West High Yield Announces Two 10,000 Tonne Bulk Sample Permit Approvals
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 11/03/15 -- West High Yield (W.H.Y.) Resources Ltd. (TSX VENTURE: WHY) ("West High Yield" or the "Company") is pleased to announce receipt of approved British Columbia Ministry of Energy and Mines ("BCMEM") 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 and is also available on the Company's website .
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.
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
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.
52,083,473 Common Shares Issued
Contacts:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco
President and Chief Executive Officer
(403) 660-3488
(403) 206-7159 (FAX)
West High Yield (W.H.Y.) Resources Ltd.
Dwayne Vinck
Chief Financial Officer
(403) 257-2637
(403) 206-7159 (FAX)
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Datum: 03.11.2015 - 22:06 Uhr
Sprache: Deutsch
News-ID 431703
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Mining & Metals
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