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Director Dealings and Board Change

30 April 2013

 

Director Dealings and Board Change

The Company was notified on 29 April 2013 that Colosseum Holdings Ltd (a company in which Gualtiero Giori, a non-executive director of the Company, has a 60 per cent. interest) sold on 26 April 2013 its entire holding of 22,954,857 ordinary shares of nil par value in the Company (“Ordinary Shares”). The consideration comprised £6,838,642 in cash (equivalent to approximately 29.8p per Ordinary Share) and a non-cash consideration comprising 64% of 50% of the issued share capital of Divine Mining International Limited, Gold Cam Limited and Luz Mining Limited (all of which are private companies) and the assumption of certain obligations of the buyer owed to Divine Mining International Limited.

The Company was also notified on 29 April 2013 that Actium Resources Ltd (a company in which Gualtiero Giori also has a 60 per cent. interest) conditionally sold on 26 April 2013 its entire holding of 12,934,222 Ordinary Shares. The consideration comprised £3,853,358 in cash (equivalent to approximately 29.8p per Ordinary Share) and a non-cash consideration comprising 36% of 50% of the issued share capital of Divine Mining International Limited, Gold Cam Limited and Luz Mining Limited (all of which are private companies) and the assumption of certain obligations of the buyer owed to Divine Mining International Limited.

Following this transaction, Gualtiero Giori no longer has interest in the Ordinary Shares of WAFM and has also ceased to be a director of the Company with immediate effect.

Stephen R. Dattels, the Company’s Chairman, commented: “Mr. Giori was a founder of West African Minerals Corporation and was instrumental in the development of the Company in its formative stages. In selling his stake in the Company Mr. Giori is freeing himself up to dedicate his efforts to advance the development of Divine Mining and his other business interests. The directors of West African Minerals thank Mr. Giori for his contributions and wish him every success in his new endeavours.”
 

For further information contact:

 

West African Minerals Corporation

Anton Mauve

Managing Director

 

Donna Yoshimatsu

Investor Relations and Corporate Secretary

 

+44 (0) 1624 639396

 

 

+1 (647) 777-4432

Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish

Michael Cornish

 

+44 (0)20 7628 3396

Investec Bank PLC (Broker)

Neil Elliot

Mark Wellesley-Wood

 

+44 (0)20 7597 5970

GTH Communications

Toby Hall

Suzanne Johnson Walsh

+44 (0) 20 7822 7493/7492

 

About West African Minerals Corporation

West African Minerals Corporation (AIM: WAFM) is an iron ore mining and exploration group focused on West Africa with interests in iron ore exploration permits in Cameroon and Sierra Leone. Through its 100 per cent owned subsidiary Compagnie Minière du Cameroun SA, WAFM owns six exploration permits in Cameroon covering a total area of approximately 6,000 square kilometres and spanning the coast to the eastern deposits.  The Sierra Leone licences comprise five exploration licences with potential for enriched hematite schists typical of the Marampa Group over a total area of approximately 687 square kilometres. 

Further information on the Group is available at www.westafricanminerals.com.

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