Fundamental Research Initiates Coverage on West African Iron Ore (TSXV:WAI) - Video Summary Posted on www.InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, February 27, 2012 - Fundamental Research has
initiated coverage on West African Iron Ore (TSXV:WAI). Analyst Siddarth Rajeev
gives the company a buy rating and a fair value price of $0.46, substantially
higher than the $0.12 price on the day the report was issued.
InvestmentPitch.com has produced a "video news alert" based on this report. If
this link is not enabled, please visit www.InvestmentPitch.com and enter "West
Africa" in the search box.
The company holds two large iron ore permits in the Republic of Guinea, West
Africa. After Guinea, a former French colony, achieved independence in 1958, the
Russians identified iron bearing quartzites in the region. In the 1970's, they
outlined a non 43-101 compliant historical resource of 750 million tonnes for
the Forécariah permit area.
Exploration is at an early stage and is focused on two highly prospective
deposits at the eastern edge of the Forécariah permit. An exploration target was
calculated for the Sambalama, and Kalyadi targets of between 2.9 and 5.1 billion
tonnes, with average grades of 25% to 35% iron. Drilling commenced in April
2011, with aims to define an initial NI 43-101 resource estimate by the end of
2012.
The company recently discovered two highly prospective new targets in the
northern area of the Forécariah permit. In total, 10 targets have been
identified with a combined strike length over 45 kilometres.
Rio Tinto and Bellzone both have advanced stage iron ore projects in the country
that include construction of the trans-Guinean railway and deep sea port.
Fundamental Research believes the company is strategically located to
potentially take advantage of this infrastructure in the future.
In addition, Fundamental believes that the company represents an attractive
takeover target once the project is more advanced.
Fundamental cautions that the success of drilling, resource expansion, and
development are important long-term success factors for the company.
The company made an initial payment of US$1 million in cash and issued 24.5
million common shares. Additional cash and share payments are payable upon the
completion of various resource milestones.
The company is trading at $0.15 and with 175 million shares outstanding, is
capitalized at $26 million. For more information, please visit the company's
website at www.westafricanironore.com.
The company's investor relations are handled by Vanguard Shareholder Solutions
at 604-608-0824 or by email at ir(at)vanguardsolutions.ca.
You can also obtain a copy of the Fundamental research report at
www.researchfrc.com.
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Source: InvestmentPitch via Thomson Reuters ONE
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Unternehmensinformation / Kurzprofil:
Datum: 27.02.2012 - 21:16 Uhr
Sprache: Deutsch
News-ID 119154
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Kategorie:
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