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

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

December 21, 2006 08:30 ET

West High Yield Resources Announces Closing of Financing With the Mineralfields Group

CALGARY, ALBERTA--(CCNMatthews - Dec. 21, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.

West High Yield (W.H.Y.) Resources Ltd. (TSX VENTURE:WHY) ("West High Yield" or the "Company") is pleased to announce that it has closed a non-brokered private placement (the "Offering") of $1,100,000 through the sale of 2,200,000 units ("Units") of the Company at a price of $0.50 per Unit to the MineralFields Group ("MineralFields"). Each Unit is comprised of one Common Share of the Company issued on a "flow-through" basis and one transferable non-flow-through common share purchase warrant (the "Warrants"). Each Warrant is exercisable into one common share of the Company at a price of $1.10 per share until December 6, 2007 and $2.10 per share until expiry on December 6, 2008. Limited Market Dealer Inc., an affiliate of MineralFields, was granted 176,000 compensation options exercisable at a price of $0.50 per Unit for two years from the closing date and a cash finder's fee of $66,000. The Units issued pursuant to the Offering will be subject to a four-month hold period from the date of closing of the Offering. Proceeds from the Offering will be used for the further development of the Company's mining interests in British Columbia.

Frank Marasco, President and CEO of the Company, commented, "We are pleased to be entering into this relationship with MineralFields Group. This is an important milestone in the growth of West High Yield and we look forward to working with the MineralFields Group as we develop our holdings in our Rossland Gold Camp properties."

About MineralFields Group

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with assets under administration that offer tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Information about the MineralFields Group is available at www.mineralfields.com.

About West High Yield

West High Yield Resources 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 properties.

READER ADVISORY

Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

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 and Investor Relations
    (604) 685-5851 or Toll Free: 1-888-685-5851
    (604) 685-7349 (FAX)
    Email: cgrobson@shaw.ca or craig@urg.ca
    or
    West High Yield (W.H.Y.) Resources Ltd.
    Suite 620, 700 West Pender Street
    Vancouver, B.C. V6C 2T8