Vancouver, B.C. - November 24, 2014 - Westhaven Ventures Inc. (TSX-V:WHN) announces that it has entered into a loan agreement with Anglo Celtic Exploration Ltd. to provide an unsecured loan of CAD$ 200,000 (the "Loan"). Any outstanding balance on the Loan is to be fully repaid by November 19, 2015. The Company may make early repayment of the Loan at any time prior to the Maturity Date without any prepayment penalty or bonus. The Loan will accrue interest at a rate of 10% per annum, with the accrued interest to be paid at the time of the repayment of the Loan.
Anglo Celtic is a private company owned by Grenville Thomas and Gareth Thomas. Grenville Thomas is the President and Chief Executive Officer of Westhaven Ventures and Gareth Thomas is a Director. Grenville Thomas and Gareth Thomas beneficially own, directly or indirectly, or exercises control or direction over 10,683,000 common shares of Westhaven, representing approximately 39.44% of the 27,081,679 issued and outstanding Common Shares of Westhaven.
Anglo Celtic is controlled by directors of the Company, and is a "related party" of the Company within the meaning of Multilateral Instrument 61-101Protection of Minority Security Holders in Special Transactions ("MI 61-101"). As such, the Loan constitutes a "related party transaction" within the meaning of MI 61-101.
The proceeds of the loan will be used to advance exploration efforts at the Company’s BEN and BEN South properties and for general working capital.
The BEN property is an exploration stage nickel project located approximately 52 km north of Williams Lake, B.C.
As of November 24th, 2014 the Company has completed 3 drill programs consisting of 2610 metres of diamond drilling across 23 holes. These 23 holes were drilled in 5 separate Zones with the most recent drill campaign focusing on the Skelton Zone, Southern Lobe Zone, Ring Zone and Northern Lobe Zone.
Nickel mineralization on the BEN is contained within extensive serpentine bodies and occurs mainly as the high grade nickel sulphides pentlandite, millerite and bravoite. Nickel bearing serpentinite is abundant on the property. Data generated from drill programs has indicated that higher nickel grades are associated with higher magnetic susceptibility readings. Management believes this is a large system which is outlined well by the airborne magnetic survey.
Assays are pending from a recently completed 928 metre diamond drill program.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
Shaun Pollard, Director & Chief Financial Officer
About Westhaven Ventures Inc.
Westhaven Ventures Inc. is a Canadian based exploration company focused on the acquisition and exploration of prospective resource properties. Westhaven is focused on advancing its Shovelnose, Ben and Ben South projects in British Columbia. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5521 or visit Westhaven's website at www.westhavenventures.com
Qualified Person Statement
L. John Peters, P.Geo., who is a Qualified Person within the context of National Instrument 43-101 has read and takes responsibility for this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.