Ann: Ceasing to be a substantial holder, page-26

OK so Macquaire puts that note out Yesterday and sold 40,545,224 shares (7% holding in WAF) last Thursday.

So Macquarie are impressed a 1.13Moz at 2.01g/t inferred resource at Toega which according to them "has exceeded our expectations for grade"  but are selling this (747koz at 14.4g/t indicated and inferred)



before the resource upgrade drilling is finished and after having tipped in $5.7 million in August last year for that purpose.

They must not have been impressed with the 14.4g/t grades at M1 and the =90% recoveries.......lol

2.01g/t with an expected recovery of 86.2% at Toega sounds so much better.

OK they only paid 14cents a share and sold for 41cents making about $11 million on the trade but this ore body could extent to many kilometres depths with world class grades.

not to mention WAF also have 1.986Moz at about 1.6g/t at M5, M1 North and M3.

Something strange going on here. Macquarie think this part of Burkina Faso "is ripe for consolidation in the next few years" so their response is to sell their stake in the most prospective and highest grade gold deposit found in Africa in recent memory. Esh