assumed an exchange rate of C$1 = US$0.86 .
Totals may not add due to rounding.

Project Economics

The financial analysis in the Feasibility Study utilized the following assumptions.

Parameter	Inputs
General Assumptions
	Mine Life	28 Years
	Available mill operating days per year	365 days
	Production Rate (average)	70,000 tpd
	Average Process Recovery (Cu)	89.2%
	Average Process Recovery (Ag)	55.8%
	Average Process Recovery (Au)	57.7%
	LOM Average Annual Copper Concentrate Production	231,000 dmt/yr
	Concentrate Grade	25.5%
	Long Term C$:US$ exchange rate	0.90
Market Assumptions
	Equity Basis	100%
	Discount Rate	8%
	Base Case LOM average copper price	US$3.00
	Base Case LOM average gold price	US$1,250.00
	Base Case LOM average silver price	US$20.00

The Project economics on both a before tax and after tax basis, and a 100% equity and a conservative levered basis, are set forth below.

Project Economics (US$)
100% Equity Basis	Before Tax	After Tax
NPV ₈ ($millions) ¹	683.6	354.9
IRR (%)	16.8	13.4
Payback Period (Years)	4.9	5.4

Notes:

Eight (8%) percent discount rate.
NPV has been calculated to Year -2, Q2 2016

Sensitivity Analysis

The project economics of Harper Creek are most sensitive to copper price, as set forth below.

Sensitivity Analysis (US$)
Parameter	Value	Before Tax	After Tax
	NPV ₈ ¹	IRR	NPV ₈ ¹	IRR
	($millions)	(%)	($millions)	(%)

Copper Price ($ / lb)
+20%	$3.60	1,475.3	25.9	877.3	20.8
+10%	$3.30	1,079.5	21.5	617.3	17.2
Base Case	$3.00	683.6	16.8	354.9	13.4
-10%	$2.70	287.8	11.9	89.1	9.4
-20%	$2.40	(108.1)	6.4	(187.7)	4.9

Notes:

Eight (8%) percent discount rate.
NPV has been calculated to Year -2, Q2 2016

Permitting - Environmental Assessment

Yellowhead continues to update and revise the EA Application for the Project and is targeting resubmitting the revised EA Application to the BC EAO at the beginning of the fourth quarter of 2014. The updated EA Application will incorporate the design improvements to the Project, reflected in the updated Feasibility Study, to further mitigate the environmental impacts of the development of the Project, as well as to address the deficiencies raised by the BC EAO when the initial EA Application was submitted in April 2013 .

Yellowhead is also continuing its program of public consultation with local First Nations, local communities and other stakeholders, regarding any potential environmental and socio-economic impacts of the development of Harper Creek and the Company's proposed mitigation strategies.

Project Schedule

Yellowhead has designed a five year development program for Harper Creek during the period from the beginning of 2014 through 2018. The initial two and a half years, from 2014 to mid-2016, will be focused on permitting, including environmental permitting and Mines Act (BC) permitting. The subsequent two and a half years, from mid-2016 through 2018, will be focused on construction of the Project, with a target of commencement of commercial production during the second half of 2018. Also included in this five year program is project financing for the development of the Project, and the construction of an upgraded BC Hydro transmission line in the North Thompson valley to provide power to the Project for operations.

Second Quarter Results (Amounts are expressed in thousands of Canadian dollars, except per-share amounts)

	Three months ended June 30, 2014	Three months ended June 30, 2013	Six months ended June 30, 2014	Six months ended June 30, 2013
Administrative expenses	$ 498	$ 789	$ 1,017	$ 1,774
Exploration and evaluation expenses	1,454	447	2,372	2,403
Other income	(15)		(36)	(126)
Net loss and comprehensive loss for the period	1,937	1,239	3,353	4,050
Basic and diluted loss per share for the period	$ 0.02	$ 0.02	$ 0.03	$ 0.06

Yellowhead has no revenue from operations. Results can fluctuate significantly from period to period due to the level of engineering and environmental study effort and resource drilling.

Review of Quarterly Results (Three months ended June 30, 2014 ("Q2 2014") compared to the three months ended June 30, 2013 ("Q2 2013")

The loss in Q2 2014 was $1.94M compared to $1.24M in Q2 2013. This increase in loss of $698K was due to an increase in exploration and evaluation expenses of $1.01M . This increase in exploration and evaluation expenses was due mainly to the update of both the feasibility study and the EA Application for the Harper Creek Project . Environmental assessment costs increased from $214K in Q2 2013 to $1,016K in Q2 2014 in support of activities needed to support the re-submission of the EA Application. Administration expenses were $498K in Q2 2014 compared to $789K in Q2 2013. At the end of 2013, the Company undertook a reduction in general and administrative expenses, including staffing levels, and this resulted in lower investor relations activities, lower professional fees and lower wages and benefits, in Q2 2014 compared to Q2 2013.

