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West African Minerals Corp.
Summary
| Project: | Sanaga | |
|---|---|---|
| Deposit: | Sanaga | |
| Location: | Cameroon | |
| Commodities: | Iron-Silica-Aluminium-Phosphorus | |
| Date: | 5/12/2017 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 12-5-2017: West African Minerals Corp. announces a Scoping Study report for its Sanaga deposit at the Sanaga project. Scoping study results incl. pre-tax NPV (10%) of US$262-292M, IRR of 29-37%, LOM of 16-17yrs. West African Minerals Corporation (AIM: WAF | |
| Resources: | (Resource, Inf.): 82.9 Mt @ 32.1% Fe, 46.4% SiO2, 3.7% Al2O3, 0.05% P (25% Fe cut-off) | |
| CP/QP: | [Overall Report]: Graeme Michael Cox (Royal HaskoningDHV) | |
| ABSTRACT: | West African Minerals Corporation (AIM: WAFM) announces the details of its recently completed scoping study on the Sanaga Iron Ore Project ("Sanaga Project") located near the Port of Douala, Cameroon ("Scoping Study"). The Scoping Study indicates robust economics and favourable capital and operating cost fundamentals for an open pit iron ore mine and concentrator using transportation to the Cameroon coast either by barging down the Sanaga River and transhipping at sea or using a slurry pipeline to a port in the vicinity of Yoyo. The Sanaga deposit contains previously released CIM compliant mineral resources of 82.9 Mt @ 32.1% Fe (as announced on 5 February 2015). The Sanaga Project is situated in coastal Cameroon, 70km from the Atlantic Ocean, with access to existing road and power infrastructure. The Scoping Study was prepared by independent consultants, Royal HaskoningDHV ("RHDHV"), in accordance with The JORC Code (2012). Gerard Holden, Chairman of WAFM commented: "WAFM is very pleased to announce the results of an independent Scoping Study which has identified two potential pathways to production of 2.4 million tonnes per annum of premium grade iron ore concentrate. The geometry of the mineralisation, which outcrops at surface, lends itself to low cost, low stripping ratio open pit mining. Metallurgical testing on the primary magnetite ores indicate that the project can produce a high-quality iron ore concentrate product (69% Fe) that will command a premium price in the market place. The Sanaga Project's proximity to the ocean and access to existing road and power infrastructure allows low capital expenditures and a short timeframe to develop export infrastructure. These advantages are borne out by the robust project fundamentals and attractive economics demonstrated by the study. Sanaga represents an opportunity to develop a low capital intensity project with short pathway to cash flow. On-going feasibility work and engagement with regulators and stakeholders is planned as the next steps to advance the project." | |
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