CALGARY, ALBERTA. December 5, 2011. West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) announces that it has completed the drilling and testing of 26 NQ drill holes, aggregating 4,000 metres and conducted 2,087 assays of the drill cores in its 2011 resource definition drill program on its Record Ridge Magnesium Property, located near Rossland, British Columbia. The Company previously reported the results of its 2007 and 2008 Record Ridge drill program consisting of 51 NQ diamond drill holes aggregating 6,340 metres with 3,874 assays and the early results for 17 drill holes on its 2011 program. Based on all drill core results achieved to date, the Company is now proceeding with a NI 43-101 Preliminary Economic Assessment (“PEA”) Report in respect of the Company’s Record Ridge Magnesium Project. The PEA is being prepared by SRK Consulting Engineers of Denver, Colorado and the Company anticipates that the (PEA) will be completed in early 2012. Upon completion of the PEA and provided that the Company continues to see a continuation of the positive results in its drilling, testing and metallurgical programs, the Company plans to proceed with Pre-feasibility and Feasibility Studies on its Record Ridge Magnesium Project.
The Company’s two previous reports presented the results of 17 holes (RRS 11-1 through RRS 11-17) from its 2011 drill program. The Company has now received the assay results of the last nine (9) drill holes. All drill holes intersected broad zones of magnesium bearing ultramafic rock. RRS 11-19 intersected several zones of magnesium bearing ultramafic rocks mixed with intervened sub-volcanic and intrusive dykes, followed by a 53.4 metre thick, broad zone carrying 24.5% Magnesium. The other six (6) holes all intersected broad zones of significant magnesium bearing ultramafic rock (serpentinite). Of noteworthy interest are holes RRS 11-20, RRS 11-23 and RRS 11-25, all of which yielded 152.4 metres of 23.0% to 24.0% magnesium from the surface. The Company is very encouraged by the results to date. The newly received assay results are set out in detail in the table below and the map attached to this news release identifies the location of the drill holes from the programs from 2007, 2008 and the recently completed 2011 program.
| DDH # | Depth (Metres) | Length (True Width) (Metres) | Magnesium % | Rock Type | |
| From | To | ||||
| RRS 11-18 | 0.6 | 89.6 | 89.0 | 22.8 | Serpentinite including one dyke (1.9 m) |
| 89.6 | 106.8 | 17.2 | 1.98 | Monzosyenite | |
| 106.8 | 127.5 | 20.7 | 15.0 | Serpentinized Andesite | |
| 127.5 | 150.1 | 22.6 | N/A | Monzosyenite –not sampled | |
| RRS 11-19 | 4.0 | 10.8 | 6.8 | 19.3 | Serpentinite |
| 10.8 | 34.5 | 23.7 | 5.94 | Monzosyenite and Diagabbro | |
| 34.5 | 74.3 | 39.8 | 23.2 | Serpentinite | |
| 74.3 | 78.6 | 4.3 | 4.47 | Diagabbro | |
| 78.6 | 80.7 | 2.1 | 20.4 | Serpentinite | |
| 80.7 | 99.0 | 18.3 | N/A | Monzosyenite –not sampled | |
| 99.0 | 152.4 | 53.4 | 24.5 | Serpentinite | |
| RRS 11-20 | 0 | 152.4 | 152.4 | 24.0 | Serpentinite including one dyke (1.4 m) |
| RRS 11-21 | 0 | 20.2 | 20.2 | 22.5 | Serpentinite |
| 20.2 | 38.3 | 18.1 | 2.73 | Diagabbro | |
| 38.3 | 152.4 | 114.1 | 22.2 | Serpentinite including two dykes (2 m and 3.7m) |
|
| RRS 11-22 | 0 | 70.4 | 70.4 | 23.0 | Serpentinite |
| 79,4 | 83.9 | 13.5 | 6.4 | Monzosyenite and Diagabbro | |
| 83.9 | 152.4 | 68.5 | 24.2 | Serpentinite | |
| RRS 11-23 | 0 | 152.4 | 152.4 | 23.5 | Serpentinite including one dyke (1.7 m) |
| RRS 11-24 | 4.0 | 21.9 | 17.9 | 22.4 | Serpentinite |
| 21.9 | 29.0 | 7.1 | 5.0 | Diagabbro | |
| 29.0 | 118.6 | 89.6 | 24.5 | Serpentinite | |
| 118.6 | 137.8 | 19.2 | 6.52 | Monzosyenite and Diagabbro | |
| RRS11-25 | 0 | 152.4 | 152.4 | 23.0 | Serpentinite including two dykes (0.4m and 2m) |
| RRS11-26 | 4.9 | 12.9 | 8.0 | 8.28 | Diagabbro |
| 12.9 | 106.3 | 93.4 | 21.3 | Serpentinite including one dyke (2 m) | |
| 106.3 | 120.3 | 14.0 | 5.59 | Diagabbro | |
| 120.3 | 152.4 | 32.1 | 20.1 | Serpentinite | |
The Company also advises that it has applied for the recovery of up to $650,000 pursuant to the BC Mining Tax Credit Program and anticipates receiving the first tranche of $500,000 in the early part of 2012. In North America, Magnesium sells for $2.20 U.S. per pound.
About the Company
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. The Company’s operations are currently being conducted on its Rossland Gold Camp property located 2.5 kilometers west of the town of Rossland, B.C. The Company controls approximately 6,223 contiguous hectares of mineral and crown granted claims and is exploring for gold on its primary properties which are the Midnight, OK and IXL crown grants and for magnesium on the Company’s Ivanhoe Ridge, Hidden Valley and Record Ridge properties.
| For further information please contact: | |
| Frank Marasco President and Chief Executive Officer West High Yield (W.H.Y.) Resources Ltd. Calgary, Alberta Telephone: (403) 660-3488 Facsimile: (403) 206-7159 Email: [email protected] |
Dwayne Vinck Chief Financial Officer West High Yield (W.H.Y.) Resources Ltd. Calgary, Alberta Telephone: (403) 257-2637 Facsimile: (403) 206-7159 Email: [email protected] |
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