Ann: West African Resources Awards Engineering Contract, page-40

Interesting times for Waf at the moment! How much will the debt package be? That's what's on my mind! We know it will be a number between Us160-215 million! I'm hoping we borrow too the upper end ! With Us$215 million debt and current cash on hand! We should be able to get away with just debt! Also keep in mind the Us185 million pre production, may go down a tad with the Epcm contract savings and with the optimised study report numbers to come! I don't want too see another capital raise for say $35 million Aud @28c to help fund this mine, it's what the bankers want tho! But it takes away more cream from shareholders! Yes it reduces risk, but this project is A grade and is only gonna get better, can't stress enough we should be 100% debt for this development! On top of that the current gold market is flat and Waf's current share price is close to 52 week lows. It wouldn't be in shareholders best interest to do another capital raise.. Anyways I will be sharing my views at the agm this Friday! I Will maybe give an update about the Agm, it will be my first! P.S. we may not get this debt package, as Waf could see a takeover for 50c! Cheers ST