Ann: Presentation - Precious Metals Summit, Colorado, page-3

Just watched the presentation at link below and gives me further confidence in the project.

http://www.gowebcasting.com/events/.../west-african-resources-ltd/play/stream/23182

Key information mentioned:

- Expected capex for the project is likely to be in the order of US$150M up from previous study of US$130M.
- Expected all in sustaining costs are near to US$600/oz.
- Plant size of 2 Mtpa
- Target production of 80-100 koz from both underground and open pit. Call it 180koz/year.

Just to reiterate - these numbers are world class. Even at US$1200 gold the payback period on this project is 18 months!

The capex is also very low for this scale of production. ORR's PFS was looking at more like US$220M from memory. This shows the benefit of high grade ounces. The open pit economics are also significantly improved as they will reduce the depth of the pit from the previous study and access the high stripping ounces from the underground.

If they can get the mine life out past 8-10 years then this project is worth multiples of WAF's share price.

@eshmun @JID