OKYO.L Regulatory News (OKYO)

13 February 2013

West African Minerals Corporation

("WAFM" or the "Company")

Gravity survey indicates large scale anomalies on WAFM's southeast Cameroon licenses

West African Minerals Corporation (AIM: WAFM) is pleased to report on the progress of the exploration and scout drilling programme over its large magnetic anomalies in south-eastern Cameroon. The programme is part of a Phase 2 scout drill programme comprising up to 500 holes (22,500 metres) aimed at verifying the iron ore targets identified by Phase 1 geophysical work. 

In Phase 1, a 27,000 line km aeromagnetic survey completed in April 2012 identified WAFM's Lélé and Djadom concessions as having significant large scale potential. These were interpreted as being demagnetised and therefore potentially hematite-rich areas, overlying the hinge zones of kilometre-scale folds in postulated Banded Iron Formations (BIF). A number of the anomalies bear geophysical signatures similar to other major DSO deposits in the region, including strong continuity of magnetic anomalies with the Mbarga resource eastwards onto WAFM's Djadom permit.

In order to refine this magnetic work and better define targets, a 5,000 line km fixed wing airborne gravity gradiometry survey (Falcon ™) was flown over portions of the Djadom and Lélé iron ore exploration permits in November and December of 2012.

The interpretation of this gravity gradiometry survey, by independent consultants, has identified numerous density anomalies co-incident with the previously delineated aeromagnetic anomalies. The magnetic anomalies are interpreted as being regionally extensive BIF similar to those hosting the neighbouring Mbarga deposit, while areas of high density contrast identified in the gravity survey, which are co-incident or adjacent to the magnetic anomalies, are interpreted as being areas of potential hematite enrichment of the BIF. Prioritised targets, comprising dense, weakly to non-magnetic material at/near surface and in association with magnetic source material (i.e. BIF), will be preferentially targeted as part of the Company's strategy to delineate deposits of hematite-rich direct shipping ore (DSO) derived from the oxidation of the primary BIF deposits. 

To date, 52 reverse circulation percussion holes have been drilled in the southern part of the Djadom permit, as part of a widely-spaced scout drilling programme. Fourteen of the 52 holes have intersected significant BIF horizons, and of these 14 holes, five have intersected hematite-rich material either as cap material overlying a BIF protolith or as discrete horizons within a BIF package. Several of these hematite-rich intersections are located within the priority density targets defined by the gradiometry survey. Assay results for these intersections are expected over the next month.

The findings of the gravity survey have significantly enhanced the Company's ability to prioritize and confidence to select drill targets. As a result, approximately 5,000 metres of drilling covering approximately 98 square kilometres of combined gravity and aeromagnetic anomalies in this area will be undertaken over the next two months.

The technical information contained in this announcement has been reviewed by Dr Brendan Clarke, the Geological Operations Manager of The MSA Group. Dr Brendan Clarke is a Member of the Geological Society of South Africa and a Professional Natural Scientist (Pr.Sci.Nat) registered with the South African Council for Natural Scientific Professions. Dr Clarke has sufficient experience relevant to the style of mineralisation under consideration and to the activities which are being reported, to qualify as a Qualified Person for the purposes of this announcement.

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About West African Minerals Corporation

West African Minerals Corporation (AIM: WAFM) is an iron ore mining and exploration group focused on West Africa with interests in iron ore exploration permits in Cameroon and Sierra Leone. Through its 100 per cent owned subsidiary Compagnie Minière du Cameroun SA, WAFM owns six exploration permits in Cameroon covering a total area of approximately 6,000 square kilometres and spanning the coast to the eastern deposits. The Sierra Leone licences comprise five exploration licences with potential for enriched hematite schists typical of the Marampa Group over a total area of approximately 687 square kilometres.

Further information on the Group is available at www.westafricanminerals.com.