West African Resources Limited Reports Operating Results for the Quarter Ended March 31, 2015
May 1 15
West African Resources Limited reported activities on its 100%-owned and 100%-earning gold and copper-gold projects in Burkina Faso, West Africa, for the quarter ended 31 March 2015. During the quarter 10 HQ diamond core holes were drilled to provide geotechnical data and samples. Additional drill core was also selected from these holes for further metallurgical test work on transitional and fresh material types. Metallurgical test work is in progress at ALS Ammtec in Perth. More than 3.5 tonnes of drill core was airfreighted to ALS Ammtec during the quarter. There is sufficient core to complete a definitive test work program for the FS. This program will be completed by the end of June 2015. Two RC water bore holes were drilled in the quarter also to determine quantity and flow rate of groundwater. Data collected from pump tests will be used in the overall water balance for the project for the FS.
West African Resources, Ltd. Releases Prefeasibility Study
Feb 23 15
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. This assessment constituted a PreFeasibility 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. The PreFeasibility Study (PFS) evaluation was managed by engineering consulting firm Mintrex Pty Ltd. with input from a range of specialist consultants and was completed to ± 30% input cost estimate. The PFS assumes annual throughput of 1.6Mtpa, which is in line with The PFS includes a number of significant improvements in comparison with the Scoping Study including: Updated resource model incorporating 22,000 m of new drilling. Drilling focussed on increasing drill density of shallow oxide material resulting in an overall improvement in grade. Optimised mine plan incorporating updated contract mining costs with moderate increase in stripping ratio resulting in more in pit ounces. Updated operating costs incorporating contractor quotation for contract mining, reductions in consumables pricing including cement and cyanide. Reduction in diesel price. Updated capital costs incorporating preliminary heap leach pad design, preliminary design of the water collection and storage facility, and updated unit rates based on recent tenders in Burkina Faso for civil works costings. Updated sustaining capital costs reflecting the longer life and incorporating additions to the crushing circuit to maintain throughput in later years. Representative treatment of deferred waste and inventory stockpiles.
West African Resources, Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2014
Feb 15 15
West African Resources, Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2014. For the period, the company reported revenue from continuing operations was AUD 4,710 against AUD 10,603 a year ago. Loss before tax was AUD 3,608,010 against AUD 1,572,747 a year ago. Loss after tax was AUD 3,328,532 against AUD 1,572,747 a year ago. Total comprehensive loss for the year attributable to the owners of the company was AUD 3,274,041 or 1.2 cents per basic share against AUD 1,575,582 or 0.7 cents per basic share a year ago. Net cash outflow from operating activities was AUD 998,949 against AUD 1,458,276 a year ago. Purchase of property, plant and equipment was AUD 3,131 against AUD 1,491 a year ago.
the company reported revenue from continuing operations was AUD 7,623 against AUD 15,234 a year ago. Loss before tax was AUD 4,801,478 against AUD 3,245,805 a year ago. Loss after tax was AUD 4,522,000 against AUD 3,245,805 a year ago. Total comprehensive loss for the year attributable to the owners of the company was AUD 4,494,925 or 1.7 cents per basic share against AUD 3,231,220 or 1.6 cents per basic share a year ago. Net cash outflow operating activities was AUD 2,317,481 against AUD 2,952,206 a year ago. Purchase of property, plant and equipment was AUD 3,879against AUD 2,277 a year ago.