West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) (TSX VENTURE:WHY) announces the release of its financial results for the year ended December 31, 2008 and the Management Discussion and Analysis (“MD&A”). The audited financial statements and related MD&A for the year ended December 31, 2008 have been filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.
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.
READER ADVISORY
This news release may contain certain forward-looking statements, including management’s assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, risks associated with mining exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other explorers and producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
40,830,794 Common Shares Issued
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.
West High Yield (W.H.Y.) Resources Ltd. (TSX VENTURE:WHY) (“West High Yield” or the “Company”) announces that it has entered into a Services Agreement with the Company, West High Yield (W.H.Y.) Holdings Ltd. (“Holdings”) and Noble Investment Corp. (“Noble”) (the “Agreement”), whereby Noble provides investor relations and market-making services to the Company until June 30, 2009. As part of the Agreement, Holdings will lend 200,000 Common Shares of the Company to Noble to be utilized for trading in securities of the Company. Noble has agreed to return any unutilized shares to the Company on June 30, 2009. Noble’s compensation for providing the services is $5,000 per month for six months, commencing on January 1, 2009 and the issuance of 120,000 options to purchase Common Shares of the Company at a price of $0.50 per share. 60,000 options will vest on each of March 31 and June 30, 2009 and all options expire on July 30, 2009. Noble’s market-making services include correcting temporary imbalances in the supply and demand of the Company’s securities, it being understood and acknowledged that the market will be allowed to rise and fall naturally, with the market-making activity operating primarily to smooth out these imbalances and to facilitate an orderly market in accordance with applicable securities laws and the rules of the TSX Venture Exchange. Noble will also assist the Company with various investor relations activities including attending trade shows and coordinating presentations on behalf of the Company.
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.
READER ADVISORY
This news release may contain certain forward-looking statements, including management’s assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, risks associated with mining exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other explorers and producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
40,830,794 Common Shares Issued
The TSXV has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO US PERSONS.
West High Yield (W.H.Y) Resources Ltd. (“West High Yield” or the “Company”) (TSX VENTURE:WHY) announces that it has filed a National Instrument 43-101 Technical Report that establishes a substantial resource of Magnesium at the Company’s Record Ridge South property located in Rossland, British Columbia (the “Project”). Copies of the Technical Report are available on the System for Electronic Document Analysis and Retrieval at www.sedar.com. The Technical Report was prepared by Dr. Bart Stryhas, PhD, CPG, a principal resource geologist with SRK Consulting (US), Inc. of Denver, Colorado (“SRK”). The property is an intermediate-advanced stage Magnesium exploration project, currently tested by 51 diamond drill holes. It is located approximately 7.5 km west-southwest of the town of Rossland. The Project mineralization is centered about 49 degrees 02′ 33″ N latitude and 117 degrees 53′ 22″ W longitude (UTM coordinates 5,432,500 N and 434,500 E).
Ownership
The West High Yield claim block consists of 19 contiguous mineral claims covering 6,134 hectares plus 8 crown granted and one private ownership claim (9 titles) totalling 212 hectares. The Magnesium mineralization of the Project is located within two mineral claims. The northern part is located within claim # 514607 (Frank SR 3) which covers 317.6 hectares. This claim was originally located by the Company on June 16, 2007 and is in good standing until February 28, 2019. The southern portion of the mineralization is located on claim #513794 (Hidden Valley 3) which covers 127 hectares. This claim was originally located by the Company on June 2, 2005 and is in good standing until February 28, 2019.
Geology and Mineralization
The Record Ridge South area is located within the Quesnel Terrain of the Intermontaine Tectonic Belt. It is comprised of a highly deformed Jurassic (180ma) age volcanic island arc back arc basin complex intruded by Tertiary volcanic and plutonic rocks. The exploration area is underlain primarily by the Record Ridge Ultramafic Body. This unit is bound on the north by the volcanics of the Tertiary Marron Formation, on the east and southeast by the volcanic rocks of the Jurassic Elise Formation and on the west and southwest by the Tertiary age Coryell intrusive suite. Regional metamorphism has reached greenschist facies in the Record Ridge South area.
The Record Ridge ultramafic body constitutes the mineralization hosting the Magnesium resource of the Technical Report. The body underlies an area of approximately 6.2km2, extending from the southern tip of Record Ridge, south to the foot of Mount Sophia and east to Ivanhoe Ridge. The rock type consists of variably serpentinized and locally carbonatized ultramafic cumulates. Lithic types include; dunite, pyroxene-bearing dunite, olivine-bearing wehrlite and wehrlite, each type varying simply as a function of the relative proportion of olivine to pyroxene. On fresh surfaces, the unit is very fine grained with a black color. It also contains abundant veinlets of light green to bluish serpentinite. The unit weathers to a brown color and stands out as open outcrops with a distinctive lack of vegetation in the nearby soils.
