West High Yield Announces Corporate Developments
March 04 2014 - 3:17PM
Marketwired
West High Yield Announces Corporate Developments
CALGARY, ALBERTA--(Marketwired - Mar 4, 2014) - West High Yield
(W.H.Y.) Resources Ltd. ("West High Yield" or the "Company")
(TSX-VENTURE:WHY) announces that SRK Consulting (U.S.), Inc. of
Lakewood, Colorado ("SRK") has completed a Project Review (Gap
Analysis) Report for the Company which 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.
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, Canada. The
PEA was prepared by SRK and was filed on the Company's SEDAR
profile at www.sedar.com and is also available on the Company's
website at 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% .
As noted, SRK prepared a Project Review Gap Analysis in respect
of the Company's Record Ridge Project. SRK reviewed the available
documentation and information pertaining to the Record Ridge
Project and commented on its sufficiency for use in a
Prefeasibility Study ("PFS"). SRK conducted a desktop review of the
minimum reporting requirements for a PFS and assessed gaps which
should be addressed prior to or over the course of the study. SRK
provided 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
Record Ridge intermediate advanced exploration stage magnesium
project based on the recommendations contained in the Company's
Record Ridge 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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