West Africa Gold Inc. to Expand Its Gold Mining Interests
June 04 2004 - 9:30AM
PR Newswire (US)
West Africa Gold Inc. to Expand Its Gold Mining Interests Company
Investigating North American Gold Mining Acquisitions NEW YORK,
June 4 /PRNewswire-FirstCall/ -- West Africa Gold Inc. (OTC:WAGI)
(BULLETIN BOARD: WAGI) 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
(http://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. This release was issued through
Major Newswire (http://www.majornewswire.com/). DATASOURCE: West
Africa Gold Inc. CONTACT: Equity Alliance International, LLC,
+1-858-459-3552, for West Africa Gold Inc. Web site:
http://www.westafricagold.com/
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