Exploration
During the 2007 and 2008 field seasons, the Company conducted surface mapping, surface sampling and diamond drilling on the Project. The surface mapping was conducted at a 1:2,500 Scale focused on the ultramafic rocks. Samples were collected from outcrop and analyzed by ICPAES for 24 elements. A total of 30 sample were collected and analyzed. The results of this work delineated a portion of the ultramafic body with high Magnesium.
The anomalous zone was then drill tested by 51 diamond core drill holes during 2007 and 2008. These were carefully logged and sampled and then tested with 24 element ICP-AES analysis. The exploration work conducted by the Company meets current industry standards. All drill core logging and sampling has been done by trained and professional personnel. The Company has made a concerted effort to ensure good sample quality and has maintained a careful chain of core custody from the drill rig to the assay laboratory.
Resource Estimation
The Project resource estimation is based on information from 51 drill holes totaling 6,340 metres. The drill hole database was compiled and verified by SRK and is determined to be of high quality. A geologic model was constructed based on three general rock groups. Three-dimensional solids were constructed to limit the outer boundary of mineralization and to delineate two internal waste rocks. These solids were used to assigned rock types to the block model. Each model block was then assigned a unique specific gravity based rock type. The model blocks are 15 metres x 15 metres x 5 metres in the x,y,z directions, respectively. All block grade estimates were made using 2.5 metres down hole composites. An Ordinary Kriging algorithm was employed using a minimum of 5 and a maximum of 15 composites within a search ellipsoid 150 metres x 150 metres x 25 metres in the x,y,z directions respectively.
The results of the resource estimation provided a CIM classified Measured and Indicated Mineral Resource as reported in the table below. SRK advised that the quality of the Project drilling and data is very good and the Mineral Resource was classified mainly according to the general drill hole spacing.
Conceptual Mining Plan
The Record Ridge South resource area will essentially be a large open pit quarry area that would supply material with significantly elevated Magnesium levels to an energy-intensive (electricity and natural gas) processing plant to comminute the mineralized rock, leach, dry, separate through electrolysis methods and package the Magnesium metal for shipment to domestic and foreign markets. Investigation to date shows that the Record Ridge South Resource could support an open pit mine and Magnesium processing facility, which are contingent on the long-term price of Magnesium metal, energy prices and reagent prices and capital costs.
Conclusions and Recommendations
Subject to the Company securing additional financing, SRK has recommended and the Company plans to conduct a three phase drilling program targeting resource expansion and geotechnical data collection, conduct further metallurgical test work and complete a scoping level economic evaluation. The first phase of the drilling program will focus on the unconfined portions of the higher-grade resource located in the northwestern portion of the current drilling and will also test the undrilled material located between the two zones of known mineralization. SRK has also recommended that the Company should provide more geotechnical data for an open pit mine design. The second phase of drilling will include several triple wall core holes located in the conceptual pit walls to obtain enough data to support a preliminary pit slope design. The third phase of drilling will focus on the unconfined mineralization in the Ivanhoe South area. The drilling programs may run sequentially or concurrently depending on financing and time line. Based on the results of the variography and geologic modeling, the drill hole spacing can be expanded to 100 metre separation and still support an indicated resource. Metallurgical test work will focus on optimization of the processes delineated in the preliminary studies, including bond work index determinations, closed cycle test work and reagent consumption predictions, all resulting in a conceptual mill flow sheet.
The scoping level economic evaluation will be initiated at the conclusion of the drilling and the metallurgical test work. The scoping study will include an updated resource estimate incorporating the results of the new drilling, conceptual mining plans, site layout, metallurgical studies and mill plans. This data will form the basis of a preliminary economic model.
The price of Magnesium has increased considerably since 2006. During 2007, free market prices in Canada and Europe increased sharply from $0.95 US per pound to $1.80 US per pound. The current price in early January, 2009 is approximately $2.30 US per pound. Corresponding prices in the USA are significantly higher due to varying tariff protection against certain Chinese and Russian producers. Management of the Company believes that demand for Magnesium will remain strong, particularly from the auto industry where high gasoline prices are leading to the design of lighter more fuel efficient vehicles.
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.
Dr. Bart Stryhas, PhD, CPG of SRK is the independent Qualified Person who prepared the 43-101 Technical Report on the Record Ridge South property and has reviewed and approved the contents of this press release. The Company’s field activities are supervised by H. Kim, P.Geo/P.Eng (Practicing), the Company’s on-site Geologist.
READER ADVISORY
This news release may contain certain forward-looking statements, including management’s assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, risks associated with mining exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other explorers and producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
40,830,794 Common Shares Issued
The TSXV has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco
President and Chief Executive Officer
(403) 660-3488
(403) 206-7159 (FAX)
Email: [email protected]
or
West High Yield (W.H.Y.) Resources Ltd.
Dwayne Vinck
Chief Financial Officer
(403) 257-2637
(403) 206-7159 (FAX)
Email: [email protected]
or
West High Yield (W.H.Y.) Resources Ltd.
