Unaudited Financial Statements for the six month period ended 30 September 2014

24 December 2014

The Directors of West African Minerals Corporation (AIM: WAFM) are pleased to announce its unaudited consolidated financial statements for the six month period ended 30 September 2014.

Financial Highlights

  • Total Assets stand at £27.76 million (2013: £28.36 million)
  • Cash stands at £5.35 million (2013: £7.1 million)
  • Operational expenses reduced by 30.2% to £0.68 million (2013: £0.97 million) and continue to be rigorously controlled at all levels
  • Basic and diluted loss per share has almost halved at 0.019 pence (2013: 2.21 pence)

Operational Highlights

Coastal Cameroon - Sanaga:

  • Positive results from detailed mapping and sampling of the South Sanaga target area outlined several areas of magnetite bearing gneiss from surface with grades ranging from 29.1% Fe to 66.3% Fe
  • A recommended programme of reconnaissance drilling and preliminary metallurgical testing returned:
    • Several units of magnetite gneiss containing significant iron intersections outlined in 1,729 metres of diamond drilling in seventeen holes.
    • Concentrates averaging 69% Fe confirming the potential to produce a premium concentrate with insignificant impurities.
    • An RC infill drilling programme of approximately 2,000 metres was initiated towards a maiden MRE.
    • Infill drilling was subsequently completed in late November providing sufficient data for an MRE to be delivered in 2015.

Coastal Cameroon - Binga:

  • Positive metallurgical test results on Binga ore confirmed the potential to produce a saleable magnetite concentrate ranging from 61% to 64% Fe with high recovery of iron to magnetite of 94% and appreciable discard (25%) of gangue material.
  • The recommended grind size to obtain a concentrate with acceptably low silica grade is relatively coarse in comparison to existing magnetite concentrators, potentially providing process benefits of lower mill power and operating cost.
  • Ground gravity and magnetic surveys in the central region of Binga have identified several promising targets extending over an approximate 10km of strike length.

Interior Cameroon - Lélé and North Djadom:

  • Surface mapping on gravity and magnetic targets in previously unexplored areas have revealed surface showings of iron mineralisation over several kilometres of strike.
  • Grab sample assays over these anomalies returned grades ranging from 24.1% Fe to 58.7% Fe at Lélé, and 36.2% Fe to 56.1% Fe at North Djadom.

Madina – Sierra Leone:

  • Final assay results from the Madina trenching programme in Sierra Leone confirmed a Marampa Group hematite schist exploration target over 1.5 kilometres of strike length with an average width at surface of approximately 220 metres and iron grades of 39-42%. 

For further information contact:

West African Minerals Corporation

Anton Mauve

Managing Director


+44 (0) 1624 639396


Donna Yoshimatsu

Investor Relations and

Corporate Secretary

+1 (416) 722-2456




Beaumont Cornish Limited

(Nominated Advisor)

Roland Cornish

+44 (0) 20 7628 3396


Michael Cornish





SP Angel Corporate Finance LLP


Ewan Leggat

+44 (0) 20 3463 2260




GTH Communications

Toby Hall

+44 (0) 20 7822 7493