West African Share Discussion Threads

[someuwin] 21/8/2012 18:19

Fairfax -

"West African Minerals (LON:WAFM) Report and Accounts for 31 March 2012

• The company highlighted significant progress in terms of establishing their exploration group focussing on DSO assets in Cameroon.

• The platform for exploration in the Cameroon was provided by the acquisition of CMC Guernsey which through its 95% owned subsidiary has exclusive rights over 6 exploration permits in the Cameroon covering 6,000 km2.

• Recent aeromagnetic has provided early indications of DSO with 30 discrete targets with two large anomalies at the Djadom and Lele concessions.

• 10 of these targets are on Binga and Minko permits near the coast and 20 of these targets on the SE permits of which 7 are similar in terms of geophysics to the Mbarga deposit on the adjacent Mbalam permit of Sundance Resources.

• The company have identified targets for the second phase of exploration with a large scale drilling programme of 400 to 500 shallow holes for an estimated 18.000 to 22,400 m of RC drilling to verify Phase 1 geophysical data and test DSO potential.

• Drilling will be focussed initially at the Binga near the coast and also the large scale potential at Lele and Djadom.

• In Sierra Leone the company are targeting enriched haematite schists of 40-50% Fe content.

• An airborne magnetic and radiometric survey was conducted over these licences and field mapping and prospect pitting is being on one of the licences near the Port Loko area in preparation for reconnaissance drilling.

Conclusion: WAFM has a strong management team with Stephen Dattels as Chairman and Brad Mills a Executive Vice Chairman – the focus of the team on DSO and their access to funding makes WAFM well worth supporting although it is still at an early stage in terms of exploration of their prospective licences."

[arf dysg] 21/8/2012 17:48

kristini2, I didn't ever buy any WAFM. I don't know where you got that idea from.

[shavian] 21/8/2012 17:08

del: I'll tell you why - they are all barking mad over here - stick to AFF!

EG: key shareholder Angstrom reduces shareholding today and the share price moves up 5.5%. Barking. It's all a bit Alice-Through-the-looking-glass. Have to say tho' - Dattels has made me a few bob in the past, but I just don't get this one! No offence to existing holders, of which I ain't one..

[kristini2] 21/8/2012 16:40

yes, and the fact that they are mining in a commodity rich area with proven reserves,

[deltrotter] 21/8/2012 16:10

Thanks Kristini2, appreciated - so key thing for you is the senior management?

[kristini2] 21/8/2012 16:06

del

given the track record of Dattels/Mellon partnership I would like to find a lower reentry point, this could easily be a multi bagger over the medium term

Given the last fund raising was at circa 55p the current price could prove to be good support levels at the cuurent price, not buying as fully invested.

If it dropped sub 30p would be looking to raise funds to reenter

[deltrotter] 21/8/2012 15:36

kristini - are you still bullish on WAFM, and can I ask why? I have been putting off buying because no one has been posting a bullish case.

[kristini2] 21/8/2012 15:35

i bought waem bewteen 11p and 16p, you bought at similar prices, one of us sold out far too early

you must be sick as a parrot

[arf dysg] 21/8/2012 14:23

"wafm and low" ? What are you talking about?

I'm laughing, by the way.

[kristini2] 21/8/2012 11:18

Arf

we both bought in to wafm and low, however one of us made a profit and sold at 55p, what price did you sell at?

who's laughing now

[arf dysg] 21/8/2012 09:39

£162, ha ha.

[deltrotter] 21/8/2012 08:07

Yup, they have £10m cash. And with one drill rig going that could last them three or four years.

Can anyone let me know what the market cap is?

[kristini2] 21/8/2012 08:06

plenty of material here in the results for a bull case Longsight and other wafm bears

[oldvic] 21/8/2012 08:00

wheres the helpfull comments of the monkey hope your shorts are still watertight
good results
come on the derampers get into gear !!

[kristini2] 16/8/2012 18:37

yes sir jinx, i noticed my error on the previous post 393, was taking the mickey out of my self

I did well here and sold out at 55p, just wondering how far this could fall? Well overvalued you would think, would love to buy back at 15p!!

such is aim, anything is possible, i just need fogl to find oil in the falklands and free up some money to invest here and maybe new

[j1nxed] 15/8/2012 19:39

@kristini2

market cap is in millions which means it is valued at around $161m or roughly $250m

how is that a bargin?

[kristini2] 15/8/2012 17:23

yes, £162k a bit of a bargain

will be interesting to see where this falls to, may be buying back in on any evidence a 'bottom' is forming

[monkeymagic3] 14/8/2012 12:13

Give me strength.

[arf dysg] 14/8/2012 11:43

What? £162k for the whole company?

[kristini2] 14/8/2012 09:39

still valued at £162k

[deltrotter] 14/8/2012 09:18

Nobody other thank Longsight could post any facts MM, and he was a bear. He was of course shouted down on here.

I am kind of glad nobody could post anything bullish though, as I kept my cash in my pocket!

Phew.

[monkeymagic3] 14/8/2012 09:16

......and again.

[monkeymagic3] 13/8/2012 18:52

Post 242 refers.

I have rarely made so much money so easily shorting this stock. What on earth was going on with some posters here? Closed half position now but will let the rest ride until 50p and close another 25%.

[orchestralis] 13/8/2012 15:46

Glad I sold out at 87p. At last I got the timing about right on one.