28 Arbour Lake Drive N.W.
Calgary, Alberta T3G 3N8
CALGARY, ALBERTA – February 5, 2009. West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) is pleased to provide a progress report on exploration activities conducted on its mineral properties located in Rossland, British Columbia in 2008. The Company is releasing its latest 2008 drill results, primarily for Magnesium on its Record Ridge South property and the drilling results of additional cores drilled on the Company’s gold exploration properties, which include the IXL, Midnight, OK and Golden Drip properties. Since its last report, which was issued on November 12, 2008, the Company has undertaken the following activities.
Completion of 2008 Gold Exploration Program
In 2008, the Company continued to drill and explore for gold and related minerals on its IXL, Midnight, OK and Golden Drip properties near Rossland, British Columbia. The Company drilled and completed 9 NQ diamond drill holes totalling 680.1 metres (2,231 feet) on the IXL and Midnight claims and 1 NQ diamond drill hole near the Italian portal on the Midnight claim (MN08-2), which stopped at a depth of
181.2 metres, due to unsafe winter weather conditions. The Company plans to complete additional drill cores on these properties in 2009. The 2008 gold exploration program was targeted to test the downward extent of the narrow gold rich veins of both the upper and lower IXL and Midnight workings, from which approximately 10,000 tonnes of ore were produced recovering 1,030,092 grams of gold and 394,914 grams of silver between 1899 and 1984 (Minfile). Of the holes drilled and completed in 2008, 6 (IXL08-2, 3, 4, 5, 6 and 8) encountered old mine workings (empty tunnels without drill water circulation) and were stopped at shallow depths before reaching the desired drill depths. Gold mineralization was encountered in two of the three holes drilled in the IXL and Midnight claims in 2008 and are summarized in the following chart.
Claim
Hole # (Total Depth metres)
Azimuth/Angle (degrees)
Occurrence
Gold g/tonne
Silver g/tonne
Copper
%
Interval (metres)
True width (metres)
From
To
IXL
IXL08-1 (194.9)
345 / -45
Quartz vein
5.42
151
1.26
19.0
19.2
0.18
Quartz vein
6.22
119
1.23
53.6
53.7
0.10
IXL08-7 (160.3)
345 / -45
No significant
Gold values returned
–
–
–
–
–
–
Midnight
MN08-1 (140.2)
36 /-50
Serpentinized
andesite
35.78
1.8
–
20.5
21.6
1.0
Mineralized
andesite
0.3
7.7
–
33.4
38.1
4.7
Quartz vein
13.41
64.1
–
77.0
77.1
0.1
Quartz vein
48.39
30.0
–
95.5
96.0
0.5
MN08-2
305 / -55
Drilling will be completed in the spring of 2009 (target depth 260 metres).
Drilling Results on the Record Ridge South Property
The Company previously announced the results of 23 of 45 holes drilled in its 2008 definition drill program on the Record Ridge South property. The chart below summarizes the results for the remaining 22 holes which were recently completed.
Record Ridge South
DDH RRS08
Depth metres
Length metres
Magnesium
%
Nickel
%
From
To
12
1.2
49.0
s 47.8
26.4
0.22
82.7
122.2
39.5
26.7
0.22
13
1.2
75.1
s 73.9
25.7
0.20
86.4
110.3
23.9
20.1
0.15
14
0.6
98.2
s 97.6
25.1
0.20
15
0.6
84.1
s 83.5
22.7
0.20
16
0.7
13.7
s 13.0
19.8
0.19
27.0
106.0
79.0
21.8
0.20
17
1.2
58.1
s 56.9
21.5
0.20
77.1
123.4
46.3
26.4
0.19
18
0.6
67.2
s 66.6
22.5
0.20
22
No serpentinite intersection (drilled 25m deep to determine the intrusive contact)
28
0.0
41.4
s 41.4
24.3
0.22
31
31.9
154.5
s 122.6
27.7
0.20
33
0.0
117.3
s 117.3
25.6
0.22
34
7.7
143.3
s 235.3
24.5
0.20
35
1.0
123.7
s 122.7
26.7
0.24
36
0.0
124.4
s 124.4
24.3
0.19
38
8.4
154.2
s 145.8
26.8
0.20
39
0.9
154.5
s 153.6
26.6
0.20
40
0.2
148.4
s 148.2
25.3
0.20
41
0.0
19.9
s 19.9
26.6
0.20
49.3
83.7
34.4
26.0
0.21
42
0.2
89.5
s 89.3
24.2
0.20
43
1.5
63.6
s 62.1
25.1
0.20
44
75.2
86.0
10.8
20.0
0.16
45
5.8
18.0
s 12.2
16.9
0.17
Disclaimers:
The property includes areas of moderate sub-volcanic and intrusive interruptions into the serpentinites. The assayed Magnesium and Nickel values of the intervened sub-volcanic and intrusive dykes (ranging in length from 0.4 metres to 3 metres averaging less than 2 metres) are fully diluted with the serpentinite zones in the above chart.
