CALGARY, Alberta, May 29, 2018 (GLOBE NEWSWIRE) -- West High Yield (W.H.Y.) Resources Ltd. (" West High Yield " or the " Company ") (TSXV:WHY) is pleased to announce that it has submitted the Project Description for the Record Ridge Industrial Mineral Mine Application to the British Columbia Ministry of Energy Mines and Petroleum Resources (MEMPR). This submission initiates the permitting engagement and review process, which will be led by MEMPR and include other government agencies including the British Columbia Ministry of Environment and Climate Change Strategy and Ministry of Forests, Lands Natural Resource Operations and Rural Development, together with First Nations.
The Company is seeking permits authorizing construction, operation, closure and reclamation of an Industrial Mineral Mine with annual extraction of up to 249,000 tonnes/year of Magnesium-rich serpentinite for a two-year period. Magnesium-rich material would be transported off-site to a processing facility to produce magnesium oxide.
Magnesium oxide and magnesium metal are used in many industries including automotive, aerospace, agriculture, consumer goods, health care, construction and has industrial applications, including steel production, aluminum alloy, and as a soil additive. Magnesium metal is lightweight (33% lighter than aluminum) with high strength properties, ideal for automotive weight reduction design and is also currently in design testing for electrical batteries.
The permitting engagement and review process is expected to be complete within six months. The Company is seeking key authorizations under the BC Mines Act and BC Environmental Management Act.
The Company also announces the release of its financial results and Management Discussion and Analysis for the three months ended March 31, 2018 which have been filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com .
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.
| For further information please contact: | |
| Frank Marasco President and Chief Executive Officer West High Yield (W.H.Y.) Resources Ltd. Telephone: (403) 660-3488 Facsimile: (403) 206-7159 Email: frank@whyresources.com | Dwayne Vinck Chief Financial Officer West High Yield (W.H.Y.) Resources Ltd. Telephone: (403) 257-2637 Facsimile: (403) 206-7159 Email: vinck@shaw.ca |
Reader Advisory
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the Company’s Industrial Mineral Mine application process, the Company’s proposed business operations and the timing regarding the permitting engagement and review process. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, skilled personnel and supplies; changes in tax laws; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
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