West High Yield Announces Initial Results and Gold Intercepts From 2010 Gold Drill Program
August 12 2010 - 4:11PM
Marketwired Canada
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO US PERSONS.
West High Yield (W.H.Y.) Resources Ltd. ("West High Yield" or the "Company")
(TSX VENTURE:WHY) is pleased to announce the results of the initial six drill
holes completed in its 2010 gold exploration diamond drill program on its
Midnight Crown granted claim in the western outskirts of Rossland, British
Columbia. To date in 2010, the Company completed nine drill holes, of which six
holes have been assayed and summarized in the table below. The 2010 drill
program is focused on the Company's Midnight Crown granted claim where the
Company drilled 26 holes in 2009 on a 10 metre spaced line grid, in order to
proceed with a mineral resource estimate pursuant to National Instrument 43-101.
The analytical work for this drill program is conducted by SGS Canada Inc. of
Vancouver, BC. As a QA/QC grade control, all high grade samples (over 20 g/tonne
Au) were also checked for confirmation by ALS Chemex Laboratory, Vancouver, B.C.
In the current drill program, the Company encountered various quantities of high
grade gold, ranging from 9.1 g/tonne Au over 1.14 m (true width) in hole MN10-5
and 32.1 g/tonne Au over 3.9 m (true width) including 76.77 g/tonne over 1.3 m
(true width) in hole MN10-3. For details of the drilling results please refer to
the table below.
2010 Gold Drill Intersection Summary -Midnight Claim
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Drill Hole True
Length Width Gold Silver
Interval (m) (m) (m) g/tonne g/tonne
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From To
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MN10-1 No significant gold intersection encountered
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MN10-2 46.6 47.7 1.1 1.0 20.4 2.4
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101.3 102.8 1.5 1.3 15.9 3.8
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MN10-3 43.8 45.3 1.5 1.3 12.2 0.7
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61.5 62.7 1.2 1.0 72.4 9.0
------------------------------------------------------------
68.7 72.3 3.6 3.1 23.5 5.0
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87.9 89.9 2.0 1.7 25.0 2.3
------------------------------------------------------------
91.4 95.9 4.5 3.9 32.1 3.6
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MN10-4 44.3 49.2 4.9 4.2 2.6 0.5
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49.2 50.7 1.5 1.3 9.4 1.5
------------------------------------------------------------
55.3 57.3 2.0 2.0 6.3 1.8
------------------------------------------------------------
68.5 69.6 1.1 1.1 23.0 1.0
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MN10-5 55.7 56.8 1.1 0.84 13.3 5.4
------------------------------------------------------------
59.2 60.7 1.5 1.14 9.1 0.2
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MN10-6 No significant gold intersection encountered
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Based on the 2009 and 2010 drill core results achieved to date, the Company is
encouraged to identify multiple continuous zones of gold mineralization on its
Midnight property. The Company plans to undertake an independent NI 43-101
measured mineral resource estimate of the Midnight property after an aggregate
of 75 diamond drill holes are completed on a 20 to 30 metre spaced grid on the
property. The Company plans to complete approximately 6 more drill holes on the
Midnight property in the 2010 gold drilling program and then continue its drill
program for magnesium on its Record Ridge South property on which an initial NI
43-101 mineral resource estimate was previously completed.
The Company also advises that it has secured a loan in the amount of $1,060,000
from Big Mountain Development Corp. Ltd., a significant shareholder of the
Company. The loan has a one year term, interest at 11.99% and matures on July 6,
2011. The loan is secured by a promissory note and a general security agreement
over all assets of the Company.
About the Company
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. The Company's operations are being conducted on the
Rossland Gold Camp property which is situated approximately 2.5 kilometers west
of the town of Rossland, B.C. The Company controls approximately 6,223
contiguous hectares of mineral and crown granted claims and is exploring for
gold and nickel on its primary properties which are the Midnight, OK and IXL
crown grants and for nickel and magnesium on the Company's Hidden Valley and
Record Ridge properties.
The Company's field activities are supervised and the technical data for this
report was prepared by H. Kim, P.Geo/P.Eng (Practicing - License #21179)) and
assisted by Cory Peck, B.Sc, Geol.I.T. H. Kim is a qualified person as defined
by National Instrument 43-101 ("NI 43-101").
READER ADVISORY
This news release may contain certain forward-looking statements, including
management's assessment of future plans and operations, and capital expenditures
and the timing thereof, that involve substantial known and unknown risks and
uncertainties, certain of which are beyond the Company's control. Such risks and
uncertainties include, without limitation, risks associated with mining
exploration, development, exploitation, production, marketing and
transportation, loss of markets, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks, competition
from other explorers and producers, inability to retain drilling rigs and other
services, delays resulting from or inability to obtain required regulatory
approvals and ability to access sufficient capital from internal and external
sources, the impact of general economic conditions in Canada, the United States
and overseas, industry conditions, changes in laws and regulations (including
the adoption of new environmental laws and regulations) and changes in how they
are interpreted and enforced, increased competition, the lack of availability of
qualified personnel or management, fluctuations in foreign exchange or interest
rates, stock market volatility and market valuations of companies with respect
to announced transactions and the final valuations thereof, and obtaining
required approvals of regulatory authorities. The Company's actual results,
performance or achievements could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no assurances can
be given that any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what benefits, including the
amount of proceeds, that the Company will derive therefrom. Readers are
cautioned that the foregoing list of factors is not exhaustive. All subsequent
forward-looking statements, whether written or oral, attributable to the Company
or persons acting on its behalf are expressly qualified in their entirety by
these cautionary statements. Furthermore, the forward-looking statements
contained in this news release are made as at the date of this news release and
the Company does not undertake any obligation to update publicly or to revise
any of the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by applicable
securities laws.
42,820,394 Common Shares Issued
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