West African Iron Ore Corporation (TSXV:WAI) is dedicated to the sustainable development of its mineral resources in the Forécariah and Kérouané provinces of the Republic of Guinea. Based in Vancouver, British Columbia, West African Iron Ore strives to maintain a harmonious working relationship with the local community and the Guinean authorities. The focus on the minimization of environmental impact and the promotion of economic opportunity for all our stakeholders are a high priority for the company and their projects.
The West African Iron Ore Corporation’s phased exploration program aims to establish the existence of minable iron ore mineral reserves in sufficient quantities to permit viable production of iron concentrate and other mineral deposits.
- A rare “large-scale” iron ore deposit
- Strategic Location – targets ~40km from proposed deep sea ports and near proposed rail lines.
- Three prospecting tenements cover 1050 km2 renewed in November 2012 for a first period of 2 years by Ministerial Decree
- Wondima drilling May 2012-September 2012
- Awa preliminary drilling in August / September 2012
- Other targets identified including other potential minerals
West African Iron Ore’s (WAI) Forécariah tenements are strategically located in the West African country of Guinea, close to tidewater, transportation and infrastructure. The GDC barging Port of Konta, a joint venture between Bellzone and China International Fund, currently ships iron ore and is located within the boundaries of our tenements, just 35km from our primary iron target, Wondima. The property lies roughly 40km away from the proposed deep sea ports of Matakang and Ile de Kabak. There is good road access, with connection to Guinea’s capital city of Conakry, just 90 km away. This proximity to transportation and infrastructure provides significant cost and logistical benefits, providing many advantages over other iron ore projects in both Guinea and the rest of the world. Additional advantages to this location include leverage to $25B Chinese-funded regional development expected over the coming years, an estimated $14B to develop other iron ore projects in West Africa, and China’s search for long-term sources of iron ore outside of Brazil and Australia.
West African Iron Ore is focused on its Wondima target, an extensive iron bearing layered prospect that has been identified along the northern extension of the Sambalama/Kaliadi magnetic anomaly. The central part of the target, where drilling has been concentrated, consists of a 33km² area (out of a 64km² geophysical target) of raised plateau with a flat and hard iron rich cap. Iron mineralization starts from surface to a maximum depth of up to 26 meters.
Drilling results on the Wondima target show consistency in grade and thickness. The mineralization is contained within a sub horizontal iron rich lateritic cap with an average thickness of approximately 8.5 meters, starting from surface.
Flagship Project: Wondima Target
- 64km2 target area
- Sub-horizontal iron rich lateritic cap
- Completed 449 hole >11,000m drill program in September 2012 – a) 384 holes (9,955m RCH), b) 65 holes (1,088m DDH)
- Assays: 326 holes averaging 30%Fe for 8.5m at surface on 400m x 400m spacing
The Company intends to release its NI43-101 technical report prior to June 30, 2013 once comprehensive resource estimation and metallurgical testing has been completed. The report is expected to provide a resource estimate, full metallurgy on Fe and other minerals, and initial estimates for both capital expenditures and operating expenditures. SRK Consulting (UK) Limited previously completed a full QA/QC analysis of the drilling and assays database as well as a site visit to the Wondima target in early September, 2012.
Wondima: Planned Development
- Strategic partnership: Off-take agreement to fund mine development under negotiation with China International Fund (CIF) and other interested parties for 50% of the production at a price equal to 95% of the market price
- H1/2013: Maiden 43-101 Resource Estimate including metallurgy
- H2/2013: Preliminary Economic Assessment
- H1/2014: Feasibility Studies for Potential Mine Development – Potential for simple, shallow, surface mining operation with low capital and operating expenditures
- 2015: Begin mine operation – Generate cash flows to fund further exploration & development
Wondima Intercepts of Interest:
The strategic location of the company’s properties means that West African Iron Ore Corporation has a significant advantage over other iron ore projects in the country. There is high potential to capitalize on near term infrastructure improvements in Guinea and the proximity to the proposed deep water port has the potential to create further advantages for West African Iron Ore projects by further reducing costs”.
Canaccord Genuity has been appointed to assist West African Iron Ore Corporation in identifying strategic partners in China. With a keen interest expressed by a number of potential strategic partners already consulted, gives the company confidence of future financing plans without imposing an undue burden or dilution on the overall balance sheet and to existing shareholders.
Guy Duport – Chief Executive Officer and Director
Mr. Duport has served as the President and CEO of SARI since 2007, and since August 2005 he has also been the CEO of Trendfield Holdings Ltd. (“Trendfield”), a British Virgin Islands company with offices in Hong Kong and Beijing and mining operations in West Africa and Mongolia. At Trendfield, Mr. Duport has developed the company into a growing mining and consulting company. From 1987 to 2006, he worked as a senior financial management consultant dealing with financial due diligence, mergers and acquisitions and contested take-over bids in Europe, the United States and Africa.
Mr. Duport has held several senior management positions within the ISSA Group of companies and established the ISSA Group’s Beijing office in 2000. He is also a director and board member of various mining and petroleum companies, including Southern Petroleum Ltd., and was a director of GoviEx Uranium Inc. from July 2008 until March 12, 2011. Mr. Duport has an MA (Hons) with a specialization in European Commercial Law with English, and is a Professional Member of the Society for Mining, Metallurgy and Exploration (SME) in Colorado.
