TIDMAFF
RNS Number : 8359Q
Afferro Mining Inc.
12 November 2012
12 November 2012
TSX-V: AFF
AIM: AFF
AFFERRO MINING INC.
Nkout Iron Ore Project - Operations Update
Afferro Mining Inc. ("Afferro" or the "Company"), the
exploration and development company focused on iron ore in
Cameroon, is pleased to provide an update on operations at its 100%
owned Nkout project ("Nkout"). The Company is continuing its
programme of exploration for further potential direct shipping ore
("DSO") zones.
Highlights
-- High grade intercepts at Nkout East indicate a potential DSO
zone similar to that delineated at Nkout Centre. Highlights
include:
o NKEGS003 44.8m @ 55.5% Fe from surface
o NKEGS008 85.5m @ 55.3% Fe from surface
o NKEGS010 101.8m @ 54.1% Fe from surface
o NKEGS004 77.3m @ 53.2% Fe from surface
o NKEHC070 84.3m @ 51.8% Fe from surface
-- Metallurgical testwork shows that material above a 50% iron
mineralised cut-off is amenable to processing through the potential
DSO plant with a mass yield of approximately 75%
-- Reconnaissance drilling of the D8 target zone ("D8")
identifies a high-grade zone consisting of iron-bearing saprolite,
overlying a magnetite banded iron formation ("BIF") that is open at
depth. Highlights include:
o NKDE026 35.9m @ 38.9% Fe from 4.0m
o NKDE004 35.8m @ 38.9% Fe from 13.6m
o NKDE010 44.5m @ 37.8% Fe from surface
o NKDE023 30.5m @ 37.7% Fe from 3.0m
-- Assays returned from a total of 77 diamond drill holes
totalling 4,872m of drilling. Assays currently outstanding from a
further 108 holes, totalling 6,434m of drilling
-- Further high-grade intersections from Nkout Centre include:
o NKHC139 96.4m @ 47.4% Fe from surface
o NKHC147 71.0m @ 46.5% Fe from surface
o NKHC140 59.5m @ 46.5% Fe from surface
o NKHC144 55.9m @ 45.6% Fe from surface
o NKHC141 65.0m @ 45.2% Fe from surface
-- Drilling programme to continue, targeting identification of
further potential DSO resource at Nkout
Luis da Silva, Chief Executive Officer of Afferro,
commented:
"These excellent results from our on-going exploration programme
identify further DSO resource at Nkout. In particular, the results
indicate a separate DSO zone in Nkout East, with wide intercepts
grading up to 55% iron. Metallurgical testing has indicated that
material with a 50% cut-off should be amenable to processing with a
DSO plant.
These results, the results from assays pending and results from
further drilling will be collated in an updated Mineral Resource
Estimate ("MRE5"), which will be used as the basis for a
prefeasibility study which is to commence in Q1 2013"
Nkout Iron Ore Project
Afferro has continued reconnaissance and resource drilling at
Nkout through 2012. The results reported are from 77 drill holes
comprising 4,872m of drilling conducted between 16 April 2012 and
20 August 2012. Drilling is on-going and assays are pending from
108 holes comprising 6,434m. Results from all of this drilling will
be incorporated into MRE5 in H1 2013.
The target areas are a series of east-west to north-west
striking magnetic anomalies coincident with magnetite rich BIF and
topographical highs with a cumulative strike length of
approximately 10km. Following MRE4 the Company has focused drilling
at Nkout East and Nkout Centre to investigate shallow, high grade
iron mineralisation contained in the oxide and transitional
saprolitic zones overlying the primary magnetite BIF.
Reconnaissance drilling of the D8 magnetic anomaly was also
conducted. A summary of the mineralised intersections are shown in
Table 1 and in the two links below.
http://www.afferro-mining.com/i/maps/cameroon/OpsUpdate-Nkout.png
http://www.afferro-mining.com/i/maps/cameroon/OpsUpdate-D8.png
The primary magnetite BIF mineralisation remains open at
depth.
Nkout East
19 diamond drill holes were completed, comprising 1,571m. The
objective of the drilling was to further define the potential DSO
unit detailed in the news release of 23 April 2012. Results of this
drilling are highly encouraging, with metallurgical testing
indicating that high-grade saprolite above a 50% iron mineralised
cut-off should be amenable to be processed in a DSO plant. Examples
include NKEGS008 (85.5m @ 55.3% Fe from surface) and NKEGS010
(101.8m @ 54.1% Fe from surface).
D8
The target zone is the fourth area to be drilled within a 9km
radius of Nkout Centre. First pass reconnaissance drilling of 39
diamond holes comprising 1,988m was completed over a 1km strike on
200m spaced drill traverses with 50m centres. Drilling was targeted
on a high intensity, coherent north-west striking magnetic anomaly
and designed to test for high-grade oxide and transitional
mineralisation. A number of drill holes were advanced deeper into
primary BIF mineralisation to gauge depth continuity. Results
indicate the tenor is the same as that of the Nkout mineralisation
and remains open at depth.
Nkout Centre
19 drill holes were completed comprising 1,313m to further
define and extend the potential DSO. Drilling is on-going and will
further explore a potential south-western extension of the DSO.
The potential DSO, saprolite and magnetite BIF mineralisation at
Nkout is the subject of metallurgical testwork being carried out by
SGS Laboratories in Perth, Western Australia. The results of this
test work are pending.
