West Africa Mining Holding AG
West Africa Mining Holding AG participates in a lithium exploration project in Senegal
West Africa Mining Holding AG / Agreement 31.03.2010 08:30 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- West Africa Mining Holding AG has acquired an interest of 24.9 percent in the share capital of SN Commodities Ltd. The share capital of SN Commodities Ltd., which is based in Birmingham, UK, currently amounts to 800,000 pounds sterling (which corresponds to some 900,000 euros). SN Commodities Ltd. currently carries out an exploration project in the east of Senegal under the direction of the renowned geologist Dr. Madani Diallo. The aim of the exploration project is the discovery of lithium. Lithium belongs to the so-called 'rare earth' and forms the base material for the lithium-ion batteries, which are the core of the innovative technology of electric cars. SN Commodities Ltd. owns the rights for discovering, exploring and extracting lithium and other rare soils. Such exploration rights refer to the 'Baraberie' licence area with a size of 1,320 square kilometres and were granted by the responsible Ministry of Mining and Resources. The discovery phase I for this exploration project has already started and comprises the collection of the geophysical and elementary basic data. These works are supposed to be completed in the current financial year. The responsible ministry already carried out field investigations in this licence area in the past. Thus, the geologists team of SN Commodities Ltd. was able make a first assessment with respect to the potential for discovering lithium and other rare earths in this area before acquiring the licence. Further information on the licence and the licence area can be downloaded from the website of SN Commodities Ltd. http://www.sn-commodities.com West Africa Mining Holding AG pursues and international diversification of its resources and investment portfolio. By acquiring an interest in SN Commodities Ltd., the company expands into a field that both consumers of lithium and rare soils and various national governments consider to have special strategic importance. As at today, the portfolio of West Africa Mining Holding AG consists of the following investments: 100% interest in the share capital of Westafrica Mineral Mining Ltd. - Ongoing gold exploration in the north-east of Guinea-Bissau, exploration phase I completed (more information under http://www.mining.je) - Discovery and exploration of platinum in the north-east of Guinea-Bissau has started - Further potential for discovering any kind of minerals, in particular diamonds and bauxite - Spatially unlimited prospection licence for the entire territory of Guinea-Bissau 24.9% interest in the share capital of SN Mineral Mining Ltd. - Ongoing gold exploration in the south-east of Senegal, exploration phase I completed (more information under http://www.sn-mining.com) - The 'Velingara' licence area comprises a total territory of 602 square kilometres in direct proximity to the gold spots in the south-east of Senegal that have already been explored - Exploration phase II for taking over 5,000 surface and soil samples from the licence area has already started - High degree of legal certainty due to the conclusion of a mining convention with the government of Senegal, according to which all rights from the exploration to sample-taking and export have already been agreed upon its execution 24.9% interest in the share capital of SN Commodities Ltd. - Ongoing exploration for lithium in the east of Senegal (more information on the licence under http://www.sn-commodities.com ) - The 'Baraberie' licence area comprises a total territory of 1,320 square kilometres - Historical data on an investigation carried out on behalf of the Ministry of Mining and Resources - High degree of legal certainty due to the conclusion of a mining convention with the government of Senegal, according to which all rights from the exploration to sample-taking and export have already been agreed upon its execution The company is already conducting preliminary talks with potential purchasers of lithium. Currently a trend to secure new deposits early due to their strategic importance and the anticipated bottlenecks can often be observed among the users of lithium. The lithium deposits of the world that are currently known are largely controlled by Chinese and Australian consortiums. The external specialist consultants and geologists of SN Commodities Ltd. have estimated the exploration costs for the 'Baraberie' licence area to amount to some 7.5 million euros. The exploration is intended to be carried out over a period of three years. New shareholders are planned to be admitted to SN Commodities Ltd. in order to finance the exploration project. In the meantime, West Africa Mining Holding AG prefinanced the licence application phase of SN Commodities Ltd. by means of a loan in the medium six-digit range. West Africa Mining Holding AG is planning to strategically continue the diversification of its resources and investment portfolio and is currently negotiating an investment in another exploration project in West Africa. More information under: West Africa Mining Holding AG Untermüli 6 CH-6300 Zug, Switzerland WKN: A0Q9UR ISIN: CH0045659973 Email info@westafrica-mining.com Internet http://www.westafrica-mining.com Phone +41 (44) 586 0 111 About West Africa Mining Holding AG West Africa Mining Holding AG operates as an investment company exclusively focusing on promising exploration, mining, petroleum and gas producers. West Africa Mining Holding AG's business model is based on the financing and development of young exploration companies with an above-average potential in discovering and extracting any kind of mineral resources. The investment horizon extends to a period of two to five years. About SN Commodities Ltd. SN Commodities Ltd., UK, which has a branch office in Dakar, Senegal, currently carries out an exploration for the discovery of lithium and rare soils in the east of Senegal. Senegal is one of the economically and politically most stable countries in West Africa. Leading resource exploration companies have been active in Senegal for many years. SN Commodities Ltd. will be present at West Africa's largest mining fair, which takes place from 12 to 15. April 2010 in Dakar, Senegal, together with SN Mineral Mining Ltd. as a co-exhibitor. More information under: SN Commodities Ltd. 69 Great Hampton Street B18 6Ew Birmingham, UK Branch office in Senegal SN Commodities Ltd. 8 Rte Meridian President - R/C Esq. Almadies - Dakar Email mail@sn-commodities.com Internet http://www.sn-commodities.com 31.03.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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