West High Yield (W.H.Y.) Resources Ltd. is pleased to announce receipt of approved British Columbia Ministry of Energy and Mines permits authorizing extraction of 10,000 tonne bulk samples from each of the Company's two major project areas: 1) Record Ridge Magnesium Project and 2) the Midnight Gold Project site.
The Company's property, comprising both mineral tenures and Crown Grants is located immediately west of Rossland, British Columbia.
On June 4, 2013, the Company released the results of a Preliminary Economic Assessment ("PEA") on its 100% owned Record Ridge Project, 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%.
The Company is actively seeking financing of the extraction and processing of the magnesium and gold bulk samples with operations anticipated in June 2016. Processing the magnesium bulk sample will provide valuable information for the planning and optimization of the mining, process metallurgy, mine planning and production cost projections.
Big Mountain Development Corp. Ltd., a significant shareholder of the Company increased its loan to the Company by $35,000 allowing the Company to satisfy its reclamation security requirement of BCMEM.
Richard Walker, P.Geo., acts as the Company's Qualified Person for technical disclosure per National Instrument 43-101, and has reviewed and approved the technical content of this press release.