Yellowhead Mining is Pleased to Report Positive Results From Its Ongoing 4,000m Diamond Drilling Program at Harper Creek

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Yellowhead Mining Inc. (TSX VENTURE:YMI) is pleased to report the results from
its second drill hole of an ongoing 4,000 meter diamond drilling program. The
previously reported first hole, HC10-76 (refer press release dated December 14,
2010) and this second hole, HC10-77, are part of a three hole fence on the
western side of the deposit on Section 303880E. Drilling is designed to confirm
previous historical drilling and identify down-dip extensions to the
mineralization not previously drilled. This eight (8) hole program is expected
to be completed by January 31, 2011. The company intends to continue with an
expanded drilling program into the Spring for the expansion of mineralized zones
outside the published resource as well as increasing confidence categories
within the published resource. Laboratory assays lag the drilling and logging by
approximately six (6) weeks. The program is being managed by CME Consultants
Inc. ("CME"). 


A complete list of significant intervals is presented in the table below. 

Please refer to the Cross Section Map
http://www.yellowheadmining.com/i/pdf/DDHCrossSectionHC10-77.pdf and Drill Plan
Map http://www.yellowheadmining.com/i/pdf/Drill-Plan-Map.pdf also available at
www.yellowheadmining.com.




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                Significant Intersections at 0.2% Cu cut-off                
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Hole                     Interval (m)                     Results           
                ------------------------------------------------------------
                      From        To    Length      Cu %    Ag ppm    Au ppb
----------------------------------------------------------------------------
HC10-77              64.44     71.00      6.56      0.32       1.1        18
----------------------------------------------------------------------------
                     80.50    150.38     69.88      0.45       1.6        70
----------------------------------------------------------------------------
including           131.00    134.00      3.00      1.06       4.1       163
----------------------------------------------------------------------------
                    163.50    169.50      6.00      0.27       1.6        31
----------------------------------------------------------------------------
                    247.00    248.33      1.33      0.36       3.1        30
----------------------------------------------------------------------------
                    285.00    287.00      2.00      0.47       2.1        25
----------------------------------------------------------------------------
                    295.53    296.50      0.97      0.25       2.2        65
----------------------------------------------------------------------------
                    305.00    311.82      6.82      0.30       3.2        40
----------------------------------------------------------------------------
                    316.00    320.00      4.00      0.38       3.3        45
----------------------------------------------------------------------------
                    354.70    355.53      0.83      0.49       4.0        50
----------------------------------------------------------------------------
                    359.37    361.37      2.00      0.57       5.1        45
----------------------------------------------------------------------------
                    365.37    366.37      1.00      0.34       3.0        20
----------------------------------------------------------------------------
                    398.00    410.62     12.62      0.44       2.5        32
----------------------------------------------------------------------------
                    441.00    444.00      3.00      0.49       2.0        38
----------------------------------------------------------------------------



Hole 77 continued to prove continuity of mineralization within the current
proposed pit outline(1) as well as identify down-dip extensions to the
mineralization below the pit limit. Drilling has identified 69.88m(2) @ 0.45%
Cu, 0.07 g/t Au and 1.6 g/t Ag, from 80.5m to 150.38m at a 0.20% Cu cutoff;
including 3.00m @ 1.06% Cu, .163g/t Au and 4.1g/t Ag from 131m to 134m. 


Mineralization intercepted below the currently proposed pit bottom includes
12.6m @ 0.44%Cu, 0.032g/t Au and 2.5g/t Ag from 398m to 410.6m at a 0.20% Cu
cutoff. Intercepts in the lower horizon extend mineralization at least 220m
below the current pit bottom. 


Harper Creek is a copper-gold-silver volcanogenic sulphide deposit with an
indicated resource of 569 million tonnes grading 0.32% Cu (4,010,000,000 pounds
of copper), plus an inferred resource of 62.7 million tonnes grading 0.33% Cu
(460,000,000 pounds of copper) plus as yet an unquantified resource of gold and
silver. Mineralization occurs as a series of tabular bodies hosted within the
Eagle Bay Assemblage volcanic and sedimentary rocks.


Ian Smith, Chief Executive Officer, stated, "The results for hole HC10-77
continue to demonstrate the potential to increase the resource within the
established resource limits, by drilling deeper than the historical drilling
from the 1960's and 1970's."


Personnel Changes

The company announces the departure of its COO, Andrew Neale. The Company
appreciates Andrew's contribution to the Company's development and especially
his efforts with respect to the amalgamation with Four Points Capital leading to
the Company's listing on the TSX-V last November. Andrew will now focus on his
pursuit of gold interests.


The Company also announces the appointment of John Fox, to the Company's
advisory board. John is a metallurgical engineer with 40 years of experience in
the international mining industry. He has been the President and principal of
Laurion Consulting Inc., a well respected metallurgical consultancy in
Vancouver, BC, since June 1998. John is a director of Santa Fe Metals Corp. and
was formerly a director of bcMetals, where he spearheaded the Red Chris process
flow-sheet design. Mr. Fox obtained his Bachelor of Science Degree in Applied
Mineral Sciences from the University of Leeds in the United Kingdom in 1971. He
is a registered professional engineer, British Columbia.


Greg Hawkins, Chairman stated, "John will add considerable strength to the
Company's technical capabilities with his extensive experience in mineral
process especially with regard to large scale copper/gold/silver deposits. We
are very appreciative that he has joined the Harper Creek project team."


Qualified Person

Christopher O. Naas, P.Geo. B.Sc., Project Manager for Yellowhead's Harper Creek
Project, is a qualified person as defined by National Instrument 43-101 and
prepared or reviewed the preparation of the scientific and technical information
in this press release with respect to the assay results from the Harper Creek
drill program. 


Sample Collection, Analyses, and QA-QC

All core processing was undertaken by CME personnel. Core was cut by electric
motorized rock saw with half core shipped to Eco Tech Laboratory Limited, part
of the Stewart Group (Eco Tech), in Kamloops, BC for sample preparation and
analysis. Drill core samples were analyzed for gold by fire assay with an AA
finish and multi-elements by total digestion ICP-ES. Core samples returning
greater than 2,000 ppm copper in the ICP-ES process were then assayed for
copper. In addition to control samples inserted by CME, the analytical
laboratory routinely inserted their own control samples, which consisted of
standards, blanks and sample repeats.


About Yellowhead Mining Inc.

Yellowhead has a 100% interest in the Harper Creek Project subject to the
payment of a royalty capped at $2.5 million, adjusted for inflation, on claims
within the NI 43-101 resource. The Harper Creek Project is a large
copper-gold-silver project located in south-central British Colombia,
approximately 150 kilometers by highway from Kamloops.


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 Filing Statement 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
financial results is included in the documents filed from time to time with the
Canadian securities regulatory authorities by Yellowhead.


(1) Not NI43-101 compliant pending completion of the Preliminary Economic
Assessment schedule for mid-February 2011. 


(2) down-dip dimensions are along the drill hole and approximate to a true width
of the mineralization
Celtic Minerals Ltd (Tier2) (TSXV:CME)
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