Ming Fung (HKG:0860) inks MOU to invest in Canada gold project

[Date:03-19-2010]

Source: Infocast News

An MOU has been inked by Ming Fung Jewellery (HKG:0860) and Tyhee Development Corp., a company listed on the Toronto Venture Exchange, for proposed co-investment and co-development of the Yellowknife Gold Project, the mineral projects in the Yellowknife Gold Belt in the South Mackenzie Mining District of the Northwest Territories, Canada, Ming Fung Jewellery announced.

The Yellowknife Gold Project covers 12,635 hectares and consists of the Ormsby, Nicholas Lake, Bruce Lake, Goodwin Lake and Clan Lake Zones. As announced by Tyhee, the Yellowknife Gold Project has a total measured and indicated resource of 1.95 million ounces of gold in 17.5 million tonnes grading 3.47 gpt and an inferred resource of 269,000 ounces of gold in 2.5 million tonnes grading 3.29 gpt.

Progress is continuing to being made on the preliminary feasibility study in relation to the Yellowknife Gold Project and the results should be available within the next 3 months. Permitting work is progressing with completion of the developer’s assessment reports to be completed within the next 3 months.