West Africa Gold Inc.'s Significant Shareholder to Distribute Its Entire Restricted Shareholding Significant Shareholder in the Company, Hanover Capital Group plc to Distribute Its Entire Holding of Restricted Shares in the Company to Its Shareholders NEW YORK, June 15 /PRNewswire-FirstCall/ -- West Africa Gold Inc. (OTC:WAGI) (BULLETIN BOARD: WAGI) announced today that it has been advised by a significant shareholder, UK based, Hanover Capital Group plc ("Hanover"), that Hanover will now commence with the distribution 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. Stephen Lumb, the Chairman of Hanover Capital Group plc, the UK Based Investment Company said today 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. About West Africa Gold Inc.: 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. 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 1000 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. The Independent Geological Evaluation of West Africa Gold's properties are that they may contain an Inferred Geological Resource of up to 3,000,000 ounces of gold. Extremely high Values of Zinc and Copper have also been recorded. Mali is also known for its low extraction costs, so certain expenses will be controlled. Considering the amount of gold in Mali, as well as the sheer size and professionally evaluated potential of its properties, West Africa Gold has a very bright future ahead of it. Its Advisory Committee will consist of renowned mining and geological experts. This highly experienced and dedicated team will have the local expertise so as to be familiar with Mining operations in Mali. West Africa Gold is debt free and is in the final stages of preparation to raise an additional US$5 million in additional funding. The company plans to use this money to continue to explore and create additional value to its current properties, and to identify and secure additional Gold Mining Properties. West Africa Gold has many positive factors that weigh heavily in its favor, and with Gold holding its own at around the US$380/oz level, it continues to be a company with enormous potential. Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission. These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements. This release was issued through Major Newswire (http://www.majornewswire.com/) DATASOURCE: West Africa Gold Inc. CONTACT: Stephen Lumb, +1-212-672-1850, for West Africa Gold Inc. Web site: http://www.majornewswire.com/ Web site: http://www.westafricagold.com/

Copyright