Afferro Mining Inc. Grant of Stock Options (2624I)
23 Julio 2012 - 6:03AM
UK Regulatory
TIDMAFF
RNS Number : 2624I
Afferro Mining Inc.
23 July 2012
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES.
23 July 2012
TSX-V: AFF
AIM: AFF
AFFERRO MINING INC.
Grant of Stock Options
Afferro Mining Inc. ("Afferro" or the "Company") the TSX-V / AIM
listed iron ore exploration and development company, announces
that, pursuant to the terms of the Company's Stock Option Plan, the
Company has granted Ousmane Kane, a Non-Executive Director of the
Company, 100,000 incentive stock options ("Options") at an exercise
price of C$0.76 per share, being equal to the closing price of the
Common Shares on 20 July 2012 on the TSX-V, exercisable immediately
and for a period of 5 years from 23 July 2012. No consideration was
paid for the Options. Mr Kane now holds a total of 100,000 Options
in the Company.
For further information please see the Company's web site at
www.afferro-mining.com or contact one of the following:
Afferro Mining Inc.
Bevan Metcalf /Jeremy Cave
Tel: +44 (0) 20 7257 2930
Investec
Nominated Adviser: Neil Elliot
Corporate Broker: Chris Sim
Tel: +44 (0) 207 597 5970
RBC Capital Markets
Joint Broker: Martin Eales / Richard Hughes
Tel: +44 (0) 20 7653 4000
Pelham Bell Pottinger
Daniel Thole / James MacFarlane
Tel: +44 (0) 20 7861 3232
About Afferro Mining Inc.
Afferro is an established exploration and development company
listed on the TSX-V (AFF) and AIM (AFF). Afferro's portfolio
includes the 100% owned Nkout, Ntem and Akonolinga iron ore
projects. It also holds a 70% interest in the Ngoa project, an
exploration target bordering Nkout. Nkout comprises an NI 43-101
compliant Indicated Mineral Resource Estimate of 1.19Bt at 32.9% Fe
and an Inferred mineral resource estimate of 1.33Bt at 30.3% Fe
plus an NI 43-101 compliant preliminary economic assessment.
Afferro currently has a cash position of approximately $48m, plus a
deferred cash consideration of at least $50m resulting from the
divestment of its interest in Severstal Liberia Iron Ore Ltd,
leaving it well placed for medium-term funding of all its
projects.
Qualified Person
Howard Baker (MAusIMM(CP)) has 18 years' experience in the
mining industry and 10 years' experience in the exploration,
definition and mining of iron ore mineral resources. Mr Baker is a
full-time employee of SRK Consulting (UK) Ltd., an independent
consultancy, and has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration,
and to the type of activity which he is undertaking to qualify as a
Qualified Person in accordance with NI 43-101 and a Competent
Person as defined in the June 2009 Edition of the AIM Note for
Mining and Oil & Gas Companies. Howard Baker consents to the
inclusion in the announcement of the matters based on their
information in the form and context in which it appears and
confirms that this information is accurate and not false or
misleading.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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