CALGARY, Alberta, May 01, 2018 — West High Yield (W.H.Y.) Resources Ltd. (the “Company”) (TSXV:WHY) announces the release of its audited financial statements and Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2017. The audited financial statements and related MD&A for the year ended December 31, 2017 have been filed with Canadian securities regulatory authorities under the Company’s profile on SEDAR at www.sedar.com.
The Company previously disclosed details of its proposed private placement with fund to be used for the continuation of the environmental base line study, environmental assessment study and mine plan and permit application and Industrial Quarry Permit application for the Company’s Record Ridge deposit near Rossland, British Columbia and the balance of the net proceeds will be used for general corporate purposes.
Industrial Quarry Permit
The Company has commissioned work on an Industrial Quarry Permit application for its Record Ridge South Magnesium Project. The Industrial Quarry Permit sought under the Mines Act (British Columbia) will allow for the extraction and sale of up to 249,999 tonnes per annum of industrial rock. It is anticipated that industrial rock sales and/or third-party ore processing will provide 2019 cash flows from operations while continued mine plan and permit application efforts are being made. The Industrial Quarry Permit application process are being led by Greenwood Environmental and SRK Consulting (Canada) both of Vancouver, British Columbia. The proposed rock quarry is not subject to the Environmental Assessment Act (British Columbia) or the Canadian Environmental Assessment Act. The Company anticipates delivery of the Industrial Quarry Permit during May 2018.
British Columbia Environmental Assessment Application and Mine Permit Application
The Company continues to prepare a Mine Permit Application and British Columbia Environmental Assessment Application requesting the extraction and processing on site of up to 1,000,000 tonnes per annum of ore. It is expected this application will be submitted in 2019.
As required to meet and exceed regulatory requirements, the Company has focused on extensive environmental baseline studies for its Record South Ridge Properties and surroundings. These studies include Water Quality, Fisheries, Vegetation, Soil, and a comprehensive GIS Terrestrial Ecosystem Mapping. In addition to these studies the Company will be fully consulting with Community and First Nations Stakeholders. These studies and the Project Description and Environmental Work Planning is being conducted by Greenwood Environmental and SRK Consulting (Canada) both of Vancouver, BC. Considerable work has been completed by the Company and its consultants to advance the Company’s proposed British Columbia Environmental Assessment Certification Application process.
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.
For further information please contact:
President and Chief Executive Officer West High Yield (W.H.Y.) Resources Ltd. Telephone: (403) 660-3488
Facsimile: (403) 206-7159
Email: [email protected]
Chief Financial Officer
West High Yield (W.H.Y.) Resources Ltd. Telephone: (403) 257-2637
Facsimile: (403) 206-7159 Email: [email protected]
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning, the proposed allocation and use of proceeds, the Company’s business plans and the anticipated sales of industrial rock. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-
looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made ,and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, skilled personnel and supplies; changes in tax laws; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
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