West High Yield (W.H.Y.) Resources Ltd.
TSX VENTURE : WHY

West High Yield (W.H.Y.) Resources Ltd.

September 16, 2009 08:34 ET

West High Yield Announces Additional 2009 Gold Drilling Program Results and Closing of First Tranche of Private Placement

CALGARY, ALBERTA--(Marketwire - Sept. 15, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO US PERSONS.

West High Yield (W.H.Y.) Resources Ltd. (TSX VENTURE:WHY) ("West High Yield" or the "Company") announces additional results from the Company's ongoing 2009 gold exploration drill program on its Midnight Crown granted claim on the western outskirts of Rossland, British Columbia. The Company previously reported the assay results from the initial four holes of its 2009 program (MN09-1 through 4) in a Company press release dated August 5, 2009. The Company subsequently completed the drilling of 10 additional vertical holes, of which four have been assayed and summarized in the table below. As previously noted, the assays are being conducted by Assayers Canada and for the purposes of QA/QC grade control, ALS Chemex Laboratory is continuing to review high grade samples (over 28 g/tonne Au) for the Company. In the table below, it is noted that hole MN09-6 intersected a series of quartz veins with significant gold values, returning a weighted average of 21.03 g/tonne over a true width of 1.4 m (4.6 feet) including 53.3 g/tonne Au for a true width of 0.32 m (1 foot) near surface (14.9 m in drill depth). MN09-6 also intersected multiple zones of high grade gold bearing serpentinite, including 41.35 g/tonne Au over a true width of 0.8 m (2.6 feet). Based on the 2009 drill core results achieved to date, the Company continues to define the gold mineralization on a 10 m spaced drill hole grid on its Midnight property in order to allow the Company to proceed with a mineral resource estimate pursuant to National Instrument 43-101. For the readers' reference, this press release is accompanied by a map of the 2009 Diamond Drilling Plan on the Midnight property.



2009 Drill Gold Intersection Summary -Midnight Crown Granted Claim

----------------------------------------------------------------------------
Interval (m) True
---------------- Length Width Gold Silver
Drill Hole From To (m) (m) g/tonne g/tonne
----------------------------------------------------------------------------
27.1 27.6 0.5 0.3 8.73 12.0
MN09-5 29.3 30.3 1.0 0.7 1.07 2.0
42.9 43.9 1.0 0.7 3.47 0.1
45.9 46.9 1.0 0.7 1.11 0.1
----------------------------------------------------------------------------
13.6 14.9 1.3 1.0 3.21 1.1
14.9 15.5 0.6 0.3 38.21 27.8
15.5 17.0 1.5 0.8 3.41 1.4
MN09-6 17.0 17.5 0.5 0.3 53.30 3.1
17.5 18.5 1.0 0.6 8.61 11.3
25.4 26.8 1.4 0.8 13.05 10.9
47.4 48.4 1.0 0.8 41.35 10.6
64.7 68.7 4.0 1.5 10.40 8.1
----------------------------------------------------------------------------
22.3 26.5 4.2 3.6 6.33 1.73
MN09-7 38.5 40.5 2.0 1.8 6.02 1.35
65.3 67.3 2.0 1.8 1.86 0.3
----------------------------------------------------------------------------
37.1 40.7 3.6 3.3 3.02 0.68
40.7 41.2 0.5 0.4 27.71 2.70
MN09-8 41.2 51.8 10.6 10.0 1.6 0.81
51.8 52.8 1.0 0.9 11.07 10.4
52.8 54.3 1.5 1.35 3.39 3.9
----------------------------------------------------------------------------


To view a map of the 2009 Diamond Drilling Plan, please click the following link: http://media3.marketwire.com/docs/915why_image1.pdf.

Private Placement

The Company also announces that it is proceeding with a private placement (the "Private Placement") of a minimum of $500,000 and up to a maximum of $1,000,000 of Units. Each Unit is priced at $1.45 and is comprised of two Flow-Through Common Shares (the "Flow-Through Shares") priced at $0.50 per share and one Common Share of the Company (the "Common Shares") priced at $0.45 per share. The Units are being sold to enable the Company to continue to explore for gold on its Midnight property. The Company advises that it has completed the first tranche of the Private Placement for gross proceeds of $133,400 and issued 184,000 Flow-Through Shares and 92,000 Common Shares. Finder's Fees of 10% cash and 10% warrants will be paid in the Private Placement to non-related parties. The shares issued in the private placement are subject to a four month hold and subject to final TSXV approval.

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. 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 6,316 contiguous hectares of mineral and crown granted claims and is exploring on its primary properties which are the Midnight, OK, IXL and Golden Drip crown grants. Historically, under previous ownerships, these properties experienced gold production from narrow quartz veins with high grade gold content.

The Company's field activities are supervised and the technical data for this report was prepared by H. Kim, P.Geo/P.Eng (Practicing) and assisted by Cory Peck, B.Sc, Geol.I.T. Mr. 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.

42,356,794 Common Shares Issued

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.

Contact Information

  • West High Yield (W.H.Y.) Resources Ltd.
    Frank Marasco
    President and Chief Executive Officer
    (403) 660-3488
    (403) 206-7159 (FAX)
    frank@whyresources.com
    or
    West High Yield (W.H.Y.) Resources Ltd.
    Dwayne Vinck
    Chief Financial Officer
    (403) 257-2637
    (403) 206-7159 (FAX)
    vinck@shaw.ca
    or
    West High Yield (W.H.Y.) Resources Ltd.
    28 Arbour Lake Drive N.W.,
    Calgary, Alberta T3G 3N8