Osoyoos Indian Band Signs Cooperation Agreement with West High Yield Resources for the Record Ridge Magnesium Project
- The signing of the Cooperation Agreement demonstrates mutual trust and respect between West High Yield and Osoyoos Indian Band
- The Agreement assures OIB's oversight of the project, protecting their environmental and economic interests
- None.
Calgary, Alberta--(Newsfile Corp. - September 11, 2023) - West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") is pleased to announce the signing of a Cooperation Agreement (the "Agreement") with the Osoyoos Indian Band ("OIB") regarding the Company's Record Ridge magnesium project (the "Project") located near Rossland , British Columbia.
The Project contains critical minerals essential to the development of Canada's green economy and achievement of its climate change goals. It is also in the OIB's asserted traditional territory and the OIB has been actively engaged in the project and permitting process.
The Agreement was negotiated based on the Company's commitment to advancing sustainability, sound environmental practices, good governance, and respecting Indigenous rights.
OIB undertook its own independent review of the Company's British Columbia Mines Act permit application.
"This Agreement recognizes Osoyoos Indian Band's sovereignty over our lands and represents our continued efforts to ensure that our lands are protected and managed in accordance with our wishes, values, and principles. This Agreement assures us of our oversight of the project, thereby protecting our peoples' environmental and economic interests," said Chief Clarence Louie. "If managed correctly, this critical mineral resource could contribute to a strong and green economy. To date, West High Yield has shown OIB that it is committed to doing this. Our independent review of the Company's mining application reinforces our commitment to working with the Company going forward. We encourage other companies to follow West High Yield's example and take steps to ensure that Indigenous rights are respected and are recognized, while also engaging with stakeholders. We look forward to our ongoing work with Frank Marasco and the Company's team to build a long-term, mutually beneficial, and environmentally progressive relationship."
"The signing of this Cooperation Agreement is a testament to the mutual trust and respect that has been established between OIB and the Company, working in partnership to responsibly develop the Record Ridge Project," said the Company's President and CEO, Frank Marasco Jr. "I would like to acknowledge and thank Chief Clarence Louie, the OIB Council, and advisor Byng Giraud for their diligence and commitment. West High Yield is committed to leading the way in constructive Indigenous engagement and looks forward to additional discussions with other Indigenous groups as the project moves forward."
The Company continues working with the British Columbia Mine Development Review Committee in the final technical permit review process for the successful completion of the Record Ridge mining permit.
About the Osoyoos Indian Band
The Okanagan Nation traditional territory once spanned 69,000 square kilometers stretching between present-day British Columbia and Washington State. Within this territory, OIB's area of leadership and business responsibility extends from the South Okanagan into the Boundary and Kootenay regions. OIB Development Corporation (OIBDC) exists to provide jobs and to fund and support OIB community priorities. Businesses, social and health services teams work side-by-side to invest millions in making sure our people have access to quality programs and services. OIB is a member of the Okanagan Nation Alliance.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.
The Company's Record Ridge magnesium deposit is located 10 kilometres southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced NI-43-101 Preliminary Economic Assessment technical report prepared by SRK in accordance with the National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Contact Information:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: frank@whyresources.com
Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
Email: barry@whyresources.com
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-Looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
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