Williams Creek Gold Limited

Williams Creek Gold Limited

July 29, 2011 09:00 ET

Williams Creek Gold Limited Exercises Warrants, Acquires 5,000,000 Shares in Tyhee Gold Corporation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 29, 2011) - Williams Creek Gold Limited (TSX VENTURE:WCX) ("Williams Creek" or "the Company") is pleased to announce that it has increased its holdings in Tyhee Gold Corporation (TSX VENTURE:TDC) ("Tyhee") to 15,500,000 shares from 10,500,000 shares. The additional shares were acquired through the exercise of 5,000,000 warrants that Williams Creek had acquired as part of its initial investment in Tyhee (Williams Creek News Release, November 1, 2011). The cost of the investment was $625,000 ($0.125 per share).

"We believe that Tyhee, a late stage development company, is an excellent investment for Williams Creek because it allows us to participate in a significant gold project that is in the permitting stage and which is moving towards production perhaps more rapidly than financial market participants recognize," said Michael Sonnenreich, Chief Executive Officer and Chairman of the Board of Williams Creek. "Williams Creek has a three-part strategy consisting in: a) exploration, b) investment and joint venture, and c) debt and royalty financing. Our investment in Tyhee is a very good example of the second part of this strategy."

About Williams Creek Gold Limited (WCX)

Visit http://www.WilliamsCreek.ca to learn more about Williams Creek Gold Limited.

Williams Creek Gold Limited is a Canadian company with the primary purpose of participating broadly in the natural resource sector, with an emphasis on the gold subsector, through exploration, joint ventures or other equity investments, royalty and finance agreements.

Williams Creek Gold Limited owns twenty-eight Crown Granted mineral claims in the immediate vicinity of Barkerville, BC in the Cariboo mining division. The Cariboo gold belt and the Barkerville Camp have a long history of gold production dating back to the 1800s. Historically the Barkerville Camp has reported gold production of 3.8 million ounces, including 2.6 million ounces from surface placer and 1.2 million ounces from lode mining. When placer gold production peaked in the late 1890s, Williams Creek Gold's Black Jack (District Lot 1B), Home Stake (District Lot 4B), Cornish (District Lot 1F) and Wintrip (District Lot 32F) Crown Granted mineral claims were among the first acquired in the early search for lode gold.

Williams Creek Gold Limited also owns a block of four mineral claims 17km west of Barkerville known as the Pine Properties. The Company has three Crown Granted mineral claims in the Kamloops Mining Division, two of which are adjacent to New Gold's New Afton project. Additionally, Williams Creek Gold Limited has a net 30% interest in the ATW diamond property in the MacKenzie Mining District of the Northwest Territories.

On behalf of the Board of Directors,

Michael R. Sonnenreich, Chairman and CEO

This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events and conditions and therefore involve inherent risks and uncertainties. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. All phases of the Company's operations are subject to environmental regulation and governmental approval and permits and there can be no assurance that the Company will obtain all the requisite permits for future development. Mining is an inherently risky business with large capital expenditures and cyclical metals markets.

Neither the 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.

Contact Information

  • Williams Creek Gold Limited
    Michael R. Sonnenreich
    Chairman and CEO
    (778) 370-1393
    (604) 688-1320 (FAX)