Tyhee Development Potential

April 2010

Its been quite a few months since I did this and since we have some big news due over

the next two or three months, I figured I would repost this with some modifications.

Assumptions:

Production rate per the P.A. of 165,000 oz/per year.

Total shares outstanding at time of production of 350 Million

Total debt at start of production $150 Million at 8% APR, 8 year amortization:

Monthly payment of $2,120,000 = $25,440,000 per year.

Price / Earnings (PE) Ratio of 30.

Operating cost of $400/ounce (Current est. per PA is about $390 from 2008)

GOLD PRICE at $2,000 (I think this is a safe bet for a couple years out even though

most of us know a higher price is likely)

Yearly Gross: 165,000 x $2,000 = $330,000,000 ($330M)

Yearly Net: $330M – (165K x $400) – ($25.44M) = $238.56M

Earnings per share: $238.56M / 350M shares = $ 0.68

Price Per Share(PPS): 30 (PE) = PPS/$0.68

Therefore PPS = $20.45

So, if gold goes higher, Tyhee increases production, and the blow-off stage occurs

eventually in the mining shares, what will Tyhee's share price potential be?

Tyhee: STRONG BUY