West African Share Discussion Threads

[oldvic] 11/8/2012 12:36

wasnt this the directors buying price around 61p

[deltrotter] 10/8/2012 22:30

Still no one posting a bull case on here mm. I find that very strange. Loads of charts, but nothing else. Hmmm, I still haven't bought any. Just waiting for someone to post something substantive to the positive side...

[monkeymagic3] 10/8/2012 22:17

See previous.

[someuwin] 10/8/2012 20:32

Full year results next week should prove interesting.

[monkeymagic3] 09/8/2012 12:55

I repeat.

monkeymagic3 7 Aug'12 - 21:03 - 379 of 379 edit


Shortidy short shortidy short short.

[monkeymagic3] 07/8/2012 21:03

Shortidy short shortidy short short.

[deltrotter] 07/8/2012 19:09

Ha ha Shavian. It looks like that is the only fact that I'll be getting on this board.

I best keep my money in my pocket.

[shavian] 07/8/2012 19:07

WAFM fact: The chart is starting to look like the Matterhorn!

[deltrotter] 06/8/2012 21:32

Aye, but stilling waiting to see if we can someone to post a factual bull case before I buy in Allotment.

Otherwise I'd be buying on vapour. Can you help out?

TIA

Del

[deltrotter] 06/8/2012 13:53

Yeah, if you would clear off LS then I am sure we will get loads of people posting the bull case.

Now GO!

[longsight] 06/8/2012 13:05

You'll be pleased to hear that for the time being I have given up posting on WAFM - what is the point? Nobody seems to have a clue about this Co other than a mystical belief in the BOD. I have asked lots of reasonable questions - never get an answer. Obviously the believers here aren't that bothered. Good luck to them. Hope you find that 500mt of commercial grade DSO that might justify the share price. Preferable if you cd find it all in one place - not sure how much value there is in bit & pieces in different licences.

Before I go, anyone got a clue when your licence renewals are due? You'll find that you lose 50% typically of that sq km area at each renewal.

[deltrotter] 06/8/2012 12:05

Yeah, 4 times as many sells as buys.

Hopefully we will see some buying on the strong news from last week.

[someuwin] 06/8/2012 12:03

4 sales vs 1 buy.

[deltrotter] 06/8/2012 11:57

Thanks Allotment. I will hold fire, seems to be a lot of selling going on.

[allotment] 06/8/2012 11:02

Purely looking at the chart Del but ultimately it will depend on what is in the ground...............

[allotment] 06/8/2012 11:02

Sorry my mouse is not working very well today and double posting...must go now good luck what ever you do

[deltrotter] 06/8/2012 10:57

Why would 50p be a good price Allotment rather than now, or 40p even?

TIA

Del

[deltrotter] 06/8/2012 10:54

Agreed Allotment. I just wish someone could post some WAFM facts on here!

I am awaiting to invest once someone puts forward the value case.

Hopefully someone will sell the case to me and then I can buy.

Fingers crossed we get a responder.

[allotment] 06/8/2012 10:51

Perhaps the global expert on DSO exploration should keep his views on AFF to the AFF thread for risk of boring the WAFM investors or potential investors

[eelanguilla] 03/8/2012 18:52

was always after a balanced view me :)

[longsight] 03/8/2012 12:45

At least we now know - they have one drill. AFF has 7.

The RNS states that drilling to commence but doesn't state how much is planned at the first licence. imo, they will do very well indeed to get a MRE together by year end. Anyways, good luck. You never know they might be the first to find commercial DSO near the Coast.

[someuwin] 03/8/2012 12:03

West African Minerals Corporation

03 August 2012

For immediate release : 3 August 2012

West African Minerals Corporation

("WAFM" or the "Company")

Large Scale Drilling Programme to Commence at West African Minerals' Cameroon Projects

-- Phase 2 drilling programme is planned to comprise 400 to 500 shallow holes (an estimated 18,000 to 22,500 metres in total) of Reverse Circulation (RC) drilling to verify the Phase 1 geophysical results and test for haematite-DSO with high tonnage potential.