Length metres with the “s” symbol represents intersected serpentinite zones from the surface to the top of the first sub-volcanic or intrusive
Hole RRS08-44 in the above chart is capped by the volcanic in the southwest fringe, which is off the resource estimation
The Nickel values reported above include Nickel in both sulphide and non-sulphide minerals as total
Anticipated Completion of NI 43-101 Report on the Record Ridge South Property
In November 2008, the Company retained SRK Consulting Engineers and Scientists (“SRK”) of Denver, Colorado, an independent engineering firm, to undertake an independent NI 43-101 measured mineral resource estimation of the Company’s Record Ridge South property. Dr. Bart Stryhas, the principal Resource Geologist for SRK, visited the Company’s Rossland property in November, 2008 to conduct a preliminary investigation for the report. The Company anticipates that it will receive a draft report from SRK in February, 2009.
Annual Summary and Extension of Leases
The Company has submitted the Annual Summary of Work and Statement of Work for its 2008 exploration activities to the British Columbia Ministry of Energy, Mines and Petroleum Resources, Mining and Minerals Division. Subsequent to filing the Statement of Work Report, the Company submitted an assessment report of its 2008 Diamond Drill Program for the Record Ridge South property to the British Columbia Ministry. The Company has now been advised by the Ministry that all of its mineral titles, which contain 6,220 contiguous hectares of unit cell claims and crown granted claims in Rossland, British Columbia, have now been extended for 10 more years.
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.
The Company’s field activities are supervised and the technical data for this report was prepared by H. Kim, P.Geo/P.Eng (Practicing), the Company’s on-site Geologist.
For further information please contact:
Frank Marasco
President and Chief Executive Officer West High Yield (W.H.Y.) Resources Ltd. 28 Arbour Lake Drive N.W.,
Calgary, Alberta T3G 3N8 Telephone: (403) 660-3488
The TSXV has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking statements, including management’s assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, risks associated with mining exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other explorers and producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward- looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in
this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Not for dissemination in the United States or to US persons.
CALGARY, ALBERTA, – November 26, 2008. West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) announces the release of its financial results for the three and nine months ended September 30, 2008 and the Management Discussion and Analysis (“MD&A”) dated November 24, 2008. The unaudited financial statements and related MD&A for the three and nine month period ended September 30, 2008 have been filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com. During the quarter ended September 30, 2008, the Company recorded a net loss of $848,025 or $0.02 per share (year to date $1,559,341 or $0.04 per share) compared to a net loss in the corresponding period of 2007 of $854,350 or $0.02 per share (year to date $1,920,598 or
$0.05 per share). At September 30, 2008, the Company had a working capital surplus of $1,177,999 compared to a working capital surplus of $2,703,304 at December 31, 2007. The current working capital surplus position will allow the Company to fund the Company’s exploration activities for the early portion of the 2009 drilling season.
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:
Frank Marasco
President and Chief Executive Officer West High Yield (W.H.Y.) Resources Ltd. 28 Arbour Lake Drive N.W.,
Calgary, Alberta T3G 3N8 Telephone: (403) 660-3488
The TSXV has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking statements, including management’s assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such
risks and uncertainties include, without limitation, risks associated with mining exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other explorers and producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Not for dissemination in the United States or to US persons.
CALGARY, ALBERTA. November 12, 2008. West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) is pleased to provide a progress report on exploration activities on its mineral properties located in Rossland, British Columbia and the release of two reports on the Company’s metallurgical test program for magnesium recovery. Since its last report which was issued on September 18, 2008, the Company has undertaken the following activities.
Completion of 2008 Drill Program
The Company has completed its 2008 definition diamond drill program for preparation of a NI 43-101 mineral resource estimation of the magnesium deposit on its Record Ridge South property. In addition to the six vertical NQ diamond holes drilled in 2007 totalling 1,131 metres (3,711 feet) on this property, the Company drilled 45 vertical NQ diamond holes totalling 5,278.5 metres (17,318 feet) in 2008. The 51 drill holes completed on the Record Ridge South property in 2007 and 2008 aggregated 6,409.5 metres (21,028 feet) and were drilled on a 50-meter square grid pattern within an approximate 200 metres by 500 metres section, in order to qualify for the necessary grid for a NI 43-101 compliant mineral resource estimate in the central portion of the Record Ridge South ultramafic body. The maps provided below outline the locations of the 51 drill holes and the resource estimation is divided into two sectors (northern and southern) by an east-west trending fault on line 350S, which is substantiated by hole RRS08-22.
Intersection of Magnesium Bearing Ultramafic Rock
As previously reported, the completed 2008 definition drill program conclusively intersected broad zones of magnesium bearing ultramafic rock (serpentinized dunite, wehrlite and lehzolite). The southern sector of the resource definition drilling tested by 28 holes with analytical data for 20 holes gave values averaging over 24% Magnesium and 0.2% Nickel from surface to an average of 75 metres except at, or near, the contact with the volcanics and intrusives to the southwest. The northern sector, tested by 21 holes with analytical data for 9 holes, gave values averaging over 24% Magnesium and 0.2% Nickel from surface to an average of 105 metres. This zone is open to the west.
