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
Guy
Duport
CEO
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.