Member Info for AJN1

96p Broker says...... http://www.westafricanminerals.com/content/news/south-djadom-block-2-mineral-resource-estimate-and-drilling-update

West African Minerals's Djadom projects offer huge potential, says SP Angel By Ian Lyall June 10 2013, 1:00pm first stabs at assessing the early-stage project economics. He puts total capital expenditure at £1.135bn. In fact Meyer makes one of the Boutique resources house SP Angel has taken an in-depth look at West African Minerals (LON:WAFM), the star performer in the sector, and has concluded there is room for significant further growth in its stock market valuation. Setting a 96 pence-a-share price target, analyst John Meyer, a veteran of the sector, rates the stock a ‘buy’. His assessment focuses on the potential of the southern licenses at Djadom, in east Cameroon. It is next door to the 436mln-tonne Mbalam-Nabeba DSO discovery, and the analyst is assuming WAFM is able to compile a resource around half the size of its larger neighbour. In fact Meyer makes one of the first stabs at assessing the early-stage project economics. He puts total capital expenditure at £1.135bn, including a £745mln contribution to the railroad from Cameroon’s interior to the coast. His operating costs estimates, meanwhile, are based on the pathfinder work done by Afferro (LON:AFF), which has developed the 2.5bn Nkout deposit in the country. On this basis the SP Angel analyst puts the mining costs at US$11.42 per tonne, or a US$4.58 a tonne for any DSO (direct shipping ore) uncovered. The most compelling figure is possibly the net present value of the Djadom property, which is put at a shade under US$1bn (US$997mln) based on a 12.5% discount rate. The internal rate of return is estimated to be 29%. “It is difficult to absolutely value a company with no confirmed resource and no set route for transporting its product to market,” said Meyer. “However, drilling and trenching confirms the presence of iron ore in substantial structures on a number of licenses and within reasonable distance of proposed rail routes.” Vice chairman Brad Mills told Proactive Investors in April the group could have a maiden resource compiled for its flagship Cameroon asset by the summer if its US$5mln infill drilling programme goes to plan. The drilling of Djadom has yielded some interesting and exciting results.

Google JIM MELLON Recently piled in £14m at CNR He knows his stuff

Securities in Issue Number of shares in issue: 288,156,918 Percentage of shares not in public hands: 55% Holdings of Significant Shareholders As of 21 June 2013 the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached: Name Number of Shares Percentage of issued share capital Vidacos Nominees Limited 46,017,464 16.0% Rosy Mining Limited 35,889,079 12.62% Plinian Guernsey Limited 30,925,428 10.7% Stephen Dattels1 27,172,906 9.44% James Mellon2 18,027,398 6.3% Panetta Partners Limited 16,829,000 5.84% Generation Resources Limited 14,360,340 5.0% Tocqueville Gold Fund 10,000,000 3.5% Notes: 1. These shares are held by Regent Mercantile Holdings Limited, a company owned by a trust under which Stephen Dattels is a discretionary beneficiary. 2. James Mellon’s shareholding consists of 17,343,727 shares held by Galloway Limited, a company which is indirectly wholly owned by the trustee of a settlement under which James Mellon has a life interest. The balance of James Mellon’s shareholding is held in his own name.

Take a look at the bod the most successful team on AIM. And won the award for best AIM share 2012 Strong buy

No fixed prices until now, I believe the at best was to scare people into selling thinking it will go lower but I fact collecting cheap shares. More buys than sells which is the more important part

Unfortunately he's back again!

Good sign after a few sells and to be expected , always bank a profit of which some people fail to realise

The spread can be annoying but this rose to 90p 12 months ago on nothing but now we have a roadmap and potential I think today's rise is 24 hours delayed and bodes well for next week DYOR

DateTimeTrade PrcVolumeBuy/SellBidAskValue 01-Nov-1308:29:3313.561720,302Buy* 12.0012.752,753O 01-Nov-1308:28:2112.64518,121Buy* 11.5012.752,291O 01-Nov-1308:26:0812.2020,000Buy* 11.0012.002,440O 01-Nov-1308:25:0611.8010,000Buy* 10.7512.001,180O 01-Nov-1308:24:2411.8820,000Buy* 10.7512.002,376O 01-Nov-1308:20:4311.34514,750Sell* 10.7512.001,673O 01-Nov-1308:18:1211.24510,000Sell* 10.7512.001,125O 01-Nov-1308:17:3210.7520,000 10.5011.002,150O 01-Nov-1308:15:5010.754,517Buy* 10.5010.75485.58O 01-Nov-1308:10:4110.754,545Buy* 10.5010.75488.59O

Finally hitting home the potential here City investors who follow the BOD will be back buying today

Yep it was a troll knocking the buyers of the share, this is a undervalued share if I ever saw one 1-10m oz of gold in the ground ! It's in my SIPP and cash account should it needed to be cashed in GL

