CHU Channel Resources Ltd.

West African Resources Limited ("West African") (ASX:WAF) reports that it has
successfully completed the previously announced 100% acquisition of Channel
Resources Ltd. ("Channel") (formerly TSX VENTURE:CHU) on January 17, 2014. 


West African has issued 32,036,754 ordinary shares and 14,918,508 three year
share purchase warrants exercisable at A$0.40 per share to former Channel
shareholders. In addition, West African has issued 1,365,000 share purchase
options in exchange for Channel options. West African shares and the warrants
will commence trading on the TSX Venture Exchange ("TSXV") during the week of
January 20, 2014 under symbols "WAF" and "WAF Wt". Channel shares have been
halted from trading on TSXV immediately pending delisting.


West African Managing Director Richard Hyde said: "We are pleased to have
completed the acquisition which will see Channel's Tanlouka project become a key
part of our project portfolio in Burkina Faso.


"Tanlouka is adjacent to our existing Boulsa project and already has a known
gold resource.


"We will commence work at Tanlouka with initial drilling programs focussing on
improving the oxide and transitional components of the Mankarga 5 resource,
while also targeting higher grade mineralisation at depth with diamond drilling,
leading to a resource upgrade by the end of the first quarter of 2014.


"Scoping studies will be completed in the first half of 2014 with a focus on
creating a low-cost heap leach starter project, targeting near term cash-flow
from the combination of West African's and Channel Resources' near surface gold
assets.


"We are excited by our debut on the TSXV and thank the former management and
shareholders of Channel Resources for their support and confidence in the
merger."


This news release contains "forward-looking information" within the meaning of
applicable Canadian and Australian securities legislation, including information
relating to West African's or Channel's future financial or operating
performance may be deemed "forward-looking". All statements in this news
release, other than statements of historical fact, that address events or
developments that West African or Channel expects to occur, are "forward-looking
statements". Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words "expects",
"does not expect", "plans", "anticipates", "does not anticipate", "believes",
"intends", "estimates", "projects", "potential", "scheduled", "forecast",
"budget" and similar expressions, or that events or conditions "will", "would",
"may", "could", "should" or "might" occur. All such forward-looking statements
are based on the opinions and estimates of the relevant management as of the
date such statements are made and are subject to important risk factors and
uncertainties, many of which are beyond West African or Channel's ability to
control or predict. Forward-looking statements are necessarily based on
estimates and assumptions (including that the Transaction will be completed
successfully on the terms agreed upon by the parties and that the business of
Channel will be integrated successfully into the West African organization) that
are inherently subject to known and unknown risks, uncertainties and other
factors that may cause actual results, level of activity, performance or
achievements to be materially different from those expressed or implied by such
forward-looking statements. In the case of Channel and West African, these facts
include their anticipated operations in future periods, planned exploration and
development of its properties, and plans related to its business and other
matters that may occur in the future, including the listing of West African's
ordinary shares on the TSX Venture Exchange. This information relates to
analyses and other information that is based on expectations of future
performance and planned work programs. Statements concerning mineral resource
estimates may also be deemed to constitute forward-looking information to the
extent that they involve estimates of the mineralization that will be
encountered if a mineral property is developed. 


None of the securities anticipated to be issued under the Arrangement have been
or will be registered under the Securities Act of 1933, as amended, or any state
securities laws, and such securities are anticipated to be issued in the United
States pursuant to exemptions from such registration requirements. This press
release shall not constitute an offer to sell or solicitation of an offer to buy
any securities in any jurisdiction where such an offer or sale would be
unlawful. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
West African Resources Limited
Richard Hyde
Managing Director
+ 61 8 9481 7344
info@westafricanresources.com
www.westafricanresources.com

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