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Interims for six months ended 30 September 2013

27 December 2013

 

Unaudited Consolidated Interim Financial Statements for the six month period ended 30 September 2013

The directors of West African Minerals Corporation (AIM: WAFM) are pleased to announce its unaudited interim consolidated financial Statements for the six months ended 30 September 2013.

Operational Highlights

  • Drilling at South Djadom confirmed mineralization in five target areas
  • Two blocks drilled in detail forming the basis of maiden Mineral Resource Estimates (MRES) announced in October
  • Total combined Inferred MREs for Blocks 1 and 2 of 111.5 Mt @ 30.0% Fe at a 25% Fe cut-off grade (including 15.6 Mt @ 40.7% at a 35% Fe cut-off grade)
  • South Djadom lease emerging as a possible satellite ore body to the adjacent Mbarga deposit
  • Binga project maiden MRE expected in early January 2014
  • Potential of large untested geophysical anomalies on the North Djadom and Lélé leases to be tested

Financial Highlights

  • Total Assets dropped by 21.2% to £23.4 million (31 March 2013: £29.7 million), largely as a result of impairment recognized in respect of Dja and Minko licence permits
  • Cash remains over £3.5 million (31 March 2013: £9.4 million)
  • Operational expenses continue to be rigorously controlled at all levels
  • Basic and diluted loss per share increased from £0.0056 to £0.0221

Brad Mills, President of WAFM, said:

“2013 was an important year for WAFM as it moved from regional exploration to detailed definition drilling of two of its Cameroon licenses, Binga and Djadom. At South Djadom, we have defined two large scale iron resources that should have significant future value as a satellite development to the adjacent Mbarga deposit once infrastructure reaches this portion of the Cameroon-Congo Brazzaville iron ore belt. More importantly, definition drilling of two test blocks within the large scale geophysical anomaly at our near costal Binga concession will result in the release of a maiden resource for this concession in early 2014. We anticipate Binga will become the major focus for work in 2014 as the logistical costs (both operating and capital) of developing this lease are substantially lower than any of the more distant deposits in Eastern Cameroon.”

The interim consolidated financial statements will shortly be available on the Company’s web-site, http://westafricaminerals.com/annual-interim-filings.

 

For further information contact:

West African Minerals Corporation

Anton Mauve

Managing Director

+44 (0) 1624 639396

 

Denham Eke

Chief Financial Officer

 

+44 (0) 1624 639396

Beaumont Cornish Limited (Nominated Advisor)

Roland Cornish

Michael Cornish

+44 (0) 20 7628 3396

SP Angel Corporate Finance LLP (Broker)

Ewan Leggat

+44 (0) 20 3463 2260

GTH Communications

Toby Hall
Suzanne Johnson Walsh

+44 (0) 20 7822 7493/7492