SOUTH DJADOM BLOCK 2 MINERAL RESOURCE ESTIMATE AND DRILLING UPDATE 31 October 2013 South Djadom Block 2 Mineral Resource Estimate and Drilling Update West African Minerals Corporation (AIM: WAFM) announces the results of the Block 2 incremental Inferred Mineral Resource Estimate (MRE) at its South Djadom property in southeast Cameroon. The Inferred Mineral Resource Estimate was prepared by independent consultants, The MSA Group (“MSA”), in accordance with The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Mineral Reserves (2010). HIGHLIGHTS Block 2 Inferred Mineral Resource of 35.4 Mt @ 29.5% Fe at a 25% Fe cut-off grade. This includes a higher grade colluvial and eluvial cap and near-surface enriched mineralisation of 2.6 Mt @ 37.4% Fe at a 35% cut-off grade CIM (NI-43-101 compliant) Blocks 1 and 2 combined total Inferred Mineral Resource stands at 111.5 Mt of Inferred Mineral Resource @ 30.0% Fe at a 25% Fe cut-off grade including 15.6 Mt @ 40.7% at a 35% Fe cut-off grade To date the combined Inferred Mineral Resource of Blocks 1 and 2 extends from surface to between 100 and 150 metres below surface and remains open along strike to the southeast Enrichment of the primary Banded Iron Formation (BIF) extends variably from surface to depths up to 40 metres with the majority of the enriched mineralisation shallower than 20 metres. Brad Mills, President of WAFM commented: "The Block 2 results further enhance the value of the South Djadom resource, building the overall picture of a substantial near-surface resource in this part of Cameroon. We have now moved the focus of our exploration program back to our near-coastal Binga lease with infill core and RC drilling of targets identified in 2012 by widely-spaced scout drilling. The goal of this work is to identify the continuity and grade of the mineralisation on this portion of our leasehold in preparation for more detailed economic evaluation in 2014. We are also preparing the large untested geophysical anomalies on our North Djadom and Lele leases with surface sampling, mapping and geophysics in preparation for drill testing in 2014.” Technical Description of the Resource The Inferred Mineral Resource Estimate was prepared by independent consultants, The MSA Group (“MSA”), in accordance with The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Mineral Reserves (2010). The effective date of this Inferred Mineral Resource Estimate is 28 October 2013. The combined Blocks 1 and 2 Inferred Mineral Resource Estimate (MRE) for South Djadom is based on data from 10,174 metres of drilling from 126 boreholes, including the assay results of infill reverse circulation (RC) drilling and angled diamond core drilling (DD) herein reported for Block 2 (below). Drilling at Block 2 identified a steeply-dipping stratigraphic pack

Overview Through its indirect wholly-owned subsidiary Compagnie Minière du Cameroon SA (CMC Cameroon), the Group holds 100% interest in six permits for the exclusive rights to explore for iron ore and associated minerals in areas referred to as Binga, Minko, Sanaga, Lélé, Dja and Djadom in Cameroon covering a total area of approximately 6,000 square kilometres (the “CMC Permits”). All the permit areas lie nearby either existing railway lines or a proposed railway line from Mbalam to Kribi. Regional Geology The regional prospectivity of southern Cameroon is demonstrated by significant iron ore exploration activity that is currently occurring within the region. The CMC Permits are situated in southeastern and southwestern Cameroon, on the northern edge of the Congo Craton. Those in the southeast are relatively close to, or abut, properties held by Sundance Resources Limited and Afferro Mining Inc. and appear from published maps to be underlain by broadly similar geology. Their activities were limited to assessing access to the properties and collecting six grab samples from the Sanaga licence, which yielded results between 14% and 54% Fe (magnetite-BIF). The contiguous Dja and Djadom permit areas lie to the east and north of Sundance Resources’ Mbalam project, which has an Inferred and Indicated Resource of high-grade haematite of 775 million tonnes at 57.2% Fe. Historical aeromagnetic data indicate a continuation of the total magnetic intensity signature eastwards from the Mbalam project into the Dja and Djadom licences. The Lélé permit area lies to the west of Mbalam and similarities exist with the geology of Afferro Mining’s nearby Nkout project, which has an Inferred and Indicated Resource of an indicated resource of 1.2Bt at 32.9% Fe and Inferred of 1.3Bt at 30.3% Fe. Mapped occurrences of magnetite-bearing quartzites at the Sanaga permit area are similar to the geological configuration at Legend Mining’s Ngovayang project.

Number of shares in issue: 288,156,918 Percentage of shares not in public hands: 55% Holdings of Significant Shareholders As of 21 June 2013 the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached: Name Number of Shares Percentage of issued share capital Vidacos Nominees Limited 46,017,464 16.0% Rosy Mining Limited 35,889,079 12.62% Plinian Guernsey Limited 30,925,428 10.7% Stephen Dattels1 27,172,906 9.44% James Mellon2 18,027,398 6.3% Panetta Partners Limited 16,829,000 5.84% Generation Resources Limited 14,360,340 5.0% Tocqueville Gold Fund 10,000,000 3.5%

Brad himself is a former chief executive of Lonmin, and also runs another company, TSX-listed Mandalay Resources. Chairman Jim Mellon is a director of several listed companies, including mining companies Polo Resources and Condor Gold, and has pockets plenty deep. He’s also, incidentally, the new owner of Minesite having acquired it via an option about a month ago. Another director, Gerard Holden, was the number one man at Barclays Capital, back in the days when Barclays was the leading force in mining finance in London. He’s since had stints with Norilsk and Namakwa Diamonds, amongst others. Between them, they ought to be able to put together a decent enough package to keep West African going through next year. Not that there’s any immediate urgency. “We’ll end up the year with around US$3 million ”, says Brad.

