CALGARY, ALBERTA –November 27, 2019. West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV:WHY) announces that Barry Baim will transition from his current executive role as VP Corporate Development, and has accepted appointment to the Board of Directors of the Company effective today. Mr. Baim brings to the Board a deep understanding of the next steps required for the ongoing development of the Company’s Record Ridge Mine and the commercial requirements of an evolving dynamic growth oriented global magnesium marketplace.
Baim has been a senior leader for Molson Coors, as well as an executive in the resource sector with companies in seismic, oil-sands mining services and production optimization. He is a past Director of Siksika Resource Development Ltd, Paradigm Chemical Technologies, Millennium Seismic and currently serves as a director for SGV Canada Ltd.
President and CEO Frank Marasco states “This announcement underscores the Company’s commitment to augment the current strength of the board with relevant skills and competencies required for the next step in the strategic commercialization of the Company’s mine assets.”
Coincident with this announcement, the Company’s Board of Directors approved the granting of 100,000 options to Mr. Baim. The options are issued with an exercise price of $0.15 per share and have a five-year term.
Further, it is with deep appreciation for his years of outstanding service and guidance, the Company announces that Ian Kennedy has resigned from the Board of Directors effective November 25, 2019. Mr. Kennedy has agreed to assist the Company through taking an advisory role, providing support, guidance and ensuring that the transition is as smooth as possible. His efforts have been instrumental in the mine permit submission, currently in its final phase and the extremely positive optimization results of the planned metallurgical process reflecting much higher magnesium yields and purity. The Company will conduct a thorough search for a qualified new Director, and with Ian’s advisory support facilitate the orderly transition to a new Director. The Company thanks Ian for his professionalism and commitment to the success of the Company today and in the future while wishing him all the best.
In addition, the Company announces that is has accepted the resignation of Dwayne Vinck, the Company’s Chief Financial Officer, effective as of November 20, 2019. The Company wishes to thank Mr. Vinck for his 12 years of service and all the best in his future endeavors. A search for his replacement has been initiated and an announcement will follow in this regard. In the interim, the Company has arranged transitional financial services to ensure the ongoing effectiveness of the organization.
The Company is looking forward to completion of the final step of the permit process and the move towards initiation of the mining process. The Company also announces that it has entered in an agreement to process
360,000 tons of mine tailings located on its Rossland Gold Camp property to recover base minerals, primarily Gold.
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]
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 investigation and confirmation of key assumptions in the PFS study report. 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 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.
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 press release.
Not for distribution in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.