West High Yield (W.H.Y.) Resources Ltd. ("West High Yield" or the "Company") announces the following:
Magnesium Mine Development and Gold and Magnesium Bulk Samples
The Company seeks $3 Million for environmental study and mine plan development as required by the Environmental Assessment Certification and Mine Permit application processes.
In addition, $2 million for the extraction and processing of 10,000 tonne bulk samples of magnesium and gold as approved by the British Columbia Ministry of Energy and Mines. We expect these operations in summer 2016.
In December 2015, the Company exhibited at the Mines and Money Conference in London, Europe's Largest Mining Investment Forum and will be an exhibitor (Booth 2952) at the upcoming Prospectors & Developers Association of Canada ("PDAC") annual convention, the largest exploration and mining event in the world, March 6-9, 2016.
Magnesium Customer Development
The Company has received a letter of intent regarding future purchase of up to 100,000 tonne annually of magnesium ingots for use in magnesium alloy based manufacturing of rail hopper cars, conditional to the Company's Mine Permit requirements.
Magnesium Preliminary Economic Assessment ("PEA")
On June 4, 2013, the Company released the results of a ("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%.