Paul Matysek – Non-Executive Chairman and Director
Mr. Matysek specializes in developing resource-based companies from conception to production. He has over 35 years of experience in exploration and development, and held several senior management and/or directorship positions with First Quantum Minerals Ltd., First Majestic Silver Corp. and Energy Metals Corp. Mr. Matysek currently holds a number of directorships including with Lithium One Inc. (Founder), Nevada Copper Corp., Forsys Metals Corp. and Wealth Minerals Ltd. Until recently, Mr. Matysek was the President and Chief Executive Officer of Potash One Inc., a leading junior potash developer in Canada. Over the past three years, Mr. Matysek has led Potash One’s Legacy Project in Saskatchewan from concept to feasibility.
In January 2011, Potash One was purchased for $450 million dollars. Prior to Potash One, Mr. Matysek was the CEO and President of Energy Metals Corporation, a uranium company whose shares traded on the New York Stock Exchange and the Toronto Stock Exchange. Energy Metals grew from a market capitalization of $10 million in 2004 to $1.8 billion when it was sold to a larger uranium producer in 2007.
Jonathan Challis – Director
Mr. Challis is a mining engineer with over 30 years experience in the operation, management, financing and analysis of mining projects around the world. Mr Challis has an honors degree in Mineral Exploitation and an MBA. Mr Challis started his professional life as a Mining Engineer with Gold Fields of South Africa Limited in 1974 before returning to Europe where he worked as a mining analyst and project financier for several European Institutions. He subsequently joined McLeod Young Weir in London in 1987 as a mining analyst prior to relocating to Toronto in 1990.
In 1994, he joined CM Oliver in Toronto as a Director and Senior Mining Analyst, prior to moving back to London where he was instrumental in establishing a European presence for that company. In 1997, he joined Ivanhoe Capital Corporation and was involved in numerous early stage exploration ventures in diverse locations. He has subsequently been involved in several Canadian Resource Companies in the roles of CEO, President and Director. Mr Challis is currently a Director and CEO of SEAM Ltd, a private UK based mineral exploration company active in Eastern Africa. Mr Challis is also a Director of Peregrine Diamonds Ltd. (TSX:PGD): Peregrine Metals Ltd (TSX:PGM); Sunward Resources Ltd (TSXV:SWD); Rye Patch Gold Corp (TSXV:RPM).
Craig Angus – Director
Mr. Angus is a graduate of The University of British Columbia’s Sauder School of Business and is a veteran of over thirty years in the Canadian and International mining industries. Mr. Angus was the Founder, President, CEO and subsequently Chairman of Nevsun Resources Ltd., a Canadian based, African focused gold producer. In addition, he founded Sunridge Gold Corp., for which he is the current Chairman, and also founded Potash North Resource Corp. He has extensive experience on the African continent and has raised hundreds of millions for the exploration, development and construction of mining projects around the globe.
Harald Ludwig – Director
Mr. Ludwig is currently Co-Chairman of the Board of Lions Gate Entertainment Corp. Since 1985 Mr. Ludwig has served as President of Macluan Capital Corporation, a private equity and investment firm. Mr. Ludwig is a director of West Fraser Timber Company Ltd., a public company listed on the Toronto Stock Exchange and one of North America’s largest forest products companies. He is also a director of Canadian Overseas Petroleum Limited a TSX Venture Exchange company, and the Chairman and a director of Prima Columbia Hardwood Inc. which is a TSX Venture Exchange company. He also serves as an adviser to Tennenbaum Capital Partners, LLC, a private investment firm.
Mathieu Charette – Chief Financial Officer and Secretary
Mr. Charette has been the Controller of GoviEx Uranium Inc. from April 2008 to May 2011. In this capacity, he was acting as CFO and has been managing the Finance team of GoviEx Uranium for the past two years. He was involved in the management of the Niger subsidiaries and has considerable experience in West Africa. Previously, he was the Controller of Quebecor World Vancouver and prior to that, he held various other positions at Quebecor World Inc. Mr. Charette holds a Bachelor of Business Administration with a specialization in accounting and a Graduate Diploma in Taxation from HEC Montreal. He is also a Certified Management Accountant (C.M.A.).
Mohamed Joe Bangoura,Director
Mr. Bangoura’s idea of replicating his mining success in Niger was the brainchild that drove him to co-found Sky Alliance RessourcesGuinée SA, West African Iron Ore Corp. fully owned subsidiary. Since its inception in 2007, Mr. Bangoura, a Guinea national, has served as the Administrator General of Sky Alliance Ressources Guinée SA. He is also a founding member of Trendfield Holdings Ltd. (“Trendfield”), a British Virgin Islands company with mining operations in West Africa and Mongolia. From 2004 to 2006, he was Vice Director at REDSTONE Gold Ltd., a Xian, China based mining company, where he managed gold, uranium and oil mining projects. From 2002 – 2004 he served as West African Countries advisor to China National Petroleum Corporation (“CNPC”), a state-owned fuel-producing corporation and the largest integrated oil and gas company in the People’s Republic of China, with headquarter in Beijing.
In 1998 he founded MATA Trading International, a Shanghai, China based consulting company that focused on opening new energy and resources opportunities between China, Angola and Guinea, offering advice to Chinese companies looking to enter the African market. Mr. Bangoura has more than 12 years of China and Africa business expertise. He has a Bachelor degree in International Relations from Fuda University inShanghai, and is fluent in French, English, Mandarin, Soussou, Mandingo, and many other West African local languages.