Drilling Results
A total of 3,301 core samples (1.5 metres sample length) were split and sent to Assayer Canada of Vancouver, British Columbia. The Company has now received analysis for 23 out of the 45 holes drilled in the 2008 program on the Record Ridge South property. The Company previously announced the results of eight holes (RRS08-3 through RRS08-10) and the newly received analytical results for the 15 new holes are summarized in the chart below (averaging 23.35% Magnesium and 0.21% Nickel). The Company anticipates receiving the results of the remaining 22 drill holes within the next few weeks and plans to retain an independent engineering firm to undertake a NI 43-101 measured mineral resource
estimation. The chart below summarizes the results for the 15 holes on the Record Ridge South property recently received.
Record Ridge South
DDH RRS08
Depth metres
Length metres
Magnesium
%
Nickel
%
From
To
1
0.0
19.6
i 19.6
21.9
0.22
25.9
68.9
43.0
22.9
0.20
89.1
122.8
33.7
24.5
0.21
2
0.0
44.0
i 44.0
24.0
0.22
50.3
123.4
73.1
23.9
0.21
11
1.2
25.4
i 24.2
23.5
0.20
29.7
123.8
94.1
25.2
0.21
19
0.0
60.8
i 60.8
22.5
0.20
20
0.0
27.5
i 27.5
19.0
0.17
21
0.0
58.9
i 58.9
22.5
0.20
23
28.6
152.4
123.8
23.7
0.21
24
2.7
135.3
i 132.6
24.3
0.24
25
0.6
11.6
i 11.0
22.4
0.20
27.7
88.4
60.7
24.0
0.22
104.5
123.8
19.3
25.4
0.23
26
1.2
123.8
i 122.6
22.7
0.20
27
1.0
123.8
i 122.8
24.1
0.21
29
0.0
117.9
i 117.9
21.7
0.19
30
0.0
40.0
i 40.0
22.9
0.22
47.8
124.6
76.8
25.1
0.23
32
0.0
36.5
i 36.5
23.9
0.22
53.3
114.8
61.5
22.5
0.21
37
14.9
123.7
108.8
24.6
0.20
Disclaimers:
The property includes areas of moderate sub-volcanic and intrusive interruptions into the serpentinites. The assayed Magnesium and Nickel values of the intervened sub-volcanic and intrusive dykes (ranging in length from 0.4 metres to 3 metres averaging less than 2 metres) are fully diluted with the serpentinite zones in the above chart.
Length metres with the “ i ” symbol represents intersected serpentinite zones from the surface to the top of the first sub-volcanic or intrusive dykes.
The Nickel values reported above include Nickel in both sulphide and non-sulphide minerals as total Nickel.
Metallurgical Test Program Results
As previously reported, the Company retained Met-Solve Laboratories (“Met-Solve”) of Burnaby, British Columbia to prepare a preliminary metallurgical test report to determine the extractability of Magnesium from the ultramafic rock. Met-Solve initially tested 12 kilograms of drill cores from drill hole RRS07 and reported the results to the Company in September, 2008. A series of tests, including gravity concentration, flotation separation, magnetic separation and acid leach tests were conducted by Met-Solve. The cores, which contained an average of 26% Magnesium and 0.23% Nickel, gave the best results with 84.5% extraction of the Magnesium into solution using direct sulphuric acid (H2SO4) leaching at 70˚C to produce magnesium sulphate (MgSO4) and 39.4% of the Magnesium by hydrochloric acid (HC1) leaching to produce magnesium chloride (MgCl2).
Encouraged by the results of Magnesium recovery from the initial testing, the Company shipped an additional 200 kilograms of drill cores for additional metallurgical testing to Met-Solve. This test work consisted primarily of hydrochloric acid (HCl) leaching at 70˚C. The drill cores for this metallurgical testing were selected from eight holes in the southern sector of the Record Ridge South property, which
contained an average of greater than 25% Magnesium. Using the hydrochloric acid leaching method, Met-Solve was able to extract 78.6% of the Magnesium in the form of magnesium chloride (MgCl2) into solution. The Company has filed copies of the initial and subsequent Met-Solve reports for the metallurgical test program on its website.
Commencement of 2008 Gold Exploration Drilling Program
The Company recently commenced its 2008 gold exploration drilling program on its IXL and Golden Drip crown granted claims. In 2006, more than 12 angle and vertical holes were laid down in these claims for a target to increase the measured drill resources of high grade gold veins and mineralized structures. These minerals were encountered in 11 drill holes, including 40.9 g/t Au over 1.1 metres at hole SR06-11 in the Company’s 2006 gold exploration drilling program. The Company previously announced the results of its 2006 gold exploration program in the Midnight, IXL and OK crown granted claims.
The maps provided below (Figure 2 – Line Grid & Drill Hole Plan) outline the completed 2008 resource definition drilling program with a 50 metre square grid pattern. The maps also show the general shape of the Magnesium bearing ultramafic body, a 7.5 square kilometre, rhombic shape which was adapted from Geological Survey Bulletin 108.
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.
