West High Yield Updates Status of Anticipated Preliminary Economic Assessment and Clarifies Previous Disclosure

CALGARY, ALBERTA–(Marketwire – Jan. 22, 2013) – As first disclosed in 2009, and on September 29, 2011, October 27, 2011, and in a number of subsequent news releases, the Company commissioned SRK Consulting of Lakewood, Colorado (“SRK”) to prepare a Preliminary Economic Assessment (“PEA”) in respect of the Company’s Rossland, British Columbia magnesium property (the “Record Ridge South Property”). Completion of the PEA has required the completion of extensive metallurgical test work, which resulted in the Company receiving a metallurgical report dated October 31, 2012, as well as a market and pricing study prepared by Roskill Consulting Group Ltd. for magnesia dated November 2, 2012. Both reports were immediately provided to SRK as input in preparing the PEA. The Company expects to be in a position and has undertaken to provide the PEA in mid February this year following technical review.