West African Minerals Corporation – Completion of acquisition of Ferrum Resources Limited and re-admission to AIM

06 January 2012

Shareholders of long-standing Kerman & Co client West African Minerals Corporation have approved the acquisition of the issued shares of Ferrum Resources Limited.

Concurrent with the acquisition WAFM completed a placing to raise £3.25 million and the enlarged share capital of the Company was admitted to AIM.

Ferrum, is a private company focused on the acquisition of interests in early stage iron ore exploration projects in Africa. In particular Ferrum holds a 60.35 % interest in six exploration permits covering an aggregate area of approximately 6,000 square kilometres in Cameroon. Ferrum also holds a 75% interest in five exploration licences in Sierra Leone.

Stephen Dattels, Executive Co-Chairman of West African Minerals, said:
"Africa, and in particularly West Africa, is fast emerging as the next significant iron ore province. We are excited by the potential exploration and development opportunities offered by the licences held by Ferrum.”

Michael Corcoran, Asad Qayyum and David Tink from the Corporate department, advised West African Minerals Corporation on this transaction.