29 July 2014

For immediate release

West African Minerals Corporation

("WAFM" or the "Company")

WAFM reports discovery of two new zones of iron mineralisation

in coastal regions of Cameroon and Sierra Leone

West African Minerals Corporation (AIM: WAFM) is pleased to provide an update of exploration

activities at its iron ore licenses in Cameroon and Sierra Leone. Detailed field follow-up comprising

ground-truthing of previously identified magnetite geophysical targets at Sanaga, Binga, Lele and

North Djadom in Cameroon, and extensive trenching of a hematite schist unit at Madina (EL06/11)

in Sierra Leone, have identified two significant iron mineralisation zones on the Sanaga and Madina

leases. In addition, surface iron mineralisation has been mapped on two significant geophysical

anomalies on Lele and North Djadom. (See Figure 1 for Cameroon leases.)

Exploration highlights:

Sanaga - Cameroon Detailed mapping of the South Sanaga target area has outlined several areas of surface

exposure of magnetite bearing gneiss with surface grades ranging from 29.1% Fe to 66.3% Fe (see Figure 2).

Ground gravity and magnetic geophysical surveys of this area have confirmed large magnitude gravity and magnetic anomalies largely coincident with mapped surface exposures of magnetite rich mineralised material.

The targeted mineralisation is in close proximity to existing rail, port and power infrastructure (10km of main Yaoundé-Douala rail line – 60km of Douala port).

As a result of these encouraging results, the Board has approved a modification to the 2014 work program comprising 1,500m of reconnaissance drilling and preliminary metallurgical test work at Sanaga which have commenced with completion expected in Q3 2014.

Madina – Sierra Leone A trenching program has delineated a Marampa Group hematite schist exploration target over

1.5km of strike length with an average width at surface of approximately 220m (see Table 1 and Figure 3). This schist was originally intersected in an exploratory drill program while trenching has confirmed its extensive presence on the license.

Preliminary assay results from 465m of hematite schist exposed in the first three trenches indicate the presence of a robust unit ranging between approximately 40 and 210m at grades between 38.5% Fe and 41.4% Fe.

A work program to delineate additional exploration targets on the remaining 4 to 5km of the mapped hematite schist occurrence is being developed.

Binga

Ground gravity and magnetic surveys in the central region of Binga have identified several promising targets extending over an approximate 10km of strike length.

Geophysical interpretation shows excellent correlation with the previously drilled resource on Block 8 in support of further mineralised material present in the central region.

Follow-up resource drilling on these targets is being deferred until results of reconnaissance drilling at Sanaga are known. Sanaga’s immediate access to existing infrastructure presents a

significant advantage.

Lele

Surface mapping on gravity and magnetic targets in previously unexplored areas has confirmed coincidence with occurrences of magnetite rich mineralised material at surface.

The most promising target has surface showings of iron mineralisation over 5km of strike, underlain by a prominent geophysical target. Grab sample assays over this anomaly returned grades ranging from 24.1% Fe to 58.7% Fe (see Figure 4).

Djadom

Surface mapping on gravity and magnetic targets in previously unexplored areas at North Djadom has confirmed coincidence with occurrences of magnetite rich mineralised material at surface.

The most promising target has surface showings of iron mineralisation over 4km of strike, underlain by a prominent geophysical target. Grab sample assays over this anomaly returned grades ranging from 36.2% Fe to 56.1% Fe (see Figure 5).

Brad Mills, President of WAFM commented:

“We have made significant progress over all of our licenses in the last quarter and

correlations in airborne geophysics, mapping and ground geophysics have combined to yield

two potentially significant new discoveries in the near coastal regions and confirmed the

potential for additional discoveries on the interior leases. Importantly, with the discovery of

the new set of targets at Sanaga, in addition to the previously reported Binga resource, we

now have two potential start-up opportunities in close proximity to existing and developing

rail and port infrastructure.

“As a result, the Board has resolved to carry out a reconnaissance drilling and preliminary

metallurgical test work program on Sanaga. This modification to the 2014 work program

(outlined in the 14 April 2014 news release) will allow us the opportunity to assess this

alternative project, which has the potential for significantly enhanced economics in view of

the availability of existing transport infrastructure. Our current funding will allow us to

develop either Binga or potentially Sanaga towards a 60-100mt mineral resource estimate

(MRE) in December and a preliminary economic assessment (PEA) in the first quarter of

2015. Reconnaissance drilling results from Sanaga are expected within two months following

which a decision will be taken on which of Binga or Sanaga to select for infill drilling for an

MRE.

