West African Resources Limited releases report on quarter

West African Resources Limited released a report on its 100 percent-owned and earning gold and copper projects, both located in Burkina Faso, West Africa, for the quarter ending Sept. 30.

“While the September quarter is typically a slow quarter for field work due to the annual wet season, significant progress on the feasibility study has been made," Mandate Lender for Project Finance Overview Managing Director Richard Hyde said. “We have been busy working on the heap leach starter feasibility study. Our focus has been directed towards completing the environmental, social and permitting aspects of the project, culminating in the submission of applications for environmental and mining permits for the heap leach starter project just after the end of the September quarter."  

Hyde added that the West African nation's recent unrest didn't stop the gains of the company.

“While Burkina Faso recently experienced political unrest resulting in the postponement of the general election, it was business as usual for the company," Hyde said.

Hyde also said permit approvals for the projects will likely come in early 2016, after Burkina Faso's elections on Nov. 29.

"A number of indicative project finance offers were received during the quarter from resource banks and project lenders," he said. "We are working through these indicative offers at the moment and expect to mandate one or two preferred project lenders early in the New Year."

Also during the quarter, resignations were submitted by non-executive directors Jean-Marc Lulin and Colin Jones.