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West High Yield (W.H.Y.) announces annual financial results

CALGARY, ALBERTA, – April 10, 2007. West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) is pleased to announce its audited financial results for the year ended December 31, 2006.


  • On July 27, 2006, the Company became publicly traded when it completed its initial public offering of securities that was fully subscribed for gross proceeds of $2,000,000.
  • Successful 2006 drilling program comprising over 10,000 feet of diamond drilling over 21 holes.
  • Completion of a flow-through financing in December, 2006 that raised $1,100,000.

West High Yield’s financial condition improved in 2006. At December 31, 2006, the Company had a working capital surplus of $1,657,594 compared to a working capital deficiency of $1,612,811 at December 31, 2005 when it was still a private Company. This improved financial position is as a result of the initial public offering of securities that occurred in July, 2006, the exchange of debt due to a related company for shares at that same date as well as a flow-through share financing completed in December, 2006. During the year funds were expended on an extensive diamond drilling program on the Company’s properties near Rossland, British Columbia.

During the year ended December 31, 2006, the Company had a net loss of $1,986,511 or $0.07 per share compared to a loss of $562,880 or $0.04 per share in 2005. During 2006, the Company expended $864,397 on its mineral exploration project ($224,849 in 2005), $340,810 of head office expense ($124,303 in 2005) and $115,840 of interest expense and bank charges ($215,848 in 2005). In addition the Company recorded non-cash expenses of $682,063 relating to stock based compensation (nil in 2005) and $6,268 for depreciation and amortization expense ($900 in 2005).

The drilling season for the Company was completed on December 2, 2006. During the year, 21 core holes were completed in Phase 2 of the diamond drill program on its properties located on the western outskirts of Rossland in southeastern British Columbia. During the season, a total of 10,074 feet of core was drilled on the Rossland Gold Camp property near Rossland, British Columbia. Assay results have now been obtained on all core. These results have previously been disclosed in press releases dated October 10 and November 20, 2006, January 19 and March 21, 2007 and are available on the SEDAR website at www.sedar.com. Overall as a result of this years drilling, in nine holes drilled on the Midnight property, the Company has encountered narrow, erratic high grade gold intercepts, while in other remaining cores, a potential mineral zone of low grade gold bearing materials was identified. Of perhaps more significance than the gold concentrations located, nickel mineralization of commercial interest have been located in the black serpentinite in Ivanhoe Ridge with assay results up to 0.245% or 5.4 lbs nickel/ton (weighted average). Further delineation of the potential nickel zone will be accomplished through the Company’s exploration program in 2007.

The Company’s 2007 Phase three drilling program is scheduled to commence in April on the property with more than 20,000 feet of core hole expected to be drilled during the season utilizing the services of two drilling rigs.

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]


The TSXV has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

This news release may contain certain forward-looking statements, including management’s assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, risks associated with mining exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other explorers and producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Not for dissemination in the United States or to US persons.