West High Yield
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 gold, nickel and magnesium properties
West High Yield's objective is to bring into production one of the world's largest, greenest deposits of high grade magnesium.
Record Ridge Project, British Columbia, Canada
The Record Ridge Project extends over 7.5 square kilometers and is located 10 km southwest of Rossland, British Columbia. West High Yield has 100% ownership of 8,380 contiguous hectares which could support open pit mine and processing facility, with full infrastructure in place including established roads and highways, electrical power, water and natural gas. Supporting industries in close proximity, close to Canada/US border, nearby rail access and closest port is Vancouver, B.C.
Mineral: Ultramafic deposit – hosting 24.61% Magnesium over an explored area of an average of 1000m x 600m on the Company's 7.5 sq. km outcrop discovery property. Once WHY reaches production, it can produce Magnesium Oxide ("MgO") that is up to 99% purity with no carbon dioxide (CO2) emissions from the production process.
Currently, Measured and Indicated Mineral Resources include 43 million tonnes averaging 24.6% Mg, using a 21.9% cut-off, totalling 10.6 million tonnes contained Magnesium, based on completed NI 43-101 compliant Preliminary Economic Assessment (PEA) by SRK Consulting Engineers of Denver Colorado. Metallurgy reported in the PEA indicated an 80% recovery rate for the magnesium. A Mine Plan Permit Application was submitted as of February 14, 2019.
A Stage 1 Pre-Feasibility Study ("PFS") report conducted by Kingston Process Metallurgy Inc. ("KPM") of Kingston, Ontario stated "Overall, the work has clearly demonstrated that it is possible to produce a high purity (>99%) Magnesium chloride solution from Record Ridge material using a commercially proven Hydrochloric acid based treatment process. This solution would be suitable for the production of high value, high purity Magnesium Oxide and flame retardant quality Magnesium hydroxide using a commercially proven pyrohydrolysis." KPM recommended the Company proceed to Stage 2 of the PFS involving completion of the engineering design and costing.
Record Ridge Project
Management and Directors
Frank Marasco Jr., Director, President and Chief Executive Officer
Mr. Marasco is the founder of West High Yield Resources. He is also President and Director of Big Mountain Development Corp. Ltd. Over the course of 45 years, Mr. Marasco has built and sold 47 successful businesses. At the age of 47, Mr. Marasco retired, later going into business in the oil and mining sectors. He has since purchased 81 oil and gas development sections in S.E. Saskatchewan in the Bakken, as well as fifteen gold mines in Rossland, B.C. After briefly exploring for—and finding—gold on the project, Mr. Marasco and his team then discovered what is now a world-class, 2,000 acre, high grade, low cost, magnesium deposit known as Record Ridge.
Dwayne Vinck, Chief Financial Officer
Mr. Vinck is an independent financial consultant and Chartered Accountant with over 26 years of business experience. He is Board Chairman at Sulfur Recovery Engineering and volunteer director and Treasurer of Kids Help Phone.
Patricia L. Nelson, Director
Ms. Nelson is the Vice Chair and Director of the In Situ Oil Sands Alliance, Director of Altalink and Optiom Inc. Ms. Nelson served 15 years as an elected Member of the Legislative Assembly of Alberta. She was appointed and served as Minister of Energy, Minister of Economic Development and Tourism, Minister of Government Services and finally was appointed Minister of Finance. She served 12 years as a member of the Treasury Board and the Agenda and Priorities Committee of the Government.
Ian F.T. Kennedy, P.Eng., P.Geo., Director
Mr. Kennedy brings over 45 years of experience in venture capital and investment banking activities. Mr. Kennedy is a consultant who has served on the board of more than 35 public companies from mining, oil and gas, to high-tech. He has also been Chairman of Ryerson Polytechnic, Toronto.
Maria Marasco, Director
Mrs. Marasco is an independent business woman who has provided services in corporate restructuring finance, acquisitions, and strategic planning. She is also responsible for overseeing management information systems, human resource strategies, and property management systems.
Barry Baim, VP, Corporate Development
Mr. Baim brings over 35 years of diverse experience having held senior executive positions with both private and public companies. Mr. Baim's leadership positions in the resource development sector have included mining site development projects in the oil sands and other service related entities in the oil and gas sector. Mr. Baim is currently a director for SGV Canada and a past board member with Millennium Seismic and Siksika Resource Developments.
Rick Walker, P.Eng., P.Geo., Geologist
Mr. Walter has over 25 years of geological and structural mapping experience in the mineral exploration industry. He has worked on a wide variety of deposit types which include gold, silver, base metals, rare to strategic metals and diamonds.
KPMG (Calgary, Alberta, Canada), Auditor
An experienced firm well versed in the mining business
Bennett Jones LLP (Calgary, Alberta, Canada), Legal Counsel
World renowned law firm
On July 19, 2019, West High Yield Resources Ltd. announced that it has completed the second and final tranche of its previously announced non-brokered private placement of units. The Company issued 258,000 units at a price of 25 cents per unit for gross proceeds of $64,500 under the second tranche. The Company wishes to correct its statement in the news release issued June 7 regarding the number of units issued pursuant to the first tranche closing. In total, 609,000 units were issued as part of the first tranche for gross proceeds of $152,250.
In aggregate, the Company issued 867,000 units at a price of 25 cents per unit for gross proceeds of $216,750 under the private placement.
The Company also announced termination of the agreement with Questrade Inc. to provide market-making services to the Company previously announced May 10, 2019.