Sch1 update -West African Minerals Corp

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

West African Minerals Corporation (formerly Emerging Metals Limited) ("Company")

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

Registered Office - Craigmuir Chambers, Road Town, Tortola, British Virgin Islands

Trading Address and Head Office - Viking House, Nelson Street, Douglas, Isle of Man IM1 2AH

COUNTRY OF INCORPORATION:

British Virgin Islands

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

www.westafricanminerals.com

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

This admission is being sought as a result of a reverse takeover under Rule 14 of the AIM Rules of the entire issued and to be issued share capital of Ferrum Resources Limited ("Ferrum"), by West African Minerals Corporation, that is not already owned by the Company.

On 19 July 2010 West African Minerals Corporation became an Investing Company as defined in the AIM Rules for Companies. The Company currently holds 37.23 per cent. of the current issued shares of Ferrum (acquired for a total subscription consideration of approximately £4.8 million) and has advanced a total of approximately £5.4 million to Ferrum pursuant to three loan agreements.

Ferrum is a private iron ore exploration and mining company incorporated in the British Virgin Islands on 18 January 2010. Since its incorporation, the company has focused on the acquisition of interests in early stage iron ore exploration projects in Africa. In Cameroon, Ferrum holds a 63.53 per cent. equity interest in CMC Guernsey Limited, which through Compagnie Minière du Cameroun SA (a 95 per cent. owned subsidiary of CMC Guernsey Limited), holds six exploration permits which cover an aggregate area of approximately 6,000 square kilometres in a region potentially prospective for iron ore. In Sierra Leone, Ferrum holds a 75 per cent. interest in five exploration licences, some of which are located adjacent to or on strike of known iron ore occurrences. Ferrum also has applications pending for iron exploration permits in Guinea. In addition, Ferrum has a 75 per cent. interest in applications for iron exploration permits in the Central African Republic which were recently denied and Ferrum is seeking to have the denial revoked.

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

A total of 187,852,392 ordinary shares of no par value are to be admitted made up of;

- 92,037,547 existing ordinary shares;

- 63,314,845 ordinary shares in relation to consideration payable for the acquisition; and

- 32,500,000 ordinary shares pursuant to a placing which is conditional, inter alia, on admission.

The placing is being conducted at 10p per ordinary share.

No shares are held in treasury

CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

£3.25m is to be raised on Admission at 10p per share. Based on a share price of 10p per share the expected market capitalisation on admission will be £18,785,239

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

65.0%

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS AIM SECURITIES) ADMITTED OR TRADED:

None

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Directors

Stephen Roland Dattels - Executive Co-Chairman

James (Jim) Mellon - Executive Co-Chairman

Denham Hervey Newall Eke - Chief Financial Officer

Guy Elliott  - Non-executive Director

Patrick Colin Crockett Weller  - Non-executive Director

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

Note:

1Vidacos Nominees Limited's holdings include 19,714,100 shares held by funds managed by Everest Capital LLC at the date of the admission document and 39,714,100 shares to be held by funds managed by Everest Capital LLC at Admission. The shares are held by seven funds, namely Everest Capital Asia Fund, L.P.; Everest Capital China MAC 71 Ltd.; Everest Capital China Opportunity Fund, L.P.; Everest Capital EM Cayman Fund Ltd.; Everest Capital Emerging Markets Fund, L.P.; Everest Capital Frontier Markets Fund, L.P. and Everest Capital Global Fund L.P.. Everest Capital LLC is the manager of each of these funds.

2 James Mellon's shareholding consists of shares held by Galloway Limited, a company which is indirectly wholly owned by the trustee of a settlement under which James Mellon has a life interest. Galloway Limited owned 9,583,029 shares at the date of the admission document and will own 16,788,171 shares on Admission. The balance of James Mellon's shareholding on each date is held in his own name.

3These shares are held by Regent Mercantile Holdings Limited, a company owned by a trust under which Stephen Dattels is a beneficiary.

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

Burnbrae Limited

Regent Advisors LLC

Richard Ondoko

(i) ANTICIPATED ACCOUNTING REFERENCE DATE

(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

(i) Anticipated accounting reference date - 31 March

(ii) Date to which the main financial information in the admission document has been prepared is to 30 September 2011

(iii) West African Minerals Corporation must publish its full year accounts to 31 March 2012 by no later than 30 September 2012, its interim results to 30 September 2012 by 31 December 2012 and its full year results to 31 March 2013 by 30 September 2013.

EXPECTED ADMISSION DATE:

9 January 2012

NAME AND ADDRESS OF NOMINATED ADVISER:

Religare Capital Markets (UK) Limited

100 Cannon StreetLondon EC4N 6EU

NAME AND ADDRESS OF BROKER:

Joint Brokers

Evolution Securities Limited

100 Wood StreetLondon EC2V 7AN

Beaumont Cornish Limited

2nd Floor, Bowman House

29 Wilson Street

London EC2M 2SJ

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

Copies of the Admission Document will be available free of charge from the date of the Admission Document until the date which is one month after Admission, at the office of Kerman & Co LLP, 200 Strand, London WC2R 1DJ during normal business hours on any weekday (Saturdays, Sundays and public holidays excepted). Additionally, an electronic version of the Admission Document will be available at the Company's website, www.westafricanminerals.com. The Admission Document will contain full details about West African Minerals Corporation and the Admission of its securities to AIM.

DATE OF NOTIFICATION:

21 December 2011

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