CALGARY, ALBERTA–(Marketwire – Nov. 24, 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 NQ drill holes totaling 1,698 metres (5,570 feet) in its 2010 gold drilling program on the Company’s Midnight Crown granted claim on the western outskirts of Rossland, British Columbia. The Company previously reported the assay results for 13 holes (MN10-1 through 13) with two previous press releases (August 12, 2010 and September 29, 2010) and now reports the results of the last two holes (MN10-14 and MN10-15), which are summarized in the table below.
Shown In the gold intersection table below, Hole MN10-14 resulted in a gold intersection of appreciable gold values (3.76 grams/tonne Au) over a true width of 1.8 metres near the surface. Hole MN10-15 was not successful in recovering the core from 8.6 m to 10.4 metres in drill depth due to encountering an old tunnel. The southern margin and northeast part of the Midnight gold resource estimation remains to be further tested. For the readers’ reference, this press release is accompanied by a map of the 2010 Diamond Drilling Plan on the Midnight property.
The Company also advises that it will continue to explore on its Record Ridge property in 2011. The current plans are to expand the grid over its magnesium discovery to further outline the size of the deposit. The Company previously reported that it obtained a NI 43-101 report on this property with indicated and measured results aggregating 9,160,000 metric tonnes of Magnesium based upon the core drilling results obtained to the date of the report. The Company also plans to proceed with scoping and pre-feasibility studies on the Record Ridge Magnesium property which will be prepared by SRK Consulting Engineers of Denver, Colorado.
The Company announces the release of its financial results and the Management Discussion and Analysis (“MD&A”) for the nine months ended September 30, 2010. The unaudited financial statements and related MD&A for the nine months ended September 30, 2010 have been filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.
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”).
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
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.
West High Yield (W.H.Y.) Resources Ltd.
President and Chief Executive Officer
Fax: (403) 206-7159
West High Yield (W.H.Y.) Resources Ltd.
Chief Financial Officer
Fax: (403) 206-7159