“Trenching in Sierra Leone has outlined a substantial area of mineralised hematite schist

from surface, essentially identical to that being mined at London Mining’s Marampa deposit

some 70km to the south. It will require a relatively modest effort to outline the full extent of

this mineralisation within open pittable depths. A work plan to achieve this objective is

currently being designed.

“Finally, we have also expanded our knowledge of the iron ore occurrences on our interior

leases along the southeast iron ore corridor in proximity to other advanced iron ore deposits.

WAFM’s management focus is on de-risking the best of these opportunities to deliver

substantial real value to our shareholders in the form of low capital and operating cost, easily

developed iron ore production.”

Sanaga - Cameroon

WAFM’s latest and potentially promising prospect is the Sanaga license 60km from the

existing port and infrastructure at Douala and within 10km of the main railway between

Yaoundé and Douala.

Approximately 50km of line cutting, detailed mapping and sampling of the South

Sanaga priority target area have been completed (see Figure 2) yielding promising early

results. Several areas of surface exposure of magnetite bearing gneiss were outlined from

mapping with surface grab sample grades ranging from 29.1% Fe to 66.3% Fe. Ground gravity

and magnetic surveys identified several coincident, large magnitude gravity and magnetic

anomalies. The highest priority target comprises a highly magnetic and dense source of

approximately 1,000m x 500m, coincident with surface magnetite exposures.

In view of these encouraging results, a reconnaissance drilling program consisting of 1,500m of

diamond core drilling and preliminary metallurgical test work commenced on 17 July 2014 and is

scheduled for completion in the third quarter of 2014. Pending these results, a resource drilling

program of approximately 4,500m is envisaged and in anticipation, a reverse circulation (RC) drill rig

has been mobilised from Binga to Sanaga. An MRE is planned for December 2014 to be followed by a

PEA in the first quarter of 2015.

Infrastructure Studies

A preliminary high level logistical study has been initiated for the Sanaga permit to assess existing

infrastructure including rail access from the lease area, roads, river access, pipeline potential and

port availability at Douala (illustrated in Figure 1).

Madina (EL06/11) – Sierra Leone

A program of approximately 2,000m of trenching over five fence lines has delineated a robust

Marampa Group hematite schist unit over 1.5km of strike length on EL06/11. Mineralised widths at

surface range from 65-325m and average approximately 220m. Assay results for three trenches have

been received to date and are shown in Table 1 below. The hematite schist is characterised by

consistent grades of between 38.5% Fe and 41.4% Fe with true thickness that are calculated to range

between 42 and 209m in the exposed trenches The interpretation of the sub-outcrop position is

shown in Figure 3 and is calculated to cover a surface area of approximately 320,000m2.

Table 1: Madina Trench Program Assay results

From To

Apparent

thickness

Average

dip

True

Thickness Fe %

Al2O3

% P % S %

SiO2

% LOI %

TR01 78 143 65 40 42 41.4 14.2 0.07 0.05 17.1 7.3

TR03 74 399 325 40 209 38.5 14.3 0.04 0.04 20.5 7.5

TR04 24 102 78 40 50 39.7 12.1 0.04 0.03 22.4 5.9

TR05 60 340 280 40 180 - - - - - -

TR06 10 355 345 40 222 - - - - - -

Average 219 40 141 39.1 14.0 0.04 0.04 20.3 7.2

Note: Trenches 05 and 06 outstanding

Results to date support further work to delineate exploration targets on the remaining 4 to 5km of

mapped hematite schist occurrence, most likely through a combination of rotary air blast (RAB)

drilling, pitting and trenching.

Binga – Cameroon

The interpretation of recent ground-based gravity and magnetic survey data from Binga confirms an

extensive exploration target around the existing mineral resource on the permit. In the central Binga

region, several individual bodies each extend over an approximate 10km strike length while a small

survey in the east identified two promising targets coincident with mapped mineralised material.

The new central Binga targets, which were generated independent of previous drilling data, display

excellent correlation with the existing MRE on Block 8, indicating potential for the presence of

further mineralised material.

Previous drilling at Binga comprised 5,806m of infill core and reverse circulation (RC) drilling that

identified several sub-outcropping magnetite-rich units in two areas spanning a total length of 5km:

Blocks 6 and 7 to the west, and Block 8 in the central region. These three blocks formed the initial

Inferred Mineral Resource Estimate of 30.5 Mt @ 29.7% Fe at a 25% Fe cut-off grade (see news

release of 15 January 2014).

The MRE was followed in April by preliminary metallurgical testing confirming that a saleable

magnetite concentrate ranging from 61% to 64% Fe could be produced from Binga ore using a

combination of fairly coarse crushing and magnetic separation with milling (see news release of 14

April 2014).

