West African Minerals reported audited financial results for year 2013

West African Minerals Corporation, the British Virgin Islands-registered company focused on the sphere of iron ore mining and exploration, published its final audited report for the year ended 31 March 2013. Also, the BVI corporation announced the appointment of Brad Mills as President. Executive Co-Chairman and CEO of the Company Stephen Dattels resigned on 17 July 2013, to focus on outside business interests and on his family.

The 2013 Audited Annual Report and Accounts will be available shortly from the Corporation’s website www.westafricanminerals.com. Among the main operational highlights of West African Minerals, there is complete ownership and operational control of the company’s major asset in Cameroon, which became the result of acquisition of the remaining 5% minority interest in CMC Cameroon completed on 21 May 2012. Also, in the reported year, total assets of the company increased by 12.5% to £29.7 million as compared to £26.4 million in 2012. Total equity increased by 14.7% to £29.6 million in 2013 (£25.8 million in the previous year). The company reported loss per share (basic and diluted) having fallen down by 61.6% to £0.018 (£0.028 in 2012).

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