West Africa Gold Inc. To Expand Its Gold Mining Interests
NEW YORK, Jun 4 - West Africa Gold Inc. announced today that it in the final stages of evaluating the acquisition of additional and extremely promising Gold Mining properties, these properties being situated in Arizona, USA.
These proposed acquisitions are relatively low cost mining extraction propositions and it is expected that they would be put into production in a relatively short period of time and at a fairly low cost to the Company. The acquisition of these additional Gold Mining Properties will ensure that the Company's Gold Reserves are considerably increased and the Company will have achieved a geographical spread of its Gold Mining interests. Detailed announcements in respect of these proposed acquisitions will be made in due course.
About West Africa Gold Inc.:
West Africa Gold (www.westafricagold.com) is an aggressive gold exploration company that has acquired certain rights to mine for minerals, primarily gold, in various regions of the Republic of Mali, which is located in West Africa. Their outstanding exploration and operational management team and its Executive Committee chaired by Ferdi Pereira has in excess of 60 years of professional geological experience, and has extensive familiarity on a local level in respect of mining in Africa. The team is highly educated, including PhDs, and all have recognizably solid reputations throughout the mining industry. The company also recently announced and executed a 10-for-1 forward stock split to improve trading liquidity and to attract smaller investors.
West Africa Gold currently has five projects underway. They are Toubikoto (Gold), Manianguinti (Gold), In Darset (Gold, Base Metals), Anefis (Gold, Base Metals), and Touban (Nickel, Copper, pge's). The five projects are diversely located throughout Mali, and aggregately cover an impressive 1000 square kilometers. Since 2001, Mali has been the 3rd largest gold-producing country in Africa, trailing only South Africa and Ghana. Most importantly, to West Africa Gold, is the political stability and harmony enjoyed by both the Malian people and foreign Mining companies operating in Mali. Gold accounts for approximately 90% of Mali's total mineral exports, and in excess of 20% of all exports. Malian gold production is expected to almost double to 37% when several new projects go into full production. Mali has been extensively evaluated and it has been concluded that the country has an incredible 350 tons of recoverable gold, and is widely recognized as having enormous potential for abundant gold extraction. West Africa Gold is well positioned to reap great benefits from its Malian properties. The Independent Geological Evaluation of West Africa Gold's properties are that they may contain an Inferred Geological Resource of up to 3,000,000 ounces of gold. Extremely high Values of Zinc and Copper have also been recorded. Mali is also known for its low extraction costs, so certain expenses will be controlled.
Considering the amount of gold in Mali, as well as the sheer size and professionally evaluated potential of its properties, West Africa Gold has a very bright future ahead of it. Its Advisory Committee will consist of renowned mining and geological experts. This highly experienced and dedicated team will have the local expertise so as to be familiar with Mining operations in Mali. West Africa Gold is debt free and is in the final stages of preparation to raise an additional US$5 million in additional funding. The company plans to use this money to continue to explore and create additional value to its current properties, and to identify and secure additional Gold Mining Properties. West Africa Gold has many positive factors that weigh heavily in its favor, and with Gold holding its own at around the US$380/oz level, it continues to be a company with enormous potential.
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission.
These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.
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