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West African Resources Ltd.
AUSTRALIA WAF.AX 1,51 AU$ 0,00%
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December 2018 Quarterly Report

Publié le 22 janvier 2019

Gold developer West African Resources Limited (ASX, TSXV: WAF) is pleased to report progress on its Sanbrado Gold Project (�Sanbrado�), Burkina Faso, for the quarter ending 31 December 2018.

Highlights

Project Development Summary

  • Underground mining contract awarded to Byrnecut
     
  • Mill package awarded to Outotec, order placed for 4MW SAG and ball mills
     
  • EPCM contract for Sanbrado awarded to Lycopodium
     
  • Earthworks, camp and box cut for underground access commenced by WAF construction team
     
  • Further Key hires completed for construction, operations and security teams


M1 South Diamond Drilling

  • 1km diamond hole intercepted extensive visible gold returning 25m at 15.03 g/t Au
     
  • Intercept located 220m vertical beneath existing Probable Ore Reserves, confirms potential to extend M1 South underground mine life past 4.5 years
     
  • Parallel high-grade zone at M1 South intercepted 300m below surface, 180m east of main zone 2m at 138.4 g/t Au and 5.5m at 15.5 g/t Au
     
  • Infill drilling returns 21.5m at 15.3 g/t and 14.5m at 19.9 g/t Au


Corporate Summary

  • West African fully funded through to gold production in 2020 at Sanbrado
     
  • US$200 million finance facility secured with Taurus Funds Management Pty Ltd
     
  • Fully underwritten institutional Share Placement completed raising A$43.2 million
     
  • Share Purchase Plan offer for up to A$5 million enabling retail shareholders to participate in Sanbrado project funding closes January 25, 2019
     
  • Updated security protocols and procedures for staff and contractors in Burkina Faso


December 2018 Quarter Summary

  • 5,656m drilled
     
  • A$7.8m exploration and mine development expenditure
     
  • A$4.2m administration costs (including costs associated with project finance raising - debt and equity)
     
  • A$66.4m cash at bank at 31 December 2018


March 2019 Quarter Plans

  • Completion of feasibility study optimisation and update
     
  • Exploration drilling near surface targets in trucking distance to Sanbrado
     
  • Award of open pit mining contract
     
  • Completion of stage 1 camp (120 rooms), admin building, clinic and temporary power station
     
  • Major mechanical and electrical equipment procurement
     
  • Structural steel and platework fabrication commencement


Click here to view the full quarterly report

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