West African Resources Extends Mankarga 5 Trend by 1.5km with up to 0.63g/t Au in Auger Drilling

Perth, Australia (FSCwire) - Gold developer West African Resources Limited (ASX, TSXV: WAF) is excited to announce significant results from auger drilling along strike of the Mankarga 5 deposit, Tanlouka Permit Burkina Faso.


Managing Director Richard Hyde commented:

“Auger drilling along strike from the proposed open pit has delivered strong results with a peak of 0.63g/t Au. The gold anomaly over this previously untested zone is similar in grade and tenor to auger results over the existing Mankarga 5 resource area.”

“RC drilling has commenced over the extension of Mankarga 5, and results will be reported as they are received by the Company.”


Mankarga 5

Auger drilling along strike to the northeast of the Mankarga 5 (M5) deposit has delivered strong results demonstrating the continuation of mineralisation along strike of the proposed oxide starter pit that the Company intends to treat by conventional heap leach processing (Figures 1 and 2).

Importantly the results from the recent WAF auger shows that the geochemical signature over known mineralisation is subtle and discreet with only seven samples greater than 160ppb Au within the proposed starter pit outline. Results along strike of the M5 resource demonstrate that there is significant potential to add more oxide tonnes to the heap leach starter project and extend the current PFS mine life of 7 years.

In total 245 auger holes, with an average depth of 5.3m, were drilled along strike of the M5 resource area on lines oriented northeast - southwest, on a 200m by 50m grid. Sampling returned a peak result of 635 ppb Au (0.64g/t Au) with other high tenor results of 228 ppb Au, 224 ppb Au and 218 ppb Au (Figure 2)


Mankarga 1

Mankarga 1 (M1) is the most advanced prospect and located approximately 500m northwest of the Mankarga 5 Mineral Resource (Figure 1). Infill auger drilling has been completed at the prospect. M1 has significant potential to add additional oxide tonnes to the proposed heap leach starter project. The major difference in this area is that mineralisation trends north-northwest, in contrast to Mankarga 5 which trends northeast. Regional sampling on sub-optimal northwest-southeast lines returned high tenor results including 661 ppb Au (0.66g/t Au), 380 ppb Au, 568 ppb Au, 301 ppb Au, 368 ppb Au and 297 ppb Au.

Results are imminent for detailed auger drilling completed on a 25m by 100m grid, oriented on northeast-southwest lines perpendicular to the main northwest mineralised trends as shown in Figure 1. WAF geologists have completed detailed prospect and structural mapping of the area and noted that the area comprises similar rock types and stratigraphy to M5. Mineralisation is hosted with steeply dipping quartz veining which has been subject to significant artisanal mining activity (Figure 3 & 4) with pits down to 30m depth. Significant results from historic drilling at Mankarga 1 are shown in Table 1 below. Results of infill auger drilling will reported as soon as they are received. A contract RC rig will will be used to test the area as soon as results are received.


Table 1: Mankarga 1 Significant Intercepts – Historic Drilling

Hole	From	To	Interval	Au g/t	East	North	RL
TAN10-RC-10	56	72	16	4.80	741579	1336912	276
TAN10-RC-10	78	88	10	3.86	741579	1336900	261
TAN10-RC-12	58	66	8	31.78	741552	1336967	280
TAN10-RC-23	58	60	2	25.00	741391	1337570	285
TAN11-RC-52	46	50	4	16.95	741413	1337147	291
TAN12-DD-72	68	69.5	1.5	22.63	741548	1336971	275
TAN12-DD-73	56	69.5	13.5	10.11	741578	1336915	277
TAN12-DD-73	80	93	13	1.56	741577	1336899	259
TAN12-DD-74	64.2	68	3.8	3.25	741602	1336916	276
TAN12-DD-83	81	85	4	2.43	741472	1337136	266

Figure 1: Mankarga 1 & 5 Summary Plan
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Figure 2: Mankarga 5 Extension Exploration Summary Plan
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Figure 3: Mankarga 1 Artisanal Mining
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Figure 4: Mankarga 1 Quartz stockworks in oxidised sediments
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2015 PFS Highlights

West African Resources Limited announced results of its technical and financial assessment of an oxide heap leach starter project on its Mankarga 5 Gold Project, Burkina Faso in May 2015 (ASX, TSXV: 29/5/2015). This assessment constituted a Pre-Feasibility Study (PFS) incorporating updated Mineral Resource, mining schedule, column test work and cost inputs. It was prepared in accordance with the requirements of both the Australian 2012 JORC Code and Canadian NI 43-101. A summary of the base case is stated below assuming 100% project at a gold price of $1,300/oz. All amounts are in US dollars.

