CALGARY, ALBERTA–(Marketwired – Feb. 24, 2017) – West High Yield (W.H.Y.) Resources Ltd. (the “Company”) (TSX VENTURE:WHY) announces that the Company will be exhibiting in Booth 2923, at this year’s Prospectors and Developers Association of Canada (PDAC) 2017 Convention in Toronto, Ontario, March 5 – 8, 2017.
Magnesium Mine Development
The Company continues to pursue additional financing for completion of the environmental base line, environmental assessment study and mine plan development for its magnesium project.
In June 2016, the Company commenced work on the environmental study, stakeholder engagement, and mine plan development on the Company’s Record Ridge South Magnesium Property as required by the Environmental Assessment Certification and Mine Permit application processes. The Company engaged SRK Consulting (Canada) Inc. (Vancouver) and Greenwood Environmental Inc. (Vancouver) to work on these projects. The Company also engaged Drinkard Metalox, Inc. of Charlotte, North Carolina to perform a series of hydrometallurgical tests on the Company’s magnesium ore to evaluate magnesium processing and recovery alternatives. The Company has incurred expenses of approximately $1.5 million on the above projects to date and looks forward to financing and continuation through 2017.
The Company issued its Preliminary Economic Assessment on the Record Ridge South Magnesium Property in South Eastern British Columbia on June 4, 2013, which is available under the Company’s profile on the System for Electronic Document Analysis and Retrieval and can be accessed through the internet at www.sedar.com.
Loan
On February 6, 2017, the Company received an additional loan of up to $200,000 from Big Mountain Development Corp. Ltd., a related party (the “Lender”). The loan bears interest at the rate of 8% per annum and is secured by a pledge to and in favour of the Lender of all of the Company’s present and after acquired property.
Secured Additional Mineral Claims
On February 17, 2017, the Company secured an additional 402 hectares which is contiguous to the Company’s existing mineral and crown granted claims in British Columbia bringing the Company’s total mineral and crown grants claims to 8,314 hectares.
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 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 its proposed business plans and operations. 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 the 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.
Frank Marasco
President and Chief Executive Officer
(403) 660-3488
(403) 206-7159 (FAX)
frank@whyresources.com
West High Yield (W.H.Y.) Resources Ltd.
Dwayne Vinck
Chief Financial Officer
(403) 257-2637
(403) 206-7159 (FAX)
vinck@shaw.ca