The Company’s field activities are supervised and the technical data for this report was prepared by
H. Kim, P.Geo/P.Eng (Practicing), the Company’s on-site geologist.
For further information please contact:
Frank Marasco
President and Chief Executive Officer West High Yield (W.H.Y.) Resources Ltd. 28 Arbour Lake Drive N.W.,
Calgary, Alberta T3G 3N8 Telephone: (403) 660-3488
The TSXV has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking statements, including management’s assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, risks associated with mining exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other explorers and producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Not for dissemination in the United States or to US persons.
CALGARY, ALBERTA. September 18, 2008. West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) announces that the Company has now received the analysis from its 2008 Diamond Drill Program for 8 out of 38 holes drilled to date, which include locations RRS08-3 through RRS08-10 on the Company’s Record Ridge South property. The assay results were provided by Assayer Canada of Vancouver, British Columbia. The Company anticipates receiving the results of the remaining 30 drill holes within the next few weeks and plans to complete up to 7 additional drill holes on this property to complete the necessary grid for a NI 43-101 compliant analysis of the property. In the course of its exploration activities on the Record Ridge South property, the Company continues to intersect broad zones of Ultramafic rock containing high magnesium mineralization. The chart below summarizes the results for the 8 drill holes on the Record Ridge South property received to date.
Record Ridge South
DDH RRS08
Depth metres
Length metres
Nickel
%
Magnesium
%
From
To
3
1.8
63.0
61.2
0.22
25.0
79.4
109.0
29.6
0.22
25.0
111.5
149.7
16.5
0.21
24.0
4
4.6
36.0
31.4
0.24
27.0
40.9
123.1
82.2
0.25
27.0
5
0.6
22.3
21.7
0.24
26.4
24.3
45.3
21.0
0.20
23.0
6
1.2
54.8
53.6
0.22
25.6
7
1.2
48.8
47.6
0.20
26.8
50.9
67.1
16.2
0.19
20.4
68.5
123.4
54.9
0.27
26.7
8
1.5
12.5
11.0
0.19
24.0
15.7
25.2
9.5
0.20
25.3
31.4
96.3
64.9
0.20
24.0
104.6
123.8
19.2
0.19
23.0
9
1.2
4.9
3.7
0.19
22.0
16.9
29.5
12.6
0.19
21.0
35.9
73.6
37.7
0.19
22.0
10
0.6
33.7
33.1
0.20
22.0
36.4
59.4
23.0
0.14
18.0
64.7
71.7
7.0
0.15
17.0
80.9
126.8
45.9
0.21
24.0
Disclaimers:
The nickel values reported above include nickel in both sulphide and non-sulphide minerals as total nickel. Sulfide nickel % has represented as much as 50% of total nickel when this analysis has been performed on other samples. At present, there is no known economic method to recover nickel from silicate minerals, thus the reported values could be confusing to investors who may interpret the above reported values as total recoverable nickel.
The property includes areas of moderate sub-volcanic and intrusive interruptions into the serpentinites.
Length metres with the “” symbol is from the overburden contact to the base of serpentinite intersection underlain (undercut).
The maps provided below outline the current progress of the 2008 drilling program, where on completion, the Company will have approximately 51 drill holes (6 drilled in 2007 and 45 drilled or proposed for 2008) with 50 meter spacing on its Record Ridge South property. The following is the 2008 Record Ridge South drill index map. (The dark grey rhombic shape is the 7.5 square kilometre discovery found by Kirk D. Hancock in 1982).
Note: Holes identified as numbers 37 and 38 were completed this week.
Golden Drip
It is anticipated that in the balance of the 2008 drilling season, weather permitting, the Company will continue to drill an additional 10 holes on its Golden Drip property. All of the Company’s properties are contiguous and are located near Rossland, British Columbia.
Recoverability of Magnesium
At present, the Company is not certain if it can economically liberate magnesium from the source rocks that it has tested. The Company has provided core samples to both SGS Minerals Services (“SGS”) in Lakefield, Ontario and Met-Solve Laboratories Inc. (“Met-Solve”) in Burnaby, British Columbia to undergo a series of mineralogical tests to establish magnesium recoverability. When the tests have been completed, they will be reviewed by Kevin Scott, Principal Metalurgist with Scott Wilson Mining of Vancouver, British Columbia. The Company anticipates the final reports from these analyses in the next few months.
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.
The Company’s field activities are supervised and the technical data for this report was prepared by H. Kim, P.Geo/P.Eng (Practicing), the Company’s on-site Geologist.
For further information please contact:
Frank Marasco
President and Chief Executive Officer West High Yield (W.H.Y.) Resources Ltd. 28 Arbour Lake Drive N.W.,
Calgary, Alberta T3G 3N8 Telephone: (403) 660-3488
The TSXV has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking statements, including management’s assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, risks associated with mining exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other explorers and producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Not for dissemination in the United States or to US persons.
CALGARY, ALBERTA. August 28, 2008 – West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) announces the release of its financial results for the three and six months ended June 30, 2008 and the Management Discussion and Analysis (“MD&A”) dated August 26, 2008. The unaudited financial statements and related MD&A for the three and six month period ended June 30, 2008 have been filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.