- Production of 69,000oz pa for first 3 years, 49,000oz pa for life of mine, 7 year life of mine

- Cash costs $428/oz for 3 years, $635/oz life of mine

- All-in cash costs of $538/oz for 3 years, $749/oz life of mine

- Pre-tax IRR of 63% with 14-month payback, post-tax IRR of 50% with 16-month payback

- Pre-tax cash flow of $146m, post-tax cash flow of $118m after initial and sustaining capital costs

- Pre-tax NPV5% of $117m, Post-tax NPV5% of $86m

- Indicated Ore reserve of 440,000oz, life of mine strip ratio 2:1

- Potential to upgrade in-pit Inferred Resources currently treated as waste in mining schedule

- Nearby drill ready oxide targets with potential to add to the base case


Mankarga5 April 2015 Resource

 	Cut-off	Indicated Resource	Inferred Resource
	(Au g/t)	Tonnes	Grade	Au Oz	Tonnes	Grade	Au Oz
	 		(Au g/t)			(Au g/t)	
Oxide	0.5	7,200,000	1.2	273,000	800,000	0.8	20,000
	1	3,100,000	1.8	180,000	200,000	1.2	7,000
Transitional	0.5	2,300,000	1.2	89,000	500,000	0.9	13,000
	1	1,000,000	1.9	60,000	200,000	1.3	6,000
Fresh	0.5	9,500,000	1.2	377,000	39,100,000	1.0	1,320,000
	1	4,200,000	1.9	256,000	14,800,000	1.6	778,000
Total	0.5	19,000,000	1.2	736,000	40,400,000	1.0	1,350,000
	1	8,400,000	1.8	495,000	15,200,000	1.6	791,000

Cautionary Note About Mineral Resources:
Mineral Resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.



For further information contact:

West African Resources Limited
Richard Hyde, Managing Director
Ph: 08 94817344
Email: info@westafricanresources.com

Nathan Ryan, Investor Relations
Ph: 0420 582 887



Competent Person’s Statements

Information in this announcement that relates to exploration results and exploration targets is based on information compiled by Mr Richard Hyde, a Director, who is a Member of The Australian Institute of Mining and Metallurgy and Australian Institute of Geoscientists. Mr Hyde has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and a Qualified Person under National Instrument 43-101. Mr Hyde consents to the inclusion in this announcement of the statements based on his information in the form and context in which they appear.

Information in this announcement relating to the Pre-Feasibility Study has been prepared by and compiled under the supervision of Dr Leon Lorenzen, an Independent Consultant and Director of Mintrex Pty Ltd, who is a Fellow of the Australian Institute of Mining and Metallurgy (CP) and Fellow of the Institution of Engineers Australia. Dr Lorenzen has sufficient experience which is relevant to and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or “CP”) as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and a Qualified Person under Canadian National Instrument 43-101. Dr Lorenzen has reviewed the contents of this news release and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.

Information in this announcement that relates to exploration results and mineral resources is based on, and fairly represents, information and supporting documentation prepared by Mr Brian Wolfe, an independent consultant specialising in mineral resource estimation, evaluation and exploration. Mr Wolfe is a Member of the Australian Institute of Geoscientists. Mr Wolfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or “CP”) as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and a Qualified Person under Canadian National Instrument 43-101. Mr Wolfe has reviewed the contents of this news release and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.

Information in this announcement that relates to ore reserves is based on, and fairly represents, information and supporting documentation prepared by Mr Nigel Spicer, an independent consultant specialising in mining engineering. Mr Spicer is a Member of the Australian Institute of Mining and Metallurgy and the Institute of Materials, Minerals & Mining. Mr Spicer has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or “CP”) as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and a Qualified Person under Canadian National Instrument 43-101. Mr Spicer has reviewed the contents of this news release and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.


Forward Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian and Australian securities legislation, including information relating to West African's future financial or operating performance may be deemed “forward looking”. All statements in this news release, other than statements of historical fact, that address events or developments that West African expects to occur, are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “does not expect”, “plans”, “anticipates”, “does not anticipate”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled”, “forecast”, “budget” and similar expressions, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of the relevant management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond West African’s ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. In the case of West African, these facts include their anticipated operations in future periods, planned exploration and development of its properties, and plans related to its business and other matters that may occur in the future. This information relates to analyses and other information that is based on expectations of future performance and planned work programs. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if a mineral property is developed.

Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation: exploration hazards and risks; risks related to exploration and development of natural resource properties; uncertainty in West African’s ability to obtain funding; gold price fluctuations; recent market events and conditions; risks related to the uncertainty of mineral resource calculations and the inclusion of inferred mineral resources in economic estimation; risks related to governmental regulations; risks related to obtaining necessary licenses and permits; risks related to their business being subject to environmental laws and regulations; risks related to their mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; risks relating to competition from larger companies with greater financial and technical resources; risks relating to the inability to meet financial obligations under agreements to which they are a party; ability to recruit and retain qualified personnel; and risks related to their directors and officers becoming associated with other natural resource companies which may give rise to conflicts of interests. This list is not exhaustive of the factors that may affect West African’s forward-looking information. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information.

West African’s forward-looking information is based on the reasonable beliefs, expectations and opinions of their respective management on the date the statements are made and West African does not assume any obligation to update forward looking information if circumstances or management’s beliefs, expectations or opinions change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking information. For a complete discussion with respect to West African, please refer to West African’s financial statements and related MD&A, all of which are filed on SEDAR at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Section 1: Sampling Techniques and Data
Section 2 Reporting of Exploration Results
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