DateTimeTrade PrcVolumeBuy/SellBidAskValue 31-Oct-1308:34:0012.937523,019Buy* 12.7513.002,978O 31-Oct-1308:33:2912.937510,000Buy* 12.7513.001,294O 31-Oct-1308:29:4112.87525,000Buy* 12.5013.003,219O 31-Oct-1308:20:5812.87525,000Buy* 12.5013.003,219O 31-Oct-1308:20:1612.8854,750Buy* 12.5013.00612.04O 31-Oct-1308:19:2312.92511,500Buy* 12.5013.001,486O 31-Oct-1308:18:5912.9025,000Buy* 12.7513.003,225O 31-Oct-1308:18:4912.9025,000Buy* 12.7513.003,225O 31-Oct-1308:18:1013.24518,676Buy* 12.2513.002,474O 31-Oct-1308:15:4212.7525,000Buy* 12.2513.003,188O 31-Oct-1308:15:3112.7515,000Buy* 12.2513.001,913O 31-Oct-1308:14:5212.505,000Buy* 12.2512.50625.00O 31-Oct-1308:14:3412.4510,000Buy* 12.0012.501,245O 31-Oct-1308:14:2512.4510,000Buy* 12.0012.501,245O 31-Oct-1308:14:0812.47528,315Buy* 12.0012.503,532O 31-Oct-1308:13:3712.407,920Buy* 12.0012.50982.08O 31-Oct-1308:13:3212.403,500Buy* 12.0012.50434.00O 31-Oct-1308:11:5812.312525,000Buy* 11.7512.503,078O 31-Oct-1308:10:0311.87550,000Buy* 11.5012.005,938O 31-Oct-1308:08:5611.96525,000Buy* 11.5012.002,991O 31-Oct-1308:07:2311.8755,346Buy* 11.5012.00634.84O 31-Oct-1308:01:0511.758,367 11.5012.00983.12O 31-Oct-1308:00:2311.754,000 11.5012.00470.00O 30-Oct-1316:44:0812.407765,000Buy* 11.5012.008,065O

one of the most successful business around and has his follower's this wont stay at this low price for long history has seen 50000 and 100000 buys all year so expect them to be seen later today and tomorrow DYOR

Maiden JORC x 2 expected with broker recommending 90p for starters. Check out the owners very special people. http://www.proactiveinvestors.com.au/companies/news/47058/west-african-minerals-raises-3m-to-fast-track-heap-leach-starter-project-47058.html

West African Minerals's Djadom projects offer huge potential, says SP Angel By Ian Lyall June 10 2013, 1:00pm first stabs at assessing the early-stage project economics. He puts total capital expenditure at £1.135bn. In fact Meyer makes one of the Boutique resources house SP Angel has taken an in-depth look at West African Minerals (LON:WAFM), the star performer in the sector, and has concluded there is room for significant further growth in its stock market valuation. Setting a 96 pence-a-share price target, analyst John Meyer, a veteran of the sector, rates the stock a ‘buy’. His assessment focuses on the potential of the southern licenses at Djadom, in east Cameroon. It is next door to the 436mln-tonne Mbalam-Nabeba DSO discovery, and the analyst is assuming WAFM is able to compile a resource around half the size of its larger neighbour. In fact Meyer makes one of the first stabs at assessing the early-stage project economics. He puts total capital expenditure at £1.135bn, including a £745mln contribution to the railroad from Cameroon’s interior to the coast. His operating costs estimates, meanwhile, are based on the pathfinder work done by Afferro (LON:AFF), which has developed the 2.5bn Nkout deposit in the country. On this basis the SP Angel analyst puts the mining costs at US$11.42 per tonne, or a US$4.58 a tonne for any DSO (direct shipping ore) uncovered. The most compelling figure is possibly the net present value of the Djadom property, which is put at a shade under US$1bn (US$997mln) based on a 12.5% discount rate. The internal rate of return is estimated to be 29%. “It is difficult to absolutely value a company with no confirmed resource and no set route for transporting its product to market,” said Meyer. “However, drilling and trenching confirms the presence of iron ore in substantial structures on a number of licenses and within reasonable distance of proposed rail routes.” Vice chairman Brad Mills told Proactive Investors in April the group could have a maiden resource compiled for its flagship Cameroon asset by the summer if its US$5mln infill drilling programme goes to plan. The drilling of Djadom has yielded some interesting and exciting results.