-- Drilling will begin at the near-coastal Binga permit located close to the proposed deep water multi-user port at Kribi.

-- Objective is to define iron ore deposits to be followed by Phase 3 resource definition diamond core and RC drilling towards defining a maiden resource estimate by year end.

West African Minerals Corporation (AIM: WAFM), the iron ore exploration group with interests in Cameroon and Sierra Leone, is pleased to announce the start-up of its Phase 2 exploration programme at its wholly owned properties in Cameroon, following upon the success of Phase 1, which included the 27,000 line km aeromagnetic survey announced in April this year. The results of this drilling will, if positive, drive resource definition drilling programmes on the most prospective targets in conjunction with a planned fixed wing gravity survey to better define the thickest concentrations of haematite mineralisation.

The Phase 1 aeromagnetic survey successfully identified 30 discrete demagnetised zones overlying magnetite-enriched bedrock considered to represent potential direct shipping ore (DSO) targets. Importantly, 10 of these targets are on the near coastal Binga permit, which is located within 70 km of the planned deep water multi-user port near Kribi and other infrastructure, significantly reducing the time and cost to process and produce high grade iron. Inversion of the aeromagnetic data has also been completed, resulting in the generation of three-dimensional models of the distribution of highly-magnetic lithologies throughout the permit areas. These magnetic lithologies are, at this stage, considered to be magnetite-rich banded iron formations (BIF) which is the known source material of haematite-DSO in Cameroon.

The Phase 2 RC drilling programme, comprising 400 to 500 shallow holes (averaging 45 metres) for approximately 18,000 to 22,500 metres, is aimed at verifying the targets identified by the Phase 1 geophysics. WAFM has awarded the Phase 2 drilling contract to Hall Core Drilling (Pty) Ltd. with plans to complete this programme by November 2012. An RC drill rig has arrived in Cameroon and drilling is expected to be underway within two weeks at the Binga permit where preparatory fieldwork, including geological and infrastructural mapping, trenching and channel sampling, drill access and pad establishment, are currently underway. These activities, as well as the forthcoming drilling activities are, and will be executed, in compliance with the environmental baseline assessment and environmental management plan drafted by The MSA Group and reviewed and supported by Eunomix.

Drilling results from the Phase 2 programme will be released to the market when adequate compilation and meaningful interpretation of data is available.

The remaining 20 potential DSO targets are located on the Company's south-eastern permits. The Lele and Djadom concessions have significant large scale potential and are interpreted as being demagnetised, and therefore potentially haematite-rich areas, overlying the hinge zones of kilometre-scale folds in postulated banded iron formations. Seven of the anomalies on the south-eastern permits bear geophysical signatures similar to other major DSO deposits in the region, including strong continuity of magnetic anomalies from Sundance Resources' Mbarga resource eastwards onto WAFM's Djadom concession. These geophysical results have prompted a re-evaluation of scope to ensure all targets are adequately tested. A fixed wing vertical gradiometer gravity survey has been put out to tender for the Lele and Djadom licences with a view to defining gravity anomalies and further delineating potential DSO targets within the large demagnetised zones identified from the aeromagnetic survey.

The Phase 3 definition drilling programme will be guided by the Phase 2 drill results and the gravity survey.

Stephen Dattels, Executive Co-Chairman of the Company commented:

"The drilling programme is designed to leverage our success on two levels - to capture the near term potential of the Binga coastal permit and identify a resource that can be brought into production in relatively short time, while drilling to the east will target the large scale potential of Lele and Djadom located adjacent to other known deposits. Based on the encouraging results of the Phase 1 programme, the Company's multiple DSO targets have the potential to host a regionally significant discovery. The combination of the Phase 2 drilling and gravity survey will provide high confidence targeting for the Phase 3 drilling programme."

The Company has also completed field activities at its Madina property in Sierra Leone. Once the results are received, a technical report will be forthcoming.

-ends-