West African Resources Limited announced results of its technical and financial assessment of an oxide heap leach starter project on its Mankarga 5 Gold Project, Burkina Faso. This assessment constituted a PreFeasibility Study (PFS) incorporating updated Mineral Resource, mining schedule, column test work and cost inputs. It was prepared in accordance with the requirements of both the Australian 2012 JORC Code and Canadian NI 43-101.

The PreFeasibility Study (PFS) evaluation was managed by engineering consulting firm Mintrex Pty Ltd. with input from a range of specialist consultants and was completed to ± 30% input cost estimate. The PFS assumes annual throughput of 1.6Mtpa, which is in line with The PFS includes a number of significant improvements in comparison with the Scoping Study including: Updated resource model incorporating 22,000 m of new drilling. Drilling focussed on increasing drill density of shallow oxide material resulting in an overall improvement in grade.

Optimised mine plan incorporating updated contract mining costs with moderate increase in stripping ratio resulting in more in pit ounces. Updated operating costs incorporating contractor quotation for contract mining, reductions in consumables pricing including cement and cyanide. Reduction in diesel price.

Updated capital costs incorporating preliminary heap leach pad design, preliminary design of the water collection and storage facility, and updated unit rates based on recent tenders in Burkina Faso for civil works costings. Updated sustaining capital costs reflecting the longer life and incorporating additions to the crushing circuit to maintain throughput in later years. Representative treatment of deferred waste and inventory stockpiles.