CALGARY, Alberta, May 01, 2019 — West High Yield (W.H.Y.) Resources Ltd. (the “Company”) (TSXV: WHY) is pleased to announce conclusions and recommendations of a Stage 1 Pre-Feasibility Study (“PFS”) report conducted by Kingston Process Metallurgy Inc. (“KPM”) of Kingston, Ontario providing an evaluation of Magnesium processing and recovery alternatives and metallurgical testing on the Company’s Magnesium bearing serpentine. The PFS Stage 1 testing focused on leaching and purification tests and development of basic process data required to complete engineering design and economic analysis.
KPM’s report stated “overall, the work has clearly demonstrated that it is possible to produce a high purity (>99%) Magnesium chloride (“MgCl₂”) solution from Record Ridge material using a commercially proven Hydrochloric acid (“HCl”) based treatment process. This solution would be suitable for the production of high value, high purity Magnesium Oxide (“MgO”) and flame
retardant quality Magnesium hydroxide (“Mg(OH)2”) using a commercially proven pyrohydrolysis.” KPM recommended the Company proceed to Stage 2 of the PFS involving completion of the engineering design and costing.
The Company is encouraged by these results. Several key assumptions will need to be confirmed with further investigation and optimized testing. This includes, but is not limited to, locked cycle leach, effective industrial scale liquid solid separations, comprehensive heat and mass balances.
The Company also announces that it has settled the class action claim disclosed in note 14 to its annual audited financial statements for the year ended December 31, 2018. As a result of the settlement, the Company agreed to pay $99,000.
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.
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]
Dwayne Vinck
Chief Financial Officer
West High Yield (W.H.Y.) Resources Ltd. Telephone: (403) 257-2637
Facsimile: (403) 206-7159 Email: [email protected]
Reader Advisory
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.