WESTON, Fla. June 17, 2004 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: West Africa Gold Inc. (OTCBB:WAGI), Cyberonics Inc. (Nasdaq:CYBX), Alvarion Ltd. (Nasdaq:ALVR) and Delta Petroleum Corp. (Nasdaq:DPTR).
Aggressive investors and traders may want to begin monitoring West Africa Gold Inc. (OTCBB:WAGI) this morning! Yesterday, the company issued a press release announcing that it is the Company's intention to commence a drilling programme at the Touban Project in Mali!
The Company is now proposing to drill below the historic 80 meter level where drilling was previously terminated. Recently discovered fire assay results showed very encouraging values of Platinum and Palladium, and the Company now believes that it would be both prudent and logical to follow up on these exciting results. To this end, the Company is now preparing the budget and relevant planning to commence this drilling program at Touban.
This is exciting news for the company and for investors! Richard Axtell, the president of West Africa Gold said, "We find the Touban project incredibly interesting and unique to the region, below the 80m drilling level could prove to be a real Aladdin's cave; we look forward with great anticipation to unlocking the potential wealth of Touban."
It only gets better from there. Just yesterday, the company informed the media that it has been advised by a significant shareholder, UK based Hanover Capital Group plc ("Hanover"), will now commence with the distribution of its entire shareholding in West Africa Gold Inc., that being in the amount of 638,958,360 shares of restricted shares of Common Stock in the Company, to Hanover's shareholders! This represents a 30.41% shareholding interest in the Company at this time.
This could be more good news for investors! Stephen Lumb, the Chairman of Hanover Capital Group plc, the UK Based Investment Company said yesterday that this shareholding in the Company is being distributed to our shareholders in order to unlock value and to complete the process of "winding down" Hanover's business. Lumb said that for every one Ordinary Share in Hanover, its shareholders would receive 3.3334 shares of West Africa Gold Inc restricted Common Stock. He added that Hanover's share in the Company had been extremely beneficial for his shareholders and that the value being released to them from this "unbundling" represented a distribution of stock valued at approximately three times the price that Hanover's share had ever traded whilst quoted on London's Alternative Investment Market "AIM". Stephen Lumb is a Consultant to West Africa Gold Inc in respect of all of its Corporate and Structured Finance transactions.
Richard Axtell, the President of West Africa Gold, said he was delighted with this move by Hanover and added that it would bring a further 8,500 shareholders to West Africa Gold, with these new shareholders being primarily based in the United Kingdom.
The stock closed yesterday at fifteen cents a share.
In case you are not familiar with the company: West Africa Gold (http://www.westafricagold.com/) is an aggressive gold exploration company that has acquired certain rights to mine for minerals, primarily gold, in various regions of the Republic of Mali, which is located in West Africa. Their outstanding exploration and operational management team has in excess of 60 years of professional geological experience, and has extensive familiarity on a local level in respect of mining in Africa. The team is highly educated, including PhDs, and all have recognizably solid reputations throughout the mining industry. The company also recently announced and executed a 10-for-1 forward stock split to improve trading liquidity and to attract smaller investors.
Keep your eyes on this company! West Africa Gold currently has five projects underway. They are Toubikoto (Gold), Manianguinti (Gold), In Darset (Gold, Base Metals), Anefis (Gold, Base Metals) and Touban (Nickel, Copper, pge's). The five projects are diversely located throughout Mali, and aggregately cover an impressive 1,000 square kilometers. Since 2001, Mali has been the 3rd largest gold-producing country in Africa, trailing only South Africa and Ghana. Most importantly to West Africa Gold, is the political stability and harmony enjoyed by both the Malian people and foreign Mining companies operating in Mali. Gold accounts for approximately 90% of Mali's total mineral exports, and in excess of 20% of all exports. Malian gold production is expected to almost double to 37% when several new projects go into full production. Mali has been extensively evaluated and it has been concluded that the country has an incredible 350 tons of recoverable gold, and is widely recognized as having enormous potential for abundant gold extraction. West Africa Gold is well positioned to reap great benefits from its Malian properties.
Stocks showing interesting activity yesterday were: Cyberonics Inc. (Nasdaq:CYBX) up 77.7% on 44.1 million shares traded, Alvarion Ltd. (Nasdaq:ALVR) up 14.5% on 2.6 million shares traded and Delta Petroleum Corp. (Nasdaq:DPTR) up 11.8% on 900,500 shares traded.
Commentary:
"The Federal Reserve in a monthly report, the Beige Book, reported Wednesday that inflation increases were modest, that jobs were being added to the payrolls at a better than expected clip, and that lending and housing numbers were considered strong. Gasoline prices the last week fell from the $40.50 per barrel spike to just over $37 per barrel," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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