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

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

August 28, 2008 14:29 ET

West High Yield Announces Second Quarter 2008 Interim Financial Results

CALGARY, ALBERTA--(Marketwire - Aug. 28, 2008) -

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) announces the release of its financial results for the three and six months ended June 30, 2008 and the Management Discussion and Analysis ("MD&A") dated August 26, 2008. The unaudited financial statements and related MD&A for the three and six month period ended June 30, 2008 have been filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.

Highlights

- The Company commenced 2008 field season drilling operations on May 27, 2008 and completed the drilling of approximately 11 drill holes and 1,238 metres of core on the Company's properties to June 30, 2008. Assay results will be released when available.

- The Company provided core samples to both SGS Minerals Services ("SGS") in Lakefield, Ontario and Met-Solve Laboratories Inc. ("Met-Solve") in Burnaby, British Columbia to undergo a series of mineralogical tests to establish magnesium recoverability. The Company anticipates the final reports from these analyses in the next few months.

- During the quarter, the Company entered into an agreement with a drilling contractor where the Company committed to a minimum of 6,096 metres of core drilling services and the Company financed the purchase of a drilling rig for its drilling contractor.

- During the quarter ended June 30, 2008, the Company recorded a net loss of $473,736 or $0.01 per share (year to date $711,316 or $0.02 per share) compared to a net loss in the corresponding period of 2007 of $759,583 or $0.02 per share (year to date $1,066,248 or $0.03 per share). At June 30, 2008, the Company had a working capital surplus of $2,048,468 compared to a working capital surplus of $3,846,016 at June 30, 2007. The current working capital surplus position will allow the Company to fund this year's exploration activities.

- In 2008, the Company plans to actively work the property and drill approximately 40 vertical NQ diamond drill holes. To date, the Company has completed 26 drill holes totaling 2,798 metres.

- Mr. Warren Robb resigned as a director of the Company. The Board of Directors would like to thank Mr. Robb for his dedication and contributions to the Company and to wish him every success in his future endeavors.

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

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.

40,830,794 Common Shares Issued

The TSXV has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept 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)
    Email: frank@whyresources.com
    or
    West High Yield (W.H.Y.) Resources Ltd.
    Dwayne Vinck
    Chief Financial Officer
    (403) 257-2637
    (403) 206-7159 (FAX)
    Email: vinck@shaw.ca
    or
    West High Yield (W.H.Y.) Resources Ltd.
    28 Arbour Lake Drive N.W.
    Calgary, Alberta T3G 3N8