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Report and accounts for the year ended 31 March 2015

29 September 2015

West African Minerals Corporation (LSE: WAFM), the mining and exploration group with a portfolio of assets in West Africa, presents its final audited results for the year ended 31 March 2015.

The 2015 Audited Annual Report and Accounts will be posted to shareholders shortly and will be available from the Company's website www.westafricanminerals.com.

Financial Highlights

 

  • Total Assets declined by 18.9% to £23.0 million (2014: £28.4 million) as a result of impairment recognised in respect of Sierra Leone license permits.
  • Cash on hand equates to £4.4 million (2014: £7.1 million).
  • Operational expenses continue to be rigorously controlled at all levels.
  • During the financial period under review, the Group reported a total comprehensive loss of £5.7 million (2014: £8.5 million).
  • Basic and diluted loss per share has nearly halved at 1.48 pence per share (2014: 2.78 pence).

 

Operational Highlights

Maiden Resource Estimate (MRE) and Metallurgy at Sanaga:

  • CIM (NI-43-101 compliant) Inferred Mineral Resource of 82.9 Mt @ 32.1% Fe at a 25% Fe cut-off grade to a depth of 150m below surface.
  • Included in the MRE is a higher grade oxidised cap and near-surface enriched mineralisation of 15.8 Mt @ 37.3% Fe at a 25% cut-off grade.
  • Mineralisation has been intersected along a strike length of approximately 3 km from the surface to a vertical depth of approximately 150m and remains open at depth.
  • Positive metallurgical test work reported on 21 October 2014 supports the potential production of a premium grade (69% Fe) concentrate at a favourable mass recovery of approximately 40%.
  • A summary Environmental and Social Impact Assessment (ESIA) has been completed and submitted to the Government of Cameroon for review and approval.

Cash Preservation

  • Due to the persisting weak market for iron ore and following the completion of the Sanaga MRE, WAFM implemented a significantly reduced operational and corporate budget aimed at preserving its cash position throughout 2015.
  • The strategy to reduce expenditure to a “bare minimum” included significant reduction in the operational team and exploration field activities, the divestiture of the company’s Sierra Leone assets, application for a reduction in the lease area size under exploration permit in Cameroon (to include only areas of “known mineralization”) and a rationalization of Corporate overheads. 

 

Contacts

West African Minerals Corporation

Anton Mauve

 

+44 (0) 1624 639396

 

 

Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish

Michael Cornish

 

+44 (0)20 7628 3396

SP Angel Corporate Finance LLP (Broker)

Ewan Leggat/Katy Birkin

 

+44 (0) 20 3470 0500