5th Feb 2015 08:19
LONDON (Alliance News) - West African Minerals Corp Thursday posted its maiden resource estimate for the Sanaga iron ore project in Cameroon, with shares in the company rising as the tests confirmed the presence of high quality iron ore at the site.
Shares in West African Minerals were up 19% to 3.185 pence on Thursday morning, making it one of the best performers in the AIM All-Share index, after the company said the maiden resource estimate for the project showed an inferred mineral resource of 82.9 million tonnes of iron ore at 32.1% iron.
The resource has a 25% iron cut off grade to a depth of 150 metres below the surface.
"West African Minerals is very pleased to announce today the discovery of a high quality iron ore resource in coastal Cameroon. Preliminary metallurgical test work has confirmed that we can produce a premium grade and quality concentrate," said President Brad Mills.
"The geometry of the mineralisation, which outcrops at surface, lends itself to low cost, low stripping ratio open pit mining. The project's close proximity to existing rail, power and port infrastructure suggests minimal capital expenditures will be required to develop export infrastructure," Mills added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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