West High Yield Resources (TSXV:WHY) announces that the Company will be exhibiting in Booth 2923, at this year’s Prospectors and Developers Association of Canada (PDAC) 2017 Convention in Toronto, Ontario, March 5 – 8, 2017.
Magnesium Mine Development
The Company continues to pursue additional financing for completion of the environmental base line, environmental assessment study and mine plan development for its magnesium project.
In June 2016, the Company commenced work on the environmental study, stakeholder engagement, and mine plan development on the Company’s Record Ridge South Magnesium Property as required by the Environmental Assessment Certification and Mine Permit application processes. The Company engaged SRK Consulting (Canada) Inc. (Vancouver) and Greenwood Environmental Inc. (Vancouver) to work on these projects. The Company also engaged Drinkard Metalox, Inc. of Charlotte, North Carolina to perform a series of hydrometallurgical tests on the Company’s magnesium ore to evaluate magnesium processing and recovery alternatives. The Company has incurred expenses of approximately $1.5 million on the above projects to date and looks forward to financing and continuation through 2017.
The Company issued its Preliminary Economic Assessment on the Record Ridge South Magnesium Property in South Eastern British Columbia on June 4, 2013, which is available under the Company’s profile on the System for Electronic Document Analysis and Retrieval and can be accessed through the internet at www.sedar.com.
On February 6, 2017, the Company received an additional loan of up to $200,000 from Big Mountain Development Corp. Ltd., a related party (the “Lender”). The loan bears interest at the rate of 8% per annum and is secured by a pledge to and in favour of the Lender of all of the Company’s present and after acquired property.
Secured Additional Mineral Claims
On February 17, 2017, the Company secured an additional 402 hectares which is contiguous to the Company’s existing mineral and crown granted claims in British Columbia bringing the Company’s total mineral and crown grants claims to 8,314 hectares.
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.