CALGARY, ALBERTA--(Marketwire - Jan. 22, 2013) - As first disclosed in 2009, and on September 29, 2011, October 27, 2011, and in a number of subsequent news releases, the Company commissioned SRK Consulting of Lakewood, Colorado ("SRK") to prepare a Preliminary Economic Assessment ("PEA") in respect of the Company's Rossland, British Columbia magnesium property (the "Record Ridge South Property"). Completion of the PEA has required the completion of extensive metallurgical test work, which resulted in the Company receiving a metallurgical report dated October 31, 2012, as well as a market and pricing study prepared by Roskill Consulting Group Ltd. for magnesia dated November 2, 2012. Both reports were immediately provided to SRK as input in preparing the PEA. The Company expects to be in a position and has undertaken to provide the PEA in mid February this year following technical review.
The PEA is expected to reflect additional work that was recommended to be undertaken in the Company's "NI 43-101 Technical Report on Resources, West High Yield (W.H.Y.) Resources Ltd. (TSX VENTURE:WHY), Record Ridge South, Rossland, British Columbia" prepared by SRK, SRK Project Number 183201 dated February 11, 2009 (the "2009 SRK Report"), which is available on SEDAR at www.sedar.com.
The Company wishes to clarify, restate or retract certain of its previous disclosures concerning its mineral exploration programs in respect of the Record Ridge South Property. In its news releases of June 24, 2011 and June 30, 2011, the Company referred to the 2009 SRK Report in error as a "reserves report" and reported a recoverable quantity of tonnes when the SRK Report provided estimates only of mineral resources and not mineral reserves. In the Company's corporate video and its September 17, 2012 corporate PowerPoint presentation, which were posted on the Company's website and have since been revised or removed, there was disclosed a quantity of recoverable in-situ magnesium with associated values. The Company retracts this disclosure as it may be misleading and fails to consider operating costs, capital costs, smelter costs and other factors relating to the potential mining, extraction and recovery of metals. The Company also retracts economic analysis disclosure on its website (which has since been withdrawn by the Company) having previously posted a third party investment analyst's report dated March 24, 2009 by Fundamental Research Corp. ("FRC Report") containing the results of an economic analysis related to the Record Ridge South Property. The Company retracts the economic analysis in the FRC Report as it does not comply with NI 43-101.
In disclosing its mineral resource estimates pertaining to the Record Ridge South Property in its PowerPoint presentation on the Company's website, the Company did not disclose the mineral resource categories and grades as required by NI 43-101. This information is reproduced below:
Record Ridge South Mineral Resource Statement
|Resource Category||% Mg Cut-off||Total Mt||% Mg Grade||Contained Mg (Mt)|
|Note: 2009 SRK Report at 15-5.|
Bart Stryhas, Ph.D. CPG, Principal Resource Geologist of SRK, who is independent of the Company, is the qualified person and the author of the 2009 SRK Report. Dr. Stryhas has approved the disclosure of the scientific or technical information contained in this news release.
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 and Forward-Looking Statements
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.
47,397,894 Common Shares Issued
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 RELEASE.