TSX VENTURE EXCHANGE: WAI
VANCOUVER,
Sept. 3, 2013 /CNW/ - West African
Iron Ore Corp. (TSX-V: WAI) ("WAI" or the "Company") is pleased
to announce, effective immediately, the appointment of Mr.
Jorge Cantonnet as Non-Executive
Chairman and Director of the Company. Mr. Cantonnet will replace
Mr. Paul Matysek who resigned from
the Board on September
1st, 2013. The Company wishes to thank Mr.
Matysek for his support during the formative years of the Company
and wishes him well in his future endeavors.
Changes to the Board of
Directors:
Mr. Jorge
Cantonnet is a senior financial industry executive with over
30 years of experience in establishing and managing private equity,
investment banking and direct investment businesses in global
emerging markets, with value exceeding several billion dollars.
Mr. Cantonnet has held many senior board, executive and
committee positions, including: Chairman, Executive Committee,
Investment Committee, Risk Committee, Underwriting Committee and
Human Resources Committee of several publicly listed financial
institutions and private equity funds. Since 2011, he held the
positions of Managing Director, Executive Management Member and
Chief Investment Officer of Instrata Capital BSC, a Bahrain Central
Bank regulated asset management firm. From 2009 to 2011, he was the
Managing Director and Head of Private Equity and Investment Banking
of Al Rajhi Capital Company, based in Riyadh, Kingdom of
Saudi Arabia. From 2005 to 2009, he was Owner and Partner of
Global Capital Networks LLC in New
York. From 1998 to 2005, he was Senior Managing Director and
Global Head of Emerging Markets Capital Markets at Bear, Stearns
& Co. Inc. in New York. From
1995 to 1998, he held the position of Vice President and Co-Head of
Emerging Markets Capital Markets Latin America at UBS Securities in
New York. As well, from 1980 to
1995, he held senior positions at Bankers Trust, Eurobank &
Trust Company, Merrill Lynch and Citigroup. Mr. Cantonnet holds a
Master in Business Administration from Harvard
Business School, and a Bachelor of Science in Biomedical
Engineering from Boston University.
Guy Duport, CEO
of West African Iron Ore Corp. commented that, "Mr. Cantonnet is
currently based in the United Arab
Emirates (UAE) and has the necessary experience and skills
to assist the Company in raising capital and, in due course, moving
our project from exploration to the development stage. We are
pleased in the confidence he has shown in our team and the
prospects of our Forécariah property. As disclosed in our
June 30th, 2013 Financial
Statements, the release of our initial 43-101 technical report has
unfortunately been delayed to Q4 2013 as we await advanced data and
services from one of our key technical partners. We are
disappointed and frustrated by this delay and we are sourcing
potential alternative suppliers to ensure such bottlenecks and
delays do not occur in the future. The continued funding from our
partners Sky Alliance Resources Inc. (SARI) and China International
Fund Ltd. (CIF) provides us with the necessary financial resources
to enable the completion of our initial NI43-101 Technical
Report."
About the Company:
West African Iron Ore Corporation is dedicated
to the sustainable development of its mineral resources in the
Forécariah provinces of the Republic of Guinea. We nurture a harmonious working
relationship with the local community and the Guinean authorities.
We advocate the minimization of environmental impact and the
promotion of economic opportunity for all our stakeholders.
ON BEHALF OF THE BOARD
Guy Duport
CEO
Statements in this release that are
forward-looking statements are subject to various risks and
uncertainties, certain of which are beyond the control of the
Company including, but not limited to, the impact of general
economic conditions, industry conditions, volatility of commodity
prices, risks associated with the uncertainty of exploration
results and estimates and that the resource potential will be
achieved on exploration projects, currency fluctuations, dependence
upon regulatory approvals, the uncertainty of obtaining additional
financing and exploration risk.
Readers should also refer to the specific
factors disclosed under the heading "Risk Factors" in the Company's
filings with Canadian securities regulators. Such information
contained herein represents management's best judgment as of the
date hereof based on information currently available. The Company
does not assume any obligation to update any forward-looking
statements, save and except as may be required by applicable
securities laws.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE West African Iron Ore Corp.