West African Share Discussion Threads

[arf dysg] 28/11/2012 13:58

Did you say "a doomed house" ?

[mrsapeslaptop] 27/11/2012 16:52

just wandered on to the thread after looking at the biggest risers this year for a nosey.

saw a chart pattern (3 peaks and a dome house) that I haven't seen for quite a while. on a 6month and a years chart

for those interested in chart patterns. I know nowt about the company

[longsight] 26/11/2012 17:26

Any news on the drilling? They started, I think, in August. We are now almost in December - you wd think there wd be some update on the drilling campaign.

Anyone got any clue on this?

[longsight] 16/11/2012 09:42

Just a question of patience now. Could be another year for the first MRE since the Co only has one drill. Quite possible, assuming they have a viable resource, that WAFM cd be in production with its first mine before 2019. imo, dyor

[arf dysg] 01/11/2012 13:11

Careful with the English...

"awarded the phase 2 drilling contract to..."

It could be phase 2 of the exploration, not phase 2 of the drilling. The above phrase therefore could mean drilling which relates to phase 2 of something else.

WAFM could be phase 20 of Dattels's career, therefore the recent drilling would be "phase 20 drilling."

[longsight] 01/11/2012 11:01

Why do they call it phase 2 drilling. I wasn't aware they had done any phase 1 drilling. imo, very unlikely there will be any news until Feb next year & I'd be staggered if they did enough drilling for a MRE.

This is now a case of being very patient for long term investors - the labs typically take 2 months minimum to get results back & then they need analysing by the Co. Xmas will slow this process down a bit.

[1066monkey] 30/10/2012 22:16

It would appear so.

[1066monkey] 30/10/2012 17:35

Am I alone in being slightly unnerved by the lack of a drilling results RNS? The rns from the 3 August did say "WAFM has awarded the phase 2 drilling contract to Hall Core" "with plans to complete this programme by November". On the other hand, they added that "drilling results from the Phase 2 programme will be released to the market when adequate compilation and meaningful interpretation of data is available" so it's very possible they are being analysed now...

[1066monkey] 23/10/2012 18:18

Lol. I don't use the majestic plural I'm afraid.

[arf dysg] 23/10/2012 16:01

Why? Are you going to visit the dentist?

[1066monkey] 23/10/2012 15:16

Isn't that next year's problem? In the meantime we have drilling results to look forward to!

[888icb] 23/10/2012 14:51

A market cap of £229 Million and no proven resource. These guys have alot to prove to justify the price tag. I am a big fan of Mr Dattels but can't see the basis for the current market cap. It is worth remembering that the large shareholders are all subject to a lockin agreement and are therefore unable to sell any shares until next year.

[someuwin] 23/10/2012 14:38

Getting closer to previous all time high.

[arf dysg] 23/10/2012 11:43

Has anyone noticed that Paul Daniels is on the board? I mean, it's only a slight disguise, from Dattels to Daniels. There must certainly be some magic going on, as the share price is amazingly high.

It's like 1969 all over again.
I'm really high now... I don't think I can get much higher...
I'm really REALLY high now... I REALLY can't get any higher now...

[arf dysg] 23/10/2012 11:40

...not to mention the share-price explosion when that meteorite, made of solid platinum, lands on WAFM headquarters...


...and strikes oil.

[deltrotter] 23/10/2012 10:51

Yes, I think $2bn is feasible on the current drilling campaign as well someuwin.

[someuwin] 23/10/2012 10:43

...If the drill results are good then anything is possible I suppose.

[deltrotter] 22/10/2012 20:28

oldvic - Lol.

Someuwin - maybe they will buy WAFM for $2bn - surely it is worth it.

[oldvic] 22/10/2012 19:08

whats the chances of this being a takover target ?
50 50 ?

[someuwin] 22/10/2012 14:50

Indian giant Jindal Steel planning to spend $2 billion on a West African iron ore mine.

No one knows at this stage which mine it is or where in W africa.

Can only be positive for all miners in the region to see more inward investment.


"Jindal Steel & Power Ltd. (JSP) is nearing a deal to buy an iron ore mine in West Africa for at least $2 billion as curbs at home and a failed investment in Bolivia drive India's second-biggest steelmaker by value to look elsewhere for supplies..."

[1066monkey] 19/10/2012 21:42

someuwin

Appreciate your response once again. Just read the Drilling RNS which sais drilling results should be in BY NOVEMBER.

("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.")

In the article in Mining Weekly the following promising quote from Brad appears:

"Preliminary geophysical interpretation of this data has highlighted a number of large, demagnetised areas that are highly prospective for hematite DSO ores. The significant size, abundance and quality of these aeromagnetic anomalies are extremely encouraging," Mills tells Mining Weekly Online."

On the other hand, he's hardly going to say the contrary so I shouldn't draw too much comfort from his quote.

Agree that it's a pretty binary bet. Hopefully, we'll be on the right side of it! As you suggest, the market seems pretty hopeful and patient at the moment.

Dattels and Mellon are the primary reason I'm invested here. Valuation seems impossible so it's really a leap of faith. Fingers crossed they'll come good!

I see you're in Summit too! I thought SUMM would perform better this week. Ah well...I'm up 45% or thereabouts so can't complain. Next big landmarks I imagine will be final results from DMD phase 1 and possibly a DMD-related deal. That should give us a boost.

[someuwin] 19/10/2012 20:08

Sorry 1066, I find it impossible to put a value on WAFM at the moment.

Drill results will mean everything. Good DSO find and this will soar - poor results and it will tank.

The market is the best gauge at the moment and it seems the market wants it higher.

- With Dattels and Mellon on board you can never rule anything out!

[1066monkey] 19/10/2012 19:37

Arf Dysg - in Brad Mills interview on the website he mentioned drilling would start in mid July and it would take 3-4 months on all 30 target areas. From the rns it looks like drilling didn't start until August. My guess is that the weeks ahead could go on until the end of November but are unlikely to go much beyond that. Someuwin - what's your take on what WAFM is actually worth? Obviously that's tough to answer without drilling results etc. It's reassuring to know that Dattels is behind it and the market cap would imply quite a few shareholders have conviction in the potential of the projects in Cameroon and Sierra Leone...

[arf dysg] 19/10/2012 10:06

"...in the weeks ahead". So how many weeks are there ahead of 12th October?

Since time goes on... until the end of time (doh!)... there are quite a lot of weeks ahead of 12th October. So if the company only EXPECTS to release results, rather than KNOWING that they WILL release results, that means that they're not sure of being able to release results before the end of time.

That's hedging their bets rather excessively, I feel.