Acquires Heap Leach Plant Targeting Gold Production in 2015 - Update
Perth, Feb 21, 2014 AEST (ABN Newswire) - West African Resources Limited (
ASX:WAF) (TSXV:WAF) is pleased to announce that it has entered into an agreement to acquire a second-hand 1.6Mtpa heap leach plant for the Boulsa Project, in Burkina Faso.
West African's Managing Director Richard Hyde said: "We are targeting gold production from Mankarga 5 in 2015 at a low cost by utilising second-hand equipment where possible.
"The plant is currently located nearby in Ghana, within trucking distance (850km) to the Boulsa Project. The key components of the plant including crushers, agglomerator and conveyors are in good condition and require only minor refurbishment.
"The heap leach plant provides the potential for WAF to fast-track the recently acquired Mankarga 5 deposit into production. West African Resources Ltd aims to be a +50,000oz per annum gold producer within 2 years, subject to study outcomes.
"We remain on track to deliver a resource upgrade for Mankarga 5 by the end of this quarter, with the completion of a Preliminary Economic Assessment and Scoping Study in the first half of calendar 2014."
The Company has been working with its consultants regarding the proposed project development schedule for Mankarga 5 and surrounding prospects. The Company has set a target of gold production at Mankarga 5 in 2015. To achieve this target West African will first upgrade the Mankarga 5 resource, focussing on the oxide and transition zones, ahead of completing a Preliminary Economic Assessment (PEA) and Scoping Study, which will investigate the economic potential of low-cost heap leach start-up project. Provided a positive outcome is achieved from the PEA and Scoping Study, the Company would immediately transition into Feasibility Studies and apply for a Mining Permit in the second half of 2014.
Burkina Faso has a regular wet-season (June-September), therefore the current schedule envisages earthworks commencing in the first half of 2015, to ensure sufficient surface water capture and storage to commence production in late 2015. The proposed project development schedule for Mankarga 5 and surrounding prospects is shown below in Table 1 in link below.
The current work program at Mankarga 5 includes shallow RC drilling (5,000m) over 25 sections along 2.8km strike, six 350m oriented diamond core holes (2,100m) beneath open zones at depth, and metallurgical test work drilling along the strike of the deposit (400m). This work program will generate a significant amount of new information from Mankarga 5. We look forward to keeping the market informed as results are received and interpreted.
To view figures, please visit:
http://media.abnnewswire.net/media/en/docs/76668-ASX-WAF-668368.pdf
About West African Resources Limited
West African Resources Limited (
ASX:WAF) (CVE:WAF) is a gold-copper exploration company dedicated to creating shareholder value through the acquisition, exploration and development of resource projects in Burkina Faso, West Africa.
West African has a landholding of 6,370sq km and 200km of strike length of early Proterozoic Birimian greenstone belts, which are highly prospective for gold mineralisation.
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