Lele – Cameroon

Surface mapping on gravity and magnetic targets in previously unexplored areas has confirmed

coincidence with occurrences of magnetite rich mineralised material at surface. The most promising

target has surface showings of iron mineralisation over 5 km of strike, underlain by a prominent

geophysical target. Grab sample assays over this anomaly returned grades ranging from 24.1% Fe to

58.7% Fe (see Figure 4).

Djadom – Cameroon

To date, exploration activities on the Company’s interior licenses along the southeast iron corridor

have been centred on the South Djadom deposit adjacent to the Mbalam deposit. A combined

Inferred MRE of the initial two blocks currently stands at 111.5 Mt @ 30.0% Fe at a 25% Fe cut-off

grade including 15.6 Mt @ 40.7% at a 35% Fe cut-off (see news release of 31 October 2013). Surface

mapping on gravity and magnetic targets in previously unexplored areas at North Djadom has

confirmed coincidence with occurrences of magnetite rich mineralised material at surface. The most

promising target has surface showings of iron mineralisation over 4km of strike, underlain by a

prominent geophysical target. Grab sample assays over this anomaly returned grades ranging from

36.2% Fe to 56.1% Fe (see Figure 5).

QUALIFIED PERSON

The technical information contained in this announcement has been reviewed by Dr Brendan Clarke,

the Head of Geology of The MSA Group. Dr Brendan Clarke is a Member of the Geological Society of

South Africa and a Professional Natural Scientist (Pr.Sci.Nat) registered with the South African Council

for Natural Scientific Professions. Dr Clarke has sufficient experience relevant to the style of

mineralisation under consideration and to the activities which are being reported, to qualify as a

Qualified Person for the purposes of this announcement.

The MSA Group has implemented best-practice QAQC protocols on the leases herein referenced

including the insertion of standards, blanks and duplicates into the sampling stream. The MSA Group

has reviewed the results of the QAQC programme to date and is satisfied that the assay results

reported in this release are both accurate and precise.

For further information contact:

West African Minerals Corporation Anton Mauve

Managing Director Donna Yoshimatsu Investor Relations and Corporate Secretary

+44 (0) 1624 639396 +1 (416) 722-2456

Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish Michael Cornish

+44 (0)20 7628 3396

SP Angel Corporate Finance LLP (Broker) Ewan Leggat

+44 (0) 20 3463 2260

GTH Communications Toby Hall

+44 (0) 20 7822 7493 / +44 (0)7713 341072

About West African Minerals Corporation

West African Minerals Corporation (AIM: WAFM) is an iron ore mining and exploration group focused on West Africa with interests in iron ore exploration permits in Cameroon and Sierra Leone. Through its 100 per cent owned subsidiary Compagnie Minière du Cameroun SA, WAFM owns five exploration licenses in Cameroon covering a total block of approximately 4,100 square kilometres and spanning the coast to the large scale eastern deposits. Maiden Inferred Mineral Resources have been reported at the near-coastal Binga and the South Djadom licenses. The Sierra Leone licences comprise five exploration licenses with potential for enriched hematite schists typical of the Marampa Group over a total Block of approximately 687 square kilometres.

Further information on the Group is available at www.westafricanminerals.com.

Glossary of terms

Fe Chemical symbol for iron.

Magnetite One of the most common iron minerals and an important ore of iron with the chemical formula. Fe3O4 Magnetite gneiss Metamorphic rock with a distinctive layered texture due to the discontinuous segregation of quartzo-feldspathic and ferromagnesian minerals. Magnetite can form up to 50% in this iron-rich variety of gneiss.

Hematite The principal ore mineral of iron with the chemical formula Fe2O3.

http://www.westafricanminerals.com/

Schist A metamorphic rock having a foliated, or plated, structure called schistosity in which the component flaky minerals are distinguished from the other foliated rocks, slates and gneisses by the size of their mineral crystals, being smaller than those of gneisses. Read more: http://www.answers.com/topic/schist#ixzz38Oknz7zm

Inferred Mineral Resource An Inferred Mineral Resource is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity.

Rotary Air Blast (RAB) drilling The simplest and most economical drilling technique performed by drilling a borehole of about 3-3.5 inches as soil and rock samples are evacuated by air through the annulus between the drill steel and borehole wall.

Reverse circulation drilling (RC) A drilling method that utilizes a large rotary drill and air compressor to collect rock samples quickly and efficiently. The high speed and low cost of RC drilling makes it an ideal method for obtaining mineral samples.

ENDS

Figure 1

http://www.answers.com/topic/schist#ixzz38Oknz7zm

Figure 2

Figure 3

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Figure 5