Highlights
The Company commenced 2008 field season drilling operations on May 27, 2008 and completed the drilling of approximately 11 drill holes and 1,238 metres of core on the Company’s properties to June 30, 2008. Assay results will be released when available.
The Company provided core samples to both SGS Minerals Services (“SGS”) in Lakefield, Ontario and Met-Solve Laboratories Inc. (“Met-Solve”) in Burnaby, British Columbia to undergo a series of mineralogical tests to establish magnesium recoverability. The Company anticipates the final reports from these analyses in the next few months.
During the quarter, the Company entered into an agreement with a drilling contractor where the Company committed to a minimum of 6,096 metres of core drilling services and the Company financed the purchase of a drilling rig for its drilling contractor.
During the quarter ended June 30, 2008, the Company recorded a net loss of $473,736 or
$0.01 per share (year to date $711,316 or $0.02 per share) compared to a net loss in the corresponding period of 2007 of $759,583 or $0.02 per share (year to date $1,066,248 or $0.03 per share). At June 30, 2008, the Company had a working capital surplus of $2,048,468 compared to a working capital surplus of $3,846,016 at June 30, 2007. The current working capital surplus position will allow the Company to fund this year’s exploration activities.
In 2008, the Company plans to actively work the property and drill approximately 40 vertical NQ diamond drill holes. To date, the Company has completed 26 drill holes totaling 2,798 metres.
Mr. Warren Robb resigned as a director of the Company. The Board of Directors would like to thank Mr. Robb for his dedication and contributions to the Company and to wish him every success in his future endeavors.
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:
Frank Marasco
President and Chief Executive Officer West High Yield (W.H.Y.) Resources Ltd. 28 Arbour Lake Drive N.W.,
Calgary, Alberta T3G 3N8 Telephone: (403) 660-3488
The TSXV has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking statements, including management’s assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, risks associated with mining exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other explorers and producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward- looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Not for dissemination in the United States or to US persons.
CALGARY, ALBERTA. – Friday, May 30, 2008. As a result of a review by the Alberta Securities Commission, West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) is issuing the following news release to clarify previous disclosures concerning its mineral exploration programs covering its Rossland, British Columbia properties.
The Company has been engaged in the exploration of gold, nickel and magnesium on the Company’s properties near Rossland, in south central British Columbia. As a result of an initial Diamond Drill program in 2007, the Company expanded its exploration focus from gold to include nickel and later magnesium. Subsequently, the Company disclosed three drill holes stating nickel values over long intervals. The nickel values were quoted in grams per tonne (g/t) as well as pounds per ton (lbs/t). These two descriptive terms are not the industry standard terms for reporting nickel, which is generally reported as a percentage (%). In addition, the intervals and the weighted averages cited did not reflect the waste partings that were encountered in the drill holes. The recalculated and corrected intercept lengths and weighted averages are provided in the chart below.
Revised Table for Nickel Mineralization Holes SR06-17, 18, 20 and 21 (previously included in the Press Release of March 21, 2007)
Site #
Hole #
Hole
Angle
From
metres
To
metres
Length
metres
Nickel
%
6
SR06-17
-60˚
16.8
86.6
69.8
0.19
87.8
100.3
12.5
0.17
103.5
114.2
10.7
0.18
114.9
143.7
28.8
0.17
146.0
165.5
19.5
0.19
166.4
176.9
10.5
0.18
SR06-18
-45˚
6.0
58.2
52.2
0.17
SR06-20
-45˚
12.5
56.7
44.2
0.18
Midnight 3100 level
SR06-21
-45˚
23.2
47.5
24.3
0.18
57.0
68.3
11.3
0.20
97.2
161.2
64.0
0.187
The nickel values reported above include nickel in both sulphide and non-sulphide minerals as total nickel (see discussion below)
Previous news releases also contained the terms “commercial interest” and “economic interest”. The Company wishes to clarify that presently, there is no NI 43-101 compliant mineral resource estimate on the Company’s Rossland properties and thus terms such as “commercial” or “economic” are inappropriate. On May 7, 2007, the Company issued a news release and again
referenced nickel values in pounds per ton (lbs/t). The Company advises that this practice was stopped and all subsequent news releases reported nickel in percentages.
In its September 21, 2007 news release, the Company attempted to clarify its nickel analysis techniques. The method of analysis employed by the Company consisted of a “four acid total digestion”. The result of this total digestion is that all the nickel contained within the sample, in both the sulphide and silicate minerals, is liberated and thus will be reported when investigated by ICP analysis. All nickel results reported by the Company were derived by this method. A portion of the nickel reported is derived from silicate minerals. It should be noted that at present, there is no known economic method to recover nickel from silicate minerals, thus the reported values could be confusing to investors who may interpret the reported values as total recoverable nickel. The Company attempted to address this issue by placing a disclaimer in news releases stating: “The nickel values reported above include nickel in both sulfide and non sulphide minerals as total nickel“. In addition, the Company described the variation in results from total nickel to nickel in sulfides. The following table shows the results of 22 samples from drill hole DDH IV07-1 which were analyzed for total nickel and for nickel in sulfides and formed the basis for the disclosure in the September 21, 2007 news release. The analysis was conducted by Assayers Canada Ltd. and SGS Lakefield Research Limited.
