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

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

November 28, 2007 08:30 ET

West High Yield Announces Interim Financial Results

CALGARY, ALBERTA--(Marketwire - Nov. 28, 2007) -

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 release of its financial (unaudited) results for the third quarter ended September 30, 2007 and the Management's Discussion and Analysis ("MD&A") dated November 27, 2007. The unaudited financial statements and related MD&A for the period ended September 30, 2007 were filed yesterday with Canadian securities regulatory authorities on SEDAR at www.sedar.com.

Highlights of the Third Quarter

- Phase 3 of the Company's 2007 core drilling program began on May 5, 2007. To date, in excess of 20,200 feet of core have been drilled on the Company's property near Rossland, British Columbia.

- The Company previously announced that it had received the analysis for drill holes 1 through 5 out of the 28 drill holes completed on its 2007 Diamond Drill Program drilled on the Company's Ivanhoe Ridge claim. The assay results for drill holes 1 through 5 were provided by Assayer Canada of Vancouver, British Columbia. The Company has also submitted cores for the 23 additional drill holes completed in the 2007 drill program to Assayer Canada and anticipates receiving the results in the next few months. In the course of its exploration activities on the Ivanhoe Ridge claim, the Company intersected broad zones of Ultramafic rock containing magnesium, nickel, cobalt and magnetite mineralization.

- The Company acquired mineral claims adjacent to its existing property near Rossland, British Columbia through the payment of $23,300 in cash and the issuance of 55,000 common shares of the Company.

- 282,050 warrants that were granted under the Company's initial public offering were exercised prior to their expiry on July 27, 2007 for gross proceeds of $169,230.

- 309,100 Agent's units that were granted under the Company's initial public offering were exercised for gross proceeds of $123,640.

- 4,459,072 warrants that were granted under the Company's initial public offering expired unexercised on July 27, 2007.

- The Company has expended the $1,100,000 of Canadian Exploration Expense as required by the December 21, 2006 flow-through share fundraising.

- Subsequent to the quarter end, Wayne Wilson resigned as Chief Financial Officer of the Company. Options granted to Mr. Wilson to acquire 250,000 shares of the Company at a price of $0.40 expired unexercised.

- Subsequent to the quarter end, Dwayne A. Vinck was appointed as Chief Financial Officer of the Company. The Company granted Mr. Vinck options to acquire 250,000 shares at $0.40 per share. The options have a term of five years and vest one-third on the date of grant and one-third on each of the next two anniversaries of the date of grant.

During the quarter ended September 30, 2007, the Company recorded a net loss of $854,350 or $0.02 per share (year to date $1,920,598 or $0.05 per share) compared to a net loss in the corresponding period of 2006 of $653,342 or $0.02 per share (year to date $1,414,142 or $0.06 per share). At September 30, 2007, the Company had a working capital surplus of $3,269,405 compared to a working capital surplus of $1,129,896 at September 30, 2006 and a working capital surplus of $1,657,594 at December 31, 2006. The current working capital surplus position will allow the Company to fund this year's exploration activities as well as the currently planned activities throughout the 2008 exploration season.

Total income for the three month period ended September 30, 2007 amounted to $30,416 ($75,751 year to date) compared to $9,894 in the quarter ended September 30, 2006 ($12,773 year to date) while total expenses for the equivalent periods amounted to $884,776 ($1,996,349 year to date) in 2007 and $663,236 ($1,426,915 year to date) in 2006, respectively. Total non-cash expenditures in the quarter ended September 30, 2007 were $65,952 ($269,375 year to date) compared to $122,643 ($565,433 year to date) for the period ended September 30, 2006.

About West High Yield

West High Yield is a 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 and nickel 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.

40,820,794 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.
    28 Arbour Lake Drive N.W.,
    Calgary, Alberta T3G 3N8
    or
    West High Yield (W.H.Y.) Resources Ltd.
    Craig G. Robson
    Vice President, Corporate Development
    (778) 886-7961
    (604) 274-1431 (FAX)
    Email: cgrobson@shaw.ca or craig@urg.ca
    or
    West High Yield (W.H.Y.) Resources Ltd.
    Suite 520, 700 West Pender Street
    Vancouver, B.C. V6C 1G8