Review of Annual Results (Six months ended June 30, 2014 ("YTD 2014") compared to the six months ended June 30, 2013 ("YTD 2013")

The loss in YTD 2014 was $3.35M as compared to $4.05M in YTD 2013. This decrease in loss of $697K was primarily due to a decrease in Administrative expenses of $756K and a decrease in Exploration and evaluation expenses of $31K . The decrease in Administrative expenses was primarily due to lower professional fees, lower investor relations and lower wages and benefits costs in YTD 2014 as compared to YTD 2013. In 2013 the Company incurred costs related to various strategic initiatives of the Company and these costs were not incurred in YTD 2014 as the Company undertook a reduction in general and administrative expenses. The 2014 exploration and evaluation expenses related to the update of both the feasibility study and the EA Application for the Harper Creek Project and the YTD 2013 costs primarily related to the in-fill drilling program.

Cash and Cash Equivalents

The Company had cash and cash equivalents of $7.08M as at June 30, 2014 , as compared to cash and cash equivalents of $10.00M as at December 31, 2013 . As at June 30, 2014 , the Company had working capital of $6.43M , as compared to working capital of $9.70M as at December 31, 2013 .

The Company's focus going forward is continuing the development of Harper Creek. Major activities include completing the Environmental Assessment process, advancing the Mine Permitting process and pursuing funding activities to increase its working capital to fund the development of the Harper Creek. The Company believes its current working capital is sufficient for the next twelve months of general and administrative activities, however, additional funding will be required by the Company to complete its strategic objectives and to continue as a going concern.

Risk Factors

The development of the Project is subject to a number of risk factors, including but not limited to, government laws and regulations, including environmental and mining laws and regulations, permitting requirements, availability of project financing, commodity prices, and consultation with and accommodation of First Nations by the Federal and Provincial Governments. For a detailed discussion of the risk factors associated with the Company and the Project, please consult the risk factors section of the Company's most recent Annual Information Form filed on SEDAR at www.sedar.com .

About Yellowhead Mining Inc.

Yellowhead Mining Inc. is a development stage company with a 100% interest in the Harper Creek copper project located in the North Thompson - Nicola region of British Columbia , Canada. The proposed Harper Creek mine will be a large scale, long life, low cost open pit copper mine, has a NI 43-101 compliant feasibility study, and is currently in the environmental permitting phase of development.

For more information on Yellowhead and the Harper Creek Project , please visit Yellowhead's website at www.yellowheadmining.com .

Qualified Persons

The following qualified persons (QPs) have reviewed and approved the technical content of this news release and will be responsible for the preparation of their relevant portion of the Technical Report:

Jay Collins , P.Eng ., Merit Consultants International Inc.

Mark Dobbs , P.Eng ., Allnorth Consultants Limited

Ronald Simpson , P.Geo ., GeoSim Services Inc.

Daniel Fontaine , P.Eng ., Knight Piésold Ltd.

John Fox , P.Eng ., Laurion Consulting Inc.

John Nilsson , P.Eng ., Nilsson Mine Services Ltd.

Cautionary Note Regarding 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.

Cautionary Note Regarding Technical Information

This news release includes disclosure of scientific and technical information, as well as information in relation to the calculation of mineral resources and reserves, with respect to the Harper Creek Project . Yellowhead's disclosure of mineral resource and reserve information is governed by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") under the guidelines set out in the Canadian Institute of Mining , Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council , as may be amended from time to time by the CIM ("CIM Standards"). There can be no assurance that mineral resources will ultimately be converted into mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated economic viability. This news release uses the terms "measured", "indicated" and "inferred" resources. U.S. persons are advised that while such terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. "Inferred Resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred resources may not form the basis of feasibility or other economic studies. U.S. persons are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. U.S. persons are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.

Non – GAAP Measures

C1 cash operating costs, for purposes of the Feasibility Study, include the costs of mining, milling and concentrating, onsite administration and general expenses, property and production royalties not related to revenues or profits, metal concentrate treatment charges, and freight and marketing costs, less the net value of the by-product credits. C1 cash operating costs is a non-GAAP financial measure and does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers.

SOURCE Yellowhead Mining Inc.

Updated Positive Feasibility Study for the Harper Creek Project & 2014 Second Quarter Report

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