DDH IV07-1
Total Nickel %
Sulfide Nickel %
From (metres)
To (metres)
Length (metres)
SGS
Assayers Canada
SGS
Assayers Canada
24.02
25.52
1.5
0.24
0.24
0.072
0.102
25.52
27.02
1.5
0.21
0.24
0.073
0.104
27.02
28.52
1.5
0.23
0.25
0.078
0.096
28.52
30.52
2
0.22
0.24
0.066
0.089
30.02
31.52
1.5
0.22
0.24
0.069
0.09
78.96
80.46
1.5
0.26
0.27
0.095
0.13
80.46
81.96
1.5
0.24
0.25
0.069
0.12
105.45
106.95
1.5
0.23
0.27
0.08
0.09
106.96
108.45
1.49
0.25
0.26
0.069
0.08
108.45
109.95
1.5
0.24
0.26
0.064
0.10
109.95
111.45
1.5
0.24
0.26
0.07
0.09
111.45
112.95
1.5
0.25
0.27
0.08
0.10
120
121.5
1.5
0.24
0.25
0.056
0.08
121.5
123
1.5
0.25
0.27
0.07
0.10
123
124.5
1.5
0.25
0.25
0.089
0.10
124.5
126
1.5
0.25
0.26
0.095
0.12
126
127.5
1.5
0.24
0.26
0.091
0.13
141.1
142.6
1.5
0.25
0.25
0.14
0.14
142.6
144.1
1.5
0.25
0.28
0.14
0.15
144.1
145.6
1.5
0.23
0.26
0.13
0.14
145.6
147.1
1.5
0.25
0.3
0.12
0.14
147.1
148.6
1.5
0.23
0.23
0.13
0.12
In the same news release, the Company began reporting assayed magnesium values of up to
25.9 %, and has been reporting its assayed magnesium values ever since. Magnesium is used as an alloy with aluminum, to increase both its strength and rigidity and is used extensively in die- casting. Magnesium does not occur naturally as a pure metal but is found in over 60 minerals. Historically magnesium production in Canada has been achieved from three operations, only one of which recovered magnesium from ultramafic rocks. That operation closed in 2003. To date no magnesium production has been derived from ultramafic rocks in the Rossland area. At present, the Company is not certain if it can liberate magnesium from the rocks that it has tested. The Company has submitted drill core samples from three holes to SGS Lakefield Research Limited, a member of the SGS Group in Lakefield, Ontario to conduct metallurgical and hydrometallugical test work to clarify if the magnesium can be liberated from the source rocks. The Company will release the findings of this metallurgical testing once it has been received.
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:
Frank Marasco
President and Chief Executive Officer West High Yield (W.H.Y.) Resources Ltd. 28 Arbour Lake Drive N.W.,
Calgary, Alberta T3G 3N8 Telephone: (403) 660-3488
The TSXV has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking statements, including management’s assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, risks associated with mining exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other explorers and producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what
benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Not for dissemination in the United States or to US persons.
CALGARY, ALBERTA, – May 23, 2008. West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) is pleased to announce the release of its financial results for the three months ended March 31, 2008 and the Management Discussion and Analysis (“MD&A”) dated May 22, 2008. The unaudited financial statements and related MD&A for the three month period ended March 31, 2008 were filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.
Highlights
During the first quarter of 2008, the Company continued to receive assay results from the core samples from the 2007 field season. The Company has released the results for the 31 drill holes completed on its 2007 Diamond Drill Program. The assay results for drill holes were provided by Assayer Canada of Vancouver, British Columbia.
In the course of its exploration activities on its claims, the Company intersected broad zones of Ultramafic rock containing nickel and magnesium mineralization.
In the fall of 2007, the Company provided samples of the Ultramafic rock to SGS Minerals Services (“SGS”) in Lakefield, Ontario to undergo a series of mineralogical tests to establish magnesium recoverability. The Company anticipates the final report from this analysis in the next few months.
During the quarter ended March 31, 2008, the Company recorded a net loss of $237,580 or
$0.01 per share compared to a net loss in the corresponding period of 2007 of $306,665 or
$0.01 per share. At March 31, 2008, the Company had a working capital surplus of $2,514,736 compared to a working capital surplus of $2,703,304 at December 31, 2007. The current working capital surplus position will allow the Company to fund this year’s exploration activities.
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:
Frank Marasco
President and Chief Executive Officer West High Yield (W.H.Y.) Resources Ltd. 28 Arbour Lake Drive N.W.,
Calgary, Alberta T3G 3N8 Telephone: (403) 660-3488
The TSXV has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking statements, including management’s assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, risks associated with mining exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other explorers and producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward- looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Not for dissemination in the United States or to US persons.
