CALGARY, ALBERTA–(Marketwire – Sept. 29, 2010) –
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 that it has completed the drilling and testing of 15 drill holes totaling 1,698 metres (5,570 feet) in its 2010 gold drilling program on the Company’s Midnight Crown granted claim in the western outskirts of Rossland, British Columbia. To the present, the Company has received the analysis for 13 of the 15 holes drilled in the 2010 program. The analysis of the remaining two holes will be received in the next few weeks. The Company previously reported the assay results for 6 holes (MN10-1 through MN10-6) and now reports the results of an additional 7 holes (MN10-7 through MN10-13), which are summarized in the table below.
In the table below, it is noted that two holes (MN10-9 and MN10-13) show no significant gold intersections and in the opinion of management outlines the western margin of the Midnight gold resource play. Hole MN10-10 failed to reach the desired drill depth due to encountering an old tunnel. As demonstrated in the table below, the other four holes demonstrated multiple zones of gold intersections with significant gold values, with hole MN10-11 returning 73.23 g/tonne Au for a true width of 2 metres. Also hole MN10-12 returned three (3) gold intersections including one with 2.4 metres true width and values of 3.11 g/tonne Au. The southern margin of the Midnight gold resource play remains to be further tested. The Company plans to retain SRK Consulting Engineers and Scientists (“SRK”) of Denver, Colorado, an independent engineering firm, to undertake an independent NI 43-101 measured mineral resource estimation of the Company’s Midnight property. For the readers’ reference, this press release is accompanied by a map of the Company’s 2010 Diamond Drilling Plan on the Midnight property.
About the Company
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 6,223 contiguous hectares of mineral and crown granted claims and is exploring for gold and nickel on its primary properties which are the Midnight, OK and IXL crown grants and for nickel and magnesium on the Company’s Hidden Valley and Record Ridge properties.
The Company’s field activities are supervised and the technical data for this report was prepared by H. Kim, P.Geo/P.Eng (Practicing – License #21179)) and assisted by Cory Peck, B.Sc, Geol.I.T. H. Kim is a qualified person as defined by National Instrument 43-101 (“NI 43-101”).
The Company also advises that the Company’s Board of Directors approved the granting of 1,925,000 stock options to officers, directors, employees and consultants of the Company, subject to regulatory and TSX Venture Exchange approval. The options were issued with an exercise price of $0.40 per share and have a five year term.
READER ADVISORY
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.
42,820,394 Common Shares Issued
To view map of 2010 Diamond Drilling Plan, see link below:
http://cnrp.marketwire.com/cnrp_files/20100929-why_MAP.pdf?v=0.772
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.
CONTACT INFORMATION:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco
President and Chief Executive Officer
(403) 660-3488
Fax: (403) 206-7159
[email protected]
or
West High Yield (W.H.Y.) Resources Ltd.
Dwayne Vinck
Chief Financial Officer
(403) 257-2637
Fax: (403) 206-7159
[email protected]
or
West High Yield (W.H.Y.) Resources Ltd.
28 Arbour Lake Drive N.W.
Calgary, Alberta T3G 3N8