CALGARY, ALBERTA, – May 29, 2007. West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) announces that it has entered into an Asset Purchase Agreement to acquire three (3) mineral claims in Rossland, British Columbia from Lynn Bublitz. The mineral claims being purchased include the following: Hidden Valley – Mineral Tenure No. 513757, Hidden Valley 2 – Mineral Tenure No. 513788 and Hidden Valley 3 – Mineral Tenure No. 513794. The purchase price for the mineral claims is to be satisfied by the payment of cash in the sum of
$30,000 and the issuance of 80,000 common shares from the treasury of the Company. The shares issued to the Vendor will have a hold period of 4 months. Closing of the acquisition is expected to occur on or before May 31, 2007 and is subject to normal commercial conditions including final approval of the TSX Venture Exchange.
The Company is also pleased to announce that Ian F. T. Kennedy of Toronto, Ontario has been appointed to the Board of Directors. Mr. Kennedy is a mining engineer (P. Eng – Mining) with a B.Sc. (Geology and Geophysics) from McGill University. He has extensive experience as an executive officer and director of mining, energy and investment companies, including Conwest Exploration Company Ltd. of which he was a Vice-President and director. He is currently a partner with an investment banking firm in Toronto, Ontario. In conjunction with his appointment, the Board has granted Mr. Kennedy 200,000 stock options of the Company with an exercise price of $0.60 per share. The options have a 5 year term and standard vesting provisions.
West High Yield 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 and nickel properties.
For further information please contact:
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
The TSXV has neither approved nor disapproved the contents of this news release and 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.