West African Minerals Corporation has announced the disposal by Ferrum Resources of its wholly owned subsidiary Ferrum Centrafrique to AXMIN, the Canadian based gold exploration company.

Ferrum Centrafrique is the Central African Republic registered company that has lodged exploration licence applications for iron ore over the Topa iron belt which are in the same areas licensed to AXMIN for gold exploration (the Topa Project).

he Topa Applications were denied by letter dated September 12th 2011 and whilst the Group believes that the Topa Applications were validly submitted and that Ferrum Centrafrique has a priority right to be granted exploration permits for Iron in the application area, it has not been successful in obtaining a revocation of that denial.