Yellowhead Mining to Keep Harper Creek on Hold for Forseeable Future

Yellowhead Mining (TSX:YMI), in its 2015 year-end report, stated that it will keep its Harper Creek project on care and maintenance for the forseeable future in light of ongoing weakness in the commodities markets.
As quoted in the press release, highlights from 2015 included:

• Acceptance of an application (“EA Application”) for an environmental assessment certificate for the Harper Creek Project (“Harper Creek”) by the British Columbia Environmental Assessment Office (“BC EAO”) for formal review, with the 180 day application review period commencing on January 28, 2015
• Responding to comments from the BC EAO and the Canadian environmental assessment agency (CEA Agency), together with members of the Working Group, on the EA Application
• Suspension of the 180 day EA Application review period timeline in order to provide sufficient time for the Company to provide the additional information requested by the BC EAO relating to the conclusions and recommendations of the Independent Expert Report on the Mount Polley Tailing Storage Facility Breach for its relevance and applicability to Harper Creek
• Successful completion of a rights offering, pursuant to which the Company issued a total of 24,751,431 common shares at a price of $0.045 per share for gross proceeds of $1,113,814
• Cessation of all activities with respect to the EA Application and environmental monitoring, and placing the project on care and maintenance for the foreseeable future, including for 2016, as a result of the Board of Directors concluding that, in light of current conditions in the commodity markets and the international capital markets, it was in the best interest of all shareholders to defer all expenditures on Harper Creek until such time as more favorable commodity and capital markets presented themselves

Click here for the full press release.