Unhedged near-term gold producer West African Resources Limited ('West African' or the 'Company', ASX: WAF) is pleased to announce it has completed all construction activities and has started processing ore through the milling and CIL circuits its Sanbrado Gold Project, Burkina Faso.

Highlights

Ore introduced to the milling circuit on March 7th 2020

First gold expected within four weeks

Processing plant and power station operational

Open-pit ore is feeding the mill with 360,000t at 1.5 g/t Au on the ROM pad

West African Executive Chairman Richard Hyde commented: 'This is a major milestone for West African Resources and testament to the quality of our team and contractors. Commissioning activities will continue over the next four weeks with the first gold pour on track for early Q2 2020. We look forward to keeping investors updated throughout this exciting transition period for the Company.

Project Update

Construction and Commissioning Activities

On Saturday March 7th 2020 the Company introduced ore to the milling and CIL circuits at Sanbrado Gold Project. Construction activities have now been completed on all areas of the process plant and tailings storage facility. All four heavy fuel oil generators have been commissioned in the power station and are now operational. The desorption and gold room circuits are undergoing commissioning in preparation for a maiden gold pour within the next four weeks.

Open Pit Mining

Open-pit mining contractor African Mining Services, a subsidiary of the Perenti Group (ASX: PRN) has ramped up mining activities to include both the M5 and M1 South pits, with day and night shifts starting in the past week. Currently, over 360,000 tonnes of oxide ore are stockpiled on the ROM pad at average grade of 1.5g/t gold.

Underground Mining

Underground development continues to progress on-schedule with mining contractor Byrnecut Offshore, a subsidiary of the Byrnecut Group. The primary ventilation raise bore has been completed, with the ventilation fan currently being installed. First development ore remains on track for late March and first stoping ore is forecast for Q3 2020.

About West African Resources

West African Resources Limited (ASX: WAF) announced the results of its updated Feasibility Study for the Sanbrado Gold Project in Burkina Faso in an announcement titled 'West African to produce 300Koz gold in Year 1 at Sanbrado' on 16 April 2019. The study envisages an initial 10-year mine life, including 6.5 years of underground mining, with Probable Reserves to 1.7 million ounces (21.6Mt at 2.4g/t gold). The project will have average annual production over the first 5 years of mine life of 217,000 ounces gold and a 14-month post-tax pay back on US$186 million pre-production capital costs. Project economics are robust, with AISC of < US$600/oz over first 5 years and US$650 over life of mine. Year 1 production is anticipated to be over 300,000oz gold from underground and open pit ores, at All-In Sustaining Costs of less than US$500/oz. West African is fully funded with construction underway and first gold pour scheduled in early Q2 2020.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement titled 'West African to produce 300Koz gold in Year 1 at Sanbrado' on 16 April 2019 and that all material assumptions and technical parameters underpinning the estimates of forecast financial information derived from the production targets, and the resource estimate, as outlined in that announcement, continue to apply and have not materially changed.

Forward Looking Information

This news release contains 'forward-looking information' within the meaning of applicable Canadian and Australian securities legislation, including information relating to West African's future financial or operating performance that may be deemed 'forward looking'. All statements in this news release, other than statements of historical fact, that address events or developments that West African expects to occur, are 'forward-looking statements'. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'does not expect', 'plans', 'anticipates', 'does not anticipate', 'believes', 'intends', 'estimates', 'projects', 'potential', 'scheduled', 'forecast', 'budget' and similar expressions, or that events or conditions 'will', 'would', 'may', 'could', 'should' or 'might' occur. All such forward-looking statements are based on the opinions and estimates of the relevant management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond West African's ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements.

In the case of West African Resources Ltd, these facts include their anticipated operations in future periods, the expected enhancement to project economics following optimisation studies, planned exploration and development of its properties including project development commencing in Q4 2018 with an 18 month construction schedule, and plans related to its business and other matters that may occur in the future, including the availability of future funding for the development of the project. This information relates to analyses and other information that is based on expectations of future performance and planned work programs. Statements concerning mineral resource and ore reserve estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralisation that will be encountered if a mineral property is developed.

As well, all of the results of the feasibility study constitute forward-looking information, including estimates of internal rates of return, net present value, future production, estimates of cash cost, assumed long term price for gold, proposed mining plans and methods, mine life estimates, cashflow forecasts, metal recoveries, and estimates of capital and operating costs.

Furthermore, with respect to this specific forward-looking information concerning the development of the Sanbrado Gold Project, the company has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include among others: i. the adequacy of infrastructure; ii. unforeseen changes in geological characteristics; iii. metallurgical characteristics of the mineralization; iv. the price of gold; v. the availability of equipment and facilities necessary to complete development and commence operations; vi. the cost of consumables and mining and processing equipment; vii. unforeseen technological and engineering problems; viii. accidents or acts of sabotage or terrorism; ix. currency fluctuations; x. changes in laws or regulations; xi. the availability and productivity of skilled labour; xii. the regulation of the mining industry by various governmental agencies and xiii. political factors.

Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation: exploration hazards and risks; risks related to exploration and development of natural resource properties; uncertainty in West African's ability to obtain funding; gold price fluctuations; recent market events and conditions; risks related to the uncertainty of mineral resource calculations and the inclusion of inferred mineral resources in economic estimation; risks related to governmental regulations; risks related to obtaining necessary licenses and permits; risks related to their business being subject to environmental laws and regulations; risks related to their mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; risks relating to competition from larger companies with greater financial and technical resources; risks relating to the inability to meet financial obligations under agreements to which they are a party; ability to recruit and retain qualified personnel and risks related to their directors and officers becoming associated with other natural resource companies which may give rise to conflicts of interests. This list is not exhaustive of the factors that may affect West African's forward-looking information. Should one or more of these risks and uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information.

West African's forward-looking information is based on the reasonable beliefs, expectations and opinions of their respective management on the date the statements are made and West African does not assume any obligation to update forward looking information if circumstances or management's beliefs, expectations or opinions change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking information. For a complete discussion with respect to West African, please refer to West African's website www.westafricanresources.com, financial statements and other filings all of which are filed on the ASX.

Contact:

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