TSX VENTURE EXCHANGE: WAI
VANCOUVER, Aug. 27, 2014 /CNW/ - West African Iron Ore Corp. (TSX-V: WAI) West African Iron Ore Corp. ("WAI" or the "Company") is pleased to announce a financial and corporate update.
Update on Finances
During the first 8 months of 2014, the Company has continued its discussions with international funds, financial institutions and major mining companies in order to complete both short term and long term financings. In the interim, SKY ALLIANCE RESOURCES, INC. ("SARI") is still funding the Company under an unsecured convertible debenture financing agreement dated May 10, 2013.
Changes to the Board of Directors
The Company also announces that Mr. Jorge Cantonnet stepped down as Chairman of the Board however, will remain under consultancy agreement, advisor to the Board, for all matters related to the Gulf Cooperation Countries ("GCC"). Mr. Cantonnet is replaced with immediate effect by Mr. Philippe Fackler. Mr. Philippe Fackler is the Founding Partner of Drake & Bart, which he founded in 2004. From 2001 to 2004, Philippe served as the Director in charge of the Energy, Chemistry, and Utilities unit at Ernst & Young Corporate Finance in Paris, France. He was also part of Mergers and Acquisitions at Gaz de France and held several positions at Framatome and Cogema. Philippe has served as an advisor to governments, financial institutions, and leading energy and mining companies in Africa, including the Niger Ministry of Mines and Energy, the Chad Oil Ministry, the Congo Finance Ministry, Société Générale, Petronas, Murphy Oil Company, among others. Philippe was instrumental in drafting the oil legislation and profit sharing agreements for the Niger and Chad government. He has a Doctorate in Astrophysics from Paris University and an MBA from HEC in Paris.
Update on Technical Report
As previously stated in our press release dated May 1st 2014, the Company will release its technical report and resource estimates when it is in a position to do so. The report is expected to provide a resource estimate for three commodities – Iron Ore, Alumina and Silica.
About the Company
West African Iron Ore Corporation is dedicated to the sustainable development of its mineral resources in the Forécariah provinces of the Republic of Guinea. We nurture a harmonious working relationship with the local community and the Guinean authorities. We advocate the minimization of environmental impact and the promotion of economic opportunity for all our stakeholders.
Jonathan Challis, FIMMM, is a qualified person under National Instrument 43-101, and has reviewed and is responsible for the contents of this news release.
ON BEHALF OF THE BOARD
Statements in this release that are forward-looking statements are subject to various risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk.
Readers should also refer to the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: West African Iron Ore Corp.