West Africa Gold Inc. Plans Exploration for Platinum
17 June 2004 - 3:31AM
PR Newswire (US)
West Africa Gold Inc. Plans Exploration for Platinum Platinum Group
Metals Exploration Planned for the Touban Project in Mali NEW YORK,
June 16 /PRNewswire-FirstCall/ -- West Africa Gold Inc. (OTC:WAGI)
(BULLETIN BOARD: WAGI) announced today that it is the Company's
intention to commence a drilling programme at the Touban Project in
Mali. The Company is now proposing to drill below the historic 80
meter level where drilling was previously terminated. Recently
discovered fire assay results showed very encouraging values of
Platinum and Palladium and the Company now believes that it would
be both prudent and logical to follow up on these exciting results.
To this end, the Company is now preparing the budget and relevant
planning to commence this drilling program at Touban. ABOUT TOUBAN
The Kadiolo-Touban area is in southeastern Mali, bordering the
Ivory Coast and Burkina Faso (former Upper Volta). The regional
centre, Kadiolo, is some 300 kilometers due south of the Mali
capital Bamako (some 400 kilometers by road) and some 75 kilometers
by road south of Sikasso on the main Bamako -- Burkina Faso road.
The concession area measures some 104 square kilometers and lies
some 3 kilometers from Kadiolo. It includes the village of Touban
and the copper-nickel and platinum anomaly lies on a small hill
immediately to the east and southeast of the village. The principal
anomaly is contained on this hill with elongated north-northwest --
south-southeast axis and measuring some 2000 by 600 metres. Geology
of TOUBAN The geology of the area has been reported from various
sources, following the geological reports on the geochemical
sampling, drilling and analysis undertaken by the Mali BRGM (Bureau
of Geological and Mining Research) under the Direction National de
la Geologie et Mines undertaken from the 1970's. This followed from
an extensive petrographic study of the samples obtained and
detailed Atomic Absorption Spectrophotometry geochemical analysis
of prepared sections from the boreholes and samples. The Touban
hill is an intrusive basic-ultra basic elongated plug-like body
that contains two petrographically distinct facies, an ultra basic
peridotitic-type partly serpentinised facies and a gabbroic facies
with little mineral alteration. The petrographic and geochemistry
studies indicate that the Touban intrusive is differentiated from
komatiite magma with similar mineralogy and geochemical
characteristics of other known stratified basic-ultra basic bodies
with massive sulphide mineral association. This factor is
significant from the point of view of the mineral economic
potential of the body. There is a correlation between the
disseminated sulphide minerals and both nickel and platinoid
values, indicating a strong magmatic differentiation within the
Touban intrusive. It is concluded that the sulphide association and
the modest nickel-copper and platinoid values obtained are similar
to other intrusive bodies, including the famous Kambalda, Western
Australia. Richard Axtell, the president of West Africa Gold said
"We find the Touban project incredibly interesting and unique to
the region, below the 80m drilling level could prove to be a real
Aladdin's cave, we look forward with great anticipation to
unlocking the potential wealth of Touban" 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. 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.
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: Casey Hawkins of Equity Alliance
International, LLC, +1-858-459-3552, for West Africa Gold Inc. Web
site: http://www.majornewswire.com/ Web site:
http://www.westafricagold.com/
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