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Directorate and Subsidiary share buy-back

23 January 2012

 

West African Minerals Corporation

(“WAFM” or the “Group”)

Directorate and

Subsidiary share buy-back

 

Board Changes

West African Minerals Corporation (AIM: WAFM), the West African focused mining investment company, is pleased to announcethat it has appointed Stephen Dattels as part-time chief executive officer, effective 23 January 2012.  Mr Dattels also retains the role of executive co-chairman. Jim Mellon remains joint co-chairman but this becomes a non-executive appointment from the same effective date.

CMC Guernsey Limited share buy-back

The Company is also pleased to advise that WAFM’s wholly owned subsidiary, Ferrum Resources Limited has, as a result of a CMC Guernsey share buy-back, increased its shareholding in CMC Guernsey to approximately 65.49 per cent.  (formerly 63.53 per cent. owned). CMC Guernsey owns the Group’s exploration permits in the Cameroon through its 95 per cent. subsidiary Compagnie Minière du Cameroun SA.   

CMC Guernsey redeemed for cancellation 30,000 shares of its 1,000,000 issued shares for a total cash consideration of US$637,500 from Generation Resources Holdings Limited, one of its minority shareholders.  The Group does not expect the buy-back to affect CMC Guernsey’s exploration programme over the next 24 months.

About West African Minerals Corporation

West African Mineral Corporation (AIM: WAFM) is a mining investment company focused on iron ore exploration in West Africa. Through its acquisition of Ferrum Resources, it holds interests in the Cameroon and Sierra Leone as well as having applications pending in Guinea. Further information on the Group is available at www.westafricanminerals.com.

 

For further information:

West African Minerals Corporation

Religare Capital Markets (UK) Limited

Beaumont Cornish Limited

Evolution Securities Limited

GTH Communications

Denham Eke

Peter Trevelyan-Clark

Emily Staples

Roland Cornish

Neil Elliot

Chris Sim

Toby Hall

Suzanne Johnson Walsh

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