West High Yield Announces Corporate Developments
December 19 2013 - 12:24PM
Marketwired
West High Yield Announces Corporate Developments
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
West High Yield (W.H.Y.) Resources Ltd.Frank MarascoPresident
and Chief Executive Officer(403) 660-3488(403)
206-7159frank@whyresources.comWest High Yield (W.H.Y.) Resources
Ltd.Dwayne VinckChief Financial Officer(403) 257-2637(403)
206-7159vinck@shaw.cawww.whyresources.com
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