CALGARY, ALBERTA –November 10, 2020 West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) (TSXV:WHY) announces that it has entered into a joint venture with EnviroGold Global for the development, operation, and reclamation of its precious mineral (Au/Ag) rock rejects located on its gold claims in Rossland, BC. The venture is conditional upon the parties receiving approval from the Ministry of Mines in British Columbia and when approved, will help West High Yield in unlocking the tremendous value of the mine reject rocks that were stockpiled on the Company’s claims from historic mining operations on its Rossland property.
The reject rock averaged 2.5 gpt Au based on independently assayed random 99 bulk samples at Metsolve Laboratories, BC. All recoverable saleable minerals and metals will be extracted and marketed including but not limited to recoverable gold and silver. Proceeds from this project will be used by the Company to support advancement of its strategic vision to develop its mineral resource properties in British Columbia.
The extraction and reclamation of the reject stockpile, which is scheduled to commence in December, 2020, will be operated and managed by EnviroGold , with all project costs paid by EnviroGold and then recovered by EnviroGold from the proceeds of sale of the processed reject rock, after which the net proceeds will be split on a 50/50 basis between the project partners.
President and CEO of West High Yield, Frank Marasco Jr. described the transaction as “win-win” for both parties.
“We are excited to partner with EnviroGold to extract the value from our rejects stockpile and use the proceeds to advance our business plan. EnviroGold’s team and experience will assist our Company in unlocking the value in this ready to process asset.” Mr. Marasco said.
EnviroGold CEO James Canning-Ure said he was excited for the opportunity to be working with West High Yield in creating value for the Company from a previously mined resource.
“For mine owners like West High Yield, we not only create an otherwise unavailable passive income stream from waste, but we dramatically reduce a mine’s environmental footprint, mine site maintenance costs, risk and rehabilitation commitment,” Mr Canning-Ure said.
The agreement with EnviroGold supersedes a prior agreement of the Company to mine the reject rocks, which will terminate on November 20, 2020.
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.
About EnviroGold Global
EnviroGold Global is a modern precious metals company with a “Planet before Profit” focus, applying specialized technologies and processes to recover up to 98% of precious metals from mine tailings, waste and mine wastewater utilizing cost effective processes with a high regard for environmental standards and transforming uneconomic mine tailings and waste into a valuable resource. EnviroGold maximizes environmental stewardship and unlocks new streams of shared value for shareholders and community stakeholders and positively impacts climate change.
For further information, please contact:
Frank Marasco
President and Chief Executive Officer West High Yield (W.H.Y.) Resources Ltd. Telephone: (403) 660-3488
Facsimile: (403) 206-7159
Email: [email protected]
James Canning-Ure Chief Executive Officer EnviroGold Global
Telephone: +61 418 745 477
Email: [email protected]
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