For immediate release: 25 January 2012
WEST AFRICAN MINERALS CORPORATION ("WAFM" or "Group") Disposal of wholly owned subsidiary Ferrum Centrafrique S.A. to AXMIN Inc.
West African Minerals Corporation (AIM: WAFM), the West
African focused mining investment group, today announces the
disposal (the "Disposal") by Ferrum Resources Limited
("Ferrum") of its wholly owned subsidiary Ferrum Centrafrique
S.A. ("Ferrum Centrafrique") to AXMIN Inc., the Canadian
based gold exploration company ("AXMIN") (TSXV: AXM.V).
Ferrum Centrafrique is the Central African Republic ("CAR")
registered company that has lodged exploration licence
applications for iron ore over the Topa iron belt (the "Topa
Applications") which are in the same areas licenced to AXMIN
for gold exploration (the "Topa Project"). The Topa
Applications were denied by letter dated 12 September 2011
and whilst the Group believes that the Topa Applications were
validly submitted and that Ferrum Centrafique has a priority
right to be granted exploration permits for Iron in the
application area, it has not been successful in obtaining a
revocation of that denial.
Material terms of the Disposal: