CALGARY, ALBERTA--(Marketwired - Dec. 19, 2013) - West High Yield (W.H.Y.) (TSX VENTURE:WHY) Resources Ltd. ("West High Yield" or the "Company") announces the following corporate developments.
-The acquisition of additional mineral claims representing 17.4% of mineral claims held on the Company's Record Ridge Magnesium property.
-The Company, as part of its continuing investigations of magnesium metallurgy, has engaged Orion Laboratories, LLC of Oak Ridge, Tennessee ("Orion") to conduct laboratory scale metallurgical test work to evaluate some novel approaches to the extraction and production of Magnesium oxide ("MgO"), Magnesium ("Mg"), and Iron-bearing Silicon ("Si") from mineral samples provided by the Company. The test work is being conducted under the supervision and direction of James G. Blencoe, Ph.D., (Stanford University) President and CEO of Orion.
-The engagement of SRK Consulting (U.S.), Inc. of Lakewood, Colorado ("SRK") to prepare a Project Review (Gap Analysis) Report.
-The Company held its Annual Shareholders Meeting on December 18, 2013 and all resolutions were approved including re-appointment of directors, Frank Marasco Jr., Ross O. Drysdale, Pat Nelson and Ian F.T. Kennedy.
Acquisition of Additional Mineral Claims
The Company has recently completed the purchase of 3 additional mineral claims that are joining and contiguous to its Record Ridge Magnesium property. The additional mineral claims total 1,376 hectares and were purchased for a purchase price of $22,201. These additional mineral claims represent 17.4% of the Company's mineral claims holdings and were acquired because of their proximity to the known magnesium mineralization and potential use in any future project development.
| Tenure |
Hectares |
Expiry |
| 1023877 |
465.67 |
Nov. 18, 2014 |
| 1020435 |
402.32 |
June 21, 2014 |
| 1000746 |
508.38 |
Nov. 1, 2016 |
| 2013 Claim Total |
1,376.37 |
|
| Prior Claims |
6,515.12 |
|
| Total |
7,891.49 |
|
Additional information with respect to the property can be found on the Company's website at www.whyresources.com. The following link is an updated current map of the Company's mineral claim holdings, identifying these new mineral claims:
http://whyresources.com/_resources/maps/2013_Record_Ridge_Index_map_GSC-pr.pdf
Orion Metallurgical Testing
Orion has been engaged to conduct laboratory scale metallurgical test work to evaluate the potential of using new chemical technologies to extract and produce Magnesium oxide ("MgO"), Magnesium ("Mg"), and Iron-bearing Silicon ("Si") from mineral samples provided by the Company. Orion has not yet completed this test work or report progress to date. The Company anticipates future progress reporting as reports become available. The Orion's test work is being conducted under the supervision and direction of James G. Blencoe, Ph.D., (Stanford University) President and CEO of Orion.
SRK Independent Project Review Gap Analysis
On June 4, 2013, the Company released the results of a Preliminary Economic Assessment ("PEA") on its 100% owned Record Ridge Project (the "Record Ridge Property"). The Record Ridge Property is an intermediate advanced exploration-stage magnesium ("Mg") project located in southern British Columbia (BC), Canada. The PEA was prepared by SRK and has been filed on the Company's SEDAR profile at www.sedar.com and is also available on the Company's website www.whyresources.com.
The PEA presumes a conventional open pit mine, a novel hydrometallurgical processing plant, a calcined magnesia intermediate product plant along with a fused magnesia production plant with pre-tax Net Present Value ("NPV") using a 5% discount rate of US$1.339 billion and Internal Rate of Return ("IRR") of 21%, and a post-tax NPV of US$830 million using a 5% discount and post-tax IRR of 17%.
SRK was more recently engaged to prepare a Project Review Gap Analysis in respect of the Company's Record Ridge Project. SRK is anticipated to provide the Company with an independent review of the Project in a technical memorandum in January 2013. It is anticipated that SRK will review available documentation and information pertaining to the Record Ridge Project and comment on its sufficiency for use in a Prefeasibility Study ("PFS"). SRK will conduct a desktop review of the minimum reporting requirements for a PFS and assess gaps which should be addressed prior to or over the course of the study. It is anticipated that SRK will provide the following as a result of this review:
- A list of those gaps in the Company's currently available data and information which should be addressed in a PFS.
- General recommendations for how those gaps can be remedied.
- A conceptual budget and schedule for completion of a PFS based on assumptions that the gaps can be addressed either prior to or as a part of the PFS.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the continued development of its intermediate-advanced stage magnesium Record Ridge exploration project based on the recommendations contained in a PEA. The Company controls a 100% interest in its Record Ridge project which consists of 23 contiguous mineral claims, 8 Crown-granted claims and one private claim covering 7,891 hectares. Record Ridge is located near the town of Rossland, B.C., Canada. The mineralization on the Company's property is related to the elevated magnesium content in serpentinized mafic rocks. Additional information with respect to the property can be found on the Company's website at www.whyresources.com.
Reader Advisory and Forward-Looking Statements
Neither 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.
When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking information to differ materially from actual results or events. The Company cautions that the foregoing list of material factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.
49,276,093 Common Shares Issued