CALGARY, ALBERTA -- (Marketwired) -- 07/09/13 -- West High Yield (W.H.Y.) Resources Ltd. (TSX VENTURE: WHY) ("West High Yield" or the "Company") announces that on June 30, 2013, 2,700,000 common share purchase warrants expired unexercised with an exercise price of $0.75. These warrants had been issued as part of private placement completed in June 2011.
In June 2013, certain officers, directors, and consultants of the Company exercised 173,334 stock options with an average exercise price of $0.36 for gross proceeds of $62,000.20. As a result, the issued and outstanding common shares of the Company increased to 47,571,228.
On June 4, 2013, the Company announced the release of 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 Consulting (U.S.), Inc. of Lakewood, Colorado 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%.
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 20 contiguous mineral claims, 8 Crown-granted claims and one private claim covering 6,515 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.
This press release may contain forward-looking statements, including, but not limited to, the PEA's compliance with NI 43-101, the timing of the Company's receipt of the PEA, the test work being conducted, the expected results and recommendations of the PEA and mineral resource estimates relating to the Record Ridge South Property. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the actual results of current exploration activities; delays in the timing of SRK's review and the preparation of a NI 43-101 compliant technical report; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future mineral prices; as well as those factors disclosed in the Company's MD&A. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.
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.
47,571,228 Common Shares Issued
West High Yield (W.H.Y.) Resources Ltd.
President and Chief Executive Officer
(403) 206-7159 (FAX)
West High Yield (W.H.Y.) Resources Ltd.
Chief Financial Officer
(403) 206-7159 (FAX)
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