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WHY.V     0.315          1.6129%      Volume:  214645      Day Range:  0.295 - 0.36      Last Updated:  2024-04-22 06:15
West High Yield (W.H.Y.) Resources Ltd. submits amended Record Ridge permit application

CALGARY, ALBERTA – October 25, 2023 West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV:WHY) is pleased to provide an update on the progress of its permit application and announces that it has submitted its amended permit application (the “Amended Application“) for its Record Ridge Industrial Mineral Mine (“RRIMM” or the “Project“) to the British Columbia Ministry of Energy, Mines and Low Carbon Innovation and BC Ministry of Environment and Climate Change Strategy (together, the “Ministries“).

The Company held public open house meetings on May 17 and May 18, 2023 in the Rossland, British Columbia community located approximately ten kilometers from the proposed Project site in the Lower Columbia/Old Glory Area B Kootenay Region. Feedback from these meetings was thoughtfully considered by the Company, leading to amendments (the “Amendments“) to its permit application, resulting in the Amended Application. These Amendments were presented and discussed at a meeting (the “MDRC Meeting“) with the British Columbia Mines Development Review Committee (the “MDRC“) that took place in Rossland on June 27, 2023, and were well received by Project stakeholders in attendance. The Company outlined numerous proposed Project mitigation strategies to address concerns and interests that had been expressed through its public engagement efforts, as previously announced by the Company in a press release dated July 4, 2023.

The Amendments in the Amended Application include:

  • substituting or augmenting the use of explosives with mechanized equipment for ore extraction for the Project;
  • implementing enclosed environments for crushing equipment to effectively manage dust and noise; and
  • exploring the option with the British Columbia Ministry of Transportation and Infrastructure of utilizing a trucking route along Highway 22 to North Port, Washington, rather than passing through the City of Rossland.

Following the MDRC Meeting, the Company began working with the Ministries and engaged its consultants, SRK Mining Engineers and Greenwood Environmental, to address comments presented at the MDRC Meeting. This collaboration aimed to provide the required information for making the Amendments and finalize the Amended Application in accordance with the mitigation initiatives previously outlined. These positive changes to the Project will be implemented with the utmost consideration for the environment, the community and all associated stakeholders. While these changes have taken longer than initially expected, mitigation strategies incorporated into the Amended Application have made it stronger on all fronts.

The Osoyoos Indian Band conducted an independent review of the Amended Application and has demonstrated a strong commitment to working with West High Yield in the protection of the environment and mutual economic interests. This commitment is and was reflected in the signing of a cooperation agreement between the Company and the Osoyoos Indian Band, as previously announced by the Company in a press release dated September 11, 2023.

West High Yield eagerly anticipates the next phase of the MDRC technical review process and is awaiting feedback from the MDRC members in a timely manner.

About West High Yield

West High Yield is a publicly traded junior mining exploration and development company focused on acquiring, exploring, and developing mineral resource properties in Canada. Its primary objective is to develop its Record Ridge critical mineral magnesium, silica, and nickel deposits using green processing techniques to minimize waste and CO2 emissions.

The Company’s Record Ridge magnesium deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) Preliminary Economic Assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with NI 43-101.

Contact Information:

WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.

Frank Marasco Jr., President and Chief Executive Officer

Telephone: (403) 660-3488

Email: [email protected]

Barry Baim, Corporate Secretary

Telephone: (403) 829-2246

Email: [email protected]

Cautionary Note Regarding Forward-looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. 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; 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.

This press 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.

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.