CALGARY, ALBERTA–(Marketwire – Oct. 19, 2009) –
/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO US PERSONS/
West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) (TSX VENTURE:WHY) announces additional results from its on-going 2009 gold exploration drill program in its Midnight Crown granted claim on the western outskirts of Rossland, British Columbia. The Company previously reported the assay results from eight holes (MN09-1 through 8) through press releases dated August 5, 2009 and September 16, 2009. The Company has since completed the drilling of 10 additional vertical holes (MN09-9 through 18), of which seven have been assayed and summarized in the table below (MN09-9 through 15). Assays are conducted by Assayers Canada Laboratory and the results of the remaining three vertical wells will be released when the assays have been completed. A QA/QC grade control program for high grade samples (over 28 g/tonne Au) is being continued for confirmation by ALS Chemex and Acme Laboratories, both of Vancouver, B.C. MN09-15 intersected multiple zones of high grade gold bearing serpentinite and quartz veins returning weighted average of 40.1 g/tonne (1.41 ounces) over a true width of 2.3 m (7.5 feet) including 198 g/tonne (6.98 ounces) Au for a true width of 0.6 m (2 feet) near surface (13.9 m in drill depth). All other holes intersected multiple zones of high grade gold bearing serpentinite, including 47.8 g/tonne (1.7 ounces) Au over a true width of 1.9 m (6.2 feet) at hole MN09-11. Based on the 2009 drill core results achieved to date, the Company continues to successfully define the gold mineralization on a 10 m spaced drill hole grid on it’s Midnight property in order to allow the Company to proceed with a mineral resource estimate pursuant to National Instrument 43-101.
To see the West High Yield Resources Midnight/I.X.L./O.K. & Golden Drip 2009 Diamond Drilling Plan please visit http://files.newswire.ca/830/WHY_drilling_plan.doc Private Placement
West High Yield also announces that it has closed the second tranche of its previously announced non-brokered private placement (the “Private Placement”) of up to
$1,000,000 of Units. Each Unit was sold for $1.45 and is comprised of two Flow-Through Common Shares (the “Flow-Through Shares”) priced at $0.50 per share and one Common Share of the Company (the “Common Shares”) priced at $0.45 per share. In the second tranche, the Company raised gross proceeds of $162,400 and issued 224,000 Flow-Through Shares and 112,000 Common Shares. In the two tranches completed to date, the Company raised gross proceeds of $295,800. The Units were sold to enable the Company to continue to explore for gold on its Midnight property. Finder’s Fees of 10% cash and 10% warrants were paid in the Private Placement to non-related parties. The shares issued in the private placement are subject to a four month hold period and are subject to final TSXV approval.
About West High Yield
West High Yield is a publicly traded 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, nickel, and magnesium properties. The Company’s operations are being conducted on the Rossland Gold Camp property which is situated approximately 2.5 kilometers west of the town of Rossland, B.C. The Company controls approximately 6,316 contiguous hectares of mineral and crown granted claims and is exploring on its primary properties which are the Midnight, OK, IXL and Golden Drip crown grants. Historically, under previous ownerships, these properties experienced gold production from narrow quartz veins with high grade gold content.
The Company’s field activities are supervised and the technical data for this report was prepared by H. Kim, P.Geo/P.Eng (Practicing) and assisted by Cory Peck, B.Sc, Geol.I.T. Mr. Kim is a qualified person as defined by National Instrument 43-101 (“NI 43-101”).
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.
42,692,794 Common Shares Issued
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact
West High Yield (W.H.Y.) Resources Ltd. Frank Marasco
President and Chief Executive Officer
FAX: (403) 206-7159
West High Yield (W.H.Y.) Resources Ltd. Dwayne Vinck
Chief Financial Officer
FAX: (403) 206-7159
West High Yield (W.H.Y.) Resources Ltd.
28 Arbour Lake Drive N.W. Calgary, Alberta, T3G 3N8