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The Australian and Canadian-listed company said today the mining permit application for the previously called Tanlouka project had been approved by Burkina Faso authorities.
The name change was made to better reflect the local community.
Judging by analyst reports, Sanbrado is a potential 1.5-2 million tonne per annum development that could produce an average of about 125,000 ounces per annum at all-in-sustaining-costs (AISC) of circa-$US700 per ounce.
However in the early years a focus on the high grade M1 South deposit could see production of 165,000oz at AISC of sub-$600/oz.
Numbers like these explain the strong interest that accrued to the stock in 2016, with investment firms Cormark, Clarus and Hartleys already covering the stock, and Macquarie and Canaccord about to do a site visit.
Completion of a new resource estimate and feasibility study is targeted for early next month.
Hyde is attending both the Indaba and 121 conferences in Cape Town next week, before heading to North America for the BMO and PDAC shindigs.
And chances are they’ll be but the first of a number of visits to both continents in 2017.
Currently West African Resources has $17 million cash, with $21 million cannily raised in August 2015 (when the ASX gold market was peaking), at a price of 30c per share.
The stock was unchanged in late trade today at 28c, capitalising West African Resources at $135 million.
Shares in the company peaked in August at about 43c, having started 2016 at 5c.
