Ann: WAF confirms Sanbrado as 200koz gold producer by 2020, page-35

Esh

Most of the spec goldies are not doing well today. The gold price has retraced $100 from its high this year and there could be some more end of year tax loss selling still happening. There may be a bounce in the USD POG coming shortly given the low level of sentiment in the sector and the COT figures, but it could be anemic and gold may not get above USD1300 for some months.

It is too early to lament the lack of share price appreciation resulting from the announcement.

I bought some more shares today in case they can substantially increase the high grade reserves and raise the projected mine production for the last 6 years of the project to what they believe can be achieved in the first 5 years. That would increase the NPV of the project by over 50%.

The 4traders website indicates that there are 4 analysts with an average target price of 65 cents. I doubt that Macquarie Bank will be determining the take over price of WAF or is doing anything at present to suppress its share price.

http://www.4-traders.com/WEST-AFRICAN-RESOURCES-LT-10372864/consensus/

loki