CALGARY, ALBERTA, – November 24, 2006. West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) is pleased to announce its financial (unaudited) results for the third quarter ended September 30, 2006, and the Management‘s Discussion and Analysis (“MD&A”) dated November 24, 2006. On July 27, 2006, the Company completed its initial public offering of securities (the “Offering”) which was fully subscribed for gross proceeds of $2,000,000. The following summarizes key information contained in the interim financial statements and MD&A both of which can be found on the SEDAR website at http://www.sedar.com.
During the quarter ended September 30, 2006, the Company had a net loss of $653,342 ($1,414,142 year to date) and a working capital surplus of $1,129,896. With the completion of the Offering as well as exchanging debt for shares, the Company became working capital positive during the quarter. The debt exchanged for shares was an amount due to a company under common control that funded the operations of the Company to date. On the date that the Company completed the Offering, the Company also exchanged 5,090,144 units for $2,036,057.59 of debt outstanding at that date. Each unit consists of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant entitles the purchaser to acquire one common share at an exercise price of $0.50 until January 27, 2007 and at a price of $0.60 until July 27, 2007.
The Company has completed the drilling of 18 of 23 core holes of its 2006 Phase 2 diamond drill program on its properties located on the western outskirts of Rossland in southeastern British Columbia. Assay results have now been obtained on 11 of the 18 core holes drilled to date. These results have previously been disclosed in press releases dated October 10 and November 20, 2006. Mr. Frank Marasco, President and Chief Executive Officer of the Company, commented, “I am extremely pleased with the progress made to date in the evaluation of our mining property in British Columbia and am encouraged by the results. With the completion of our initial public offering of securities in July, the Company has the platform to continue its evaluation of the property into 2007”.
West High Yield (W.H.Y.) Resources is a junior mining exploration company focused on the acquisition, exploration and development of mineral resource properties in Canada with a primary objective to locate and develop economic gold properties.
For further information please contact:
Frank Marasco
President and Chief Executive Officer West High Yield (W.H.Y.) Resources Ltd. 28 Arbour Lake Drive N.W.,
Calgary, Alberta T3G 3N8 Telephone: (403) 660-3488
Facsimile: (403) 206-7159
Email: [email protected]
Craig G. Robson
Vice President, Corporate Development and Investor Relations
West High Yield (W.H.Y.) Resources Ltd. Suite 620, 800 West Pender Street Vancouver, B.C. V6C 2V6
Telephone: (604) 868-7961
Facsimile: (604) 274-1431
Email: [email protected] or [email protected]
ADVISORY:
Certain information regarding the Company including management’s assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
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Not for dissemination in the United States or to U.S. persons.