Junior Gold Miners as a Hedge, which 3 would you hold?, page-48

WAF (West African Resources) Burkin Faso

Starter project Mankaga 5 progressing to production with an AISC of $530 per oz for the first 3 years. 440k oz starter with a million oz below and other resources in short trucking distance yet to be defined.

NPV of $86 million  (31.8 cents per share)  IRR  of 63% with a 14 month payback

Class management, Richard Hyde MD known for being extremely frugal, Colin Jones (ex Dundee) for North American connections and Nick Harch (ex Macquarie) recently on board to facilitate finance arrangements.

Mintrex lead consultant on BFS (Roxgold Yaramoko; Sandfire Degrusser)
  
Highlights from last announcement;

* BFS commenced – Mintrex appointed lead consultant – completion by Q3 2015
* Study Manager appointed – Mr Lyndon Hopkins joins WAF management
* Nick Harch appointed to advise on debt financing and hedging arrangements, project financing   discussions proceeding in parallel with the BFS
*  Aircore drilling commenced to add significant low-cost ounces to BFS economics
*  BFS and Company working capital fully-funded by Macquarie Bank
*  NI 43-101 Technical Report for the PFS has been completed, see website or www.sedar.com