/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO US PERSONS./
TSXV Trading Symbol: "WHY"
34,585,144 Common Shares Issued
CALGARY, April 9 /CNW/ - West High Yield (W.H.Y.) Resources Ltd.
("West High Yield" or the "Company") is pleased to announce its audited
financial results for the year ended December 31, 2006.
- On July 27, 2006, the Company became publicly traded when it
completed its initial public offering of securities that was fully
subscribed for gross proceeds of $2,000,000.
- Successful 2006 drilling program comprising over 10,000 feet of
diamond drilling over 21 holes.
- Completion of a flow-through financing in December, 2006 that raised
West High Yield's financial condition improved in 2006. At December 31,
2006, the Company had a working capital surplus of $1,657,594 compared to a
working capital deficiency of $1,612,811 at December 31, 2005 when it was
still a private Company. This improved financial position is as a result of
the initial public offering of securities that occurred in July, 2006, the
exchange of debt due to a related company for shares at that same date as well
as a flow-through share financing completed in December, 2006. During the year
funds were expended on an extensive diamond drilling program on the Company's
properties near Rossland, British Columbia.
During the year ended December 31, 2006, the Company had a net loss of
$1,986,511 or $0.07 per share compared to a loss of $562,880 or $0.04 per
share in 2005. During 2006, the Company expended $864,397 on its mineral
exploration project ($224,849 in 2005), $340,810 of head office expense
($124,303 in 2005) and $115,840 of interest expense and bank charges ($215,848
in 2005). In addition the Company recorded non-cash expenses of $682,063
relating to stock based compensation (nil in 2005) and $6,268 for depreciation
and amortization expense ($900 in 2005).
The drilling season for the Company was completed on December 2, 2006.
During the year, 21 core holes were completed in Phase 2 of the diamond drill
program on its properties located on the western outskirts of Rossland in
southeastern British Columbia. During the season, a total of 10,074 feet of
core was drilled on the Rossland Gold Camp property near Rossland, British
Columbia. Assay results have now been obtained on all core. These results have
previously been disclosed in press releases dated October 10 and November 20,
2006, January 19 and March 21, 2007 and are available on the SEDAR website at
www.sedar.com. Overall as a result of this years drilling, in nine holes
drilled on the Midnight property, the Company has encountered narrow, erratic
high grade gold intercepts, while in other remaining cores, a potential
mineral zone of low grade gold bearing materials was identified. Of perhaps
more significance than the gold concentrations located, nickel mineralization
of commercial interest have been located in the black serpentinite in Ivanhoe
Ridge with assay results up to 0.245% or 5.4 lbs nickel/ton (weighted
average). Further delineation of the potential nickel zone will be
accomplished through the Company's exploration program in 2007.
The Company's 2007 Phase three drilling program is scheduled to commence
in April on the property with more than 20,000 feet of core hole expected to
be drilled during the season utilizing the services of two drilling rigs.
West High Yield (W.H.Y.) 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
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.
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.
For further information:
For further information: Frank Marasco, President and Chief Executive
Officer, West High Yield (W.H.Y.) Resources Ltd., 28 Arbour Lake Drive N.W.,
Calgary, Alberta, T3G 3N8, Telephone: (403) 660-3488, Facsimile: (403)
206-7159, Email: firstname.lastname@example.org; Craig G. Robson, Vice President,
Corporate Development and Investor Relations, West High Yield (W.H.Y.)
Resources Ltd., Suite 620, 800 West Pender Street, Vancouver, B.C., V6C 2V6,
Telephone: (604) 868-7961, Facsimile: (604) 274-1431, Email: email@example.com,