OKYO.L Regulatory News (OKYO)

27 July 2015

For immediate release

West African Minerals Corporation

("WAFM" or the "Company")

Director's dealing

The Company announces that it was informed on 24 July 2015 that CE Mining Limited ("CE Mining") assigned on 24 July 2015 its entire holding of warrants to subscribe for new ordinary shares in the Company to CE Mining Fund II WAFM Limited ("Fund SPV"), a special purpose company established by CE Mining GP II Limited ("Fund GP") in its capacity as general partner of CE Mining Fund II L.P. Brad Mills, a director of the Company, is the controlling shareholder of Plinian Guernsey Limited ("Plinian"), which owns 50 per cent. of CE Mining and also the controlling shareholder of CE Mining Holding II Limited, which owns 100 per cent. of Fund GP.

CE Mining has assigned 5,071,429 warrants to Fund SPV ("CE Mining Warrants") for US$49,438. Each CE Mining Warrant, which was issued to CE Mining on 14 February 2014 is exercisable into one new ordinary share in the Company at an exercise price of 10p per ordinary share on or before the second anniversary of the date of admission of the 52,797,738 ordinary shares in the Company issued pursuant to the placing approved by the Company on 4 February 2014.

Following the assignment of the CE Mining Warrants, CE Mining has no remaining holding of warrants.

Brad Mills' interest in the share capital of the Company following the assignment remains as follows:

Note: Brad Mills' interest comprises 1,158,377 Shares that he owns directly; and a further 42,496,856 Shares that are owned by Plinian of which Brad Mills is the controlling shareholder, and includes 10,142,858 Shares that are owned by CE Mining, which is 50 per cent. owned by Plinian and warrants to subscribe for 5,071,429 Shares that are owned by Fund SPV, which is 100% owned by Fund GP of which Brad Mills is the indirect controlling shareholder.

For further information contact:

ENDS