West African Resources (ASX: WAF) is heading to market with a capital raising, with the ASX granting the company a trading halt - with its shares placed in pre-open.
Last week WAF pounced on Channel Resources (TSX.V: CHU) in a takeover which will increase the company's gold and copper exposure in Burkina Faso.
The outcome is that WAF has consolidated neighbouring near surface high-grade gold targets at WAF’s Moktedu and CHU’s Tanlouka Project (1Moz at 1g/t, including 0.54Moz at 1.6g/t, Initial Inferred and Indicated Resources – NI 43-101).
There is the potential for near term production from the consolidation of oxide gold targets, using a low capex heap-leach process.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 22nd August 2013.
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