Table 1 - Nkout Mineralised Intersections
Hole Area Azm Dip Elev. North East EOH From To Int Fe P Al(2) SiO(2)
ID (deg) (deg) (m) (m) (m) (m) (m) (m) (m) % % O(3) %
%
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
Nkout
NKEGS003 East 180 -80 804 286,847 256,603 110.7 0.0 44.8 44.8 55.5 0.10 3.9 10.4
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
52.8 90.0 37.2 39.0 0.04 0.8 42.3
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
including(#) 6.0 33.4 27.4 60.8 0.12 2.5 3.6
---------------------------------------------------------------------------- ------ ------ ------ -----
Nkout
NKEGS004 East 180 -80 806 286,801 256,604 90.2 0.0 77.3 77.3 53.2 0.14 4.2 12.1
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
including(#) 6.0 38.3 32.3 59.2 0.13 2.7 5.0
---------------------------------------------------------------------------- ------ ------ ------ ----- ----- ------ -------
46.3 62.3 16.0 58.5 0.21 2.5 5.5
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ -----
Nkout
NKEGS005 East 180 -80 767 286,893 256,512 81.8 0.0 8.8 8.8 43.6 0.05 13.3 14.6
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
Nkout
NKEGS006 East 180 -80 800 286,756 256,603 74.8 0.0 9.6 9.6 53.7 0.05 7.8 8.4
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
including(#) 2.0 4.0 2.0 59.3 0.05 6.6 3.6
---------------------------------------------------------------------------- ------ ------ ------ -----
Nkout
NKEGS007 East 180 -80 789 286,700 256,603 73.8 0.0 10.3 10.3 38.8 0.04 12.6 7.9
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
Nkout
NKEGS008 East 180 -80 825 286,803 256,794 113.6 0.0 85.5 85.5 55.3 0.08 4.6 5.8
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
106.5 113.6 7.1 37.6 0.05 0.6 43.5
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
including(#) 14.7 76.5 61.8 58.8 0.08 2.3 2.4
---------------------------------------------------------------------------- ------ ------ ------ -----
Nkout
NKEGS009 East 180 -80 779 286,849 256,498 84.8 0.0 5.6 5.6 47.9 0.04 12.5 9.9
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
Nkout
NKEGS010 East 180 -80 823 286,845 256,800 101.8 0.0 101.8 101.8 54.1 0.05 3.6 7.6
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
including(#) 6.0 92.8 86.8 56.4 0.05 3.2 4.3
---------------------------------------------------------------------------- ------ ------ ------ -----
Nkout
NKEHC061 East 180 -80 785 286,663 256,602 88.9 0.0 9.2 9.2 46.6 0.05 10.3 15.1
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
Nkout
NKEHC062 East 180 -80 754 286,940 256,505 89.0 0.0 19.5 19.5 49.1 0.08 5.7 8.6
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
Nkout
NKEHC063 East 180 -80 779 286,755 256,509 61.0 0.0 13.5 13.5 41.6 0.03 6.0 29.5
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
Nkout
NKEHC064 East 180 -80 757 286,653 256,499 42.5 0.0 3.5 3.5 43.1 0.04 12.1 17.2
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
Nkout
NKEHC065 East 180 -80 768 286,704 256,500 63.4 0.0 6.4 6.4 49.6 0.13 8.9 11.9
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
Nkout
NKEHC066 East 180 -80 805 286,662 256,800 34.8 0.0 3.8 3.8 76.6 0.13 20.5 10.2
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
including(#) 5.0 7.0 2.0 55.8 0.05 9.5 4.3
---------------------------------------------------------------------------- ------ ------ ------ ----- ----- ------ -------
11.5 13.8 2.3 55.7 0.26 5.1 5.4
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- -------
Nkout
NKEHC069 East 180 -80 784 286,798 256,507 70.8 0.0 6.0 6.0 43.9 0.04 13.1 14.8
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
48.0 50.0 2.0 35.1 0.06 4.8 41.8
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
Nkout
NKEHC070 East 180 -80 826 286,756 256,801 84.3 0.0 84.3 84.3 51.8 0.09 4.8 12.7
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
including(#) 10.8 63.8 53.0 57.3 0.11 3.9 4.2
---------------------------------------------------------------------------- ------ ------ ------ -----
Nkout
NKEHC071 East 180 -80 813 286,893 256,800 114.5 0.0 114.5 114.5 47.5 0.06 4.0 20.4
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
including# 9.5 11.5 2.0 55.9 0.06 5.9 2.7
---------------------------------------------------------------------------- ------ ------ ------
18.0 34.0 16.0 61.4 0.09 2.0 2.0
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ -----
50.5 72.0 21.5 59.4 0.06 1.3 7.3
------ ------ ------ ----- ----- ------ -------
82.0 84.0 2.0 58.6 0.08 1.3 6.6
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
Nkout
NKHC139 Centre 180 -80 733 286,009 254,305 96.4 0.0 96.4 96.4 46.5 0.05 1.9 25.8
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ -----
including# 0.0 19.9 19.9 56.8 0.1 5.2 7.4
------ ------ ------ ----- ----- ------ -------
25.9 34.9 9.0 58.5 0.02 0.6 14.6
------ ------ ------ -----
Nkout
NKHC140 Centre 180 -80 728 286,049 254,302 69.5 0.0 59.5 59.5 47.4 0.04 1.9 27.7
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
including# 18.5 21.5 3.0 56.5 0.02 0.9 16.2
---------------------------------------------------------------------------- ------ ------ ------ -----
Nkout
NKHC141 Centre 180 -80 749 285,996 254397 84.5 0.0 12.5 12.5 55.3 0.07 6.8 7.0
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
19.5 84.5 65.0 45.2 0.04 0.8 29.9
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
including# 7.0 12.5 5.5 58.6 0.05 2.4 9.7
---------------------------------------------------------------------------- ------ ------ ------ -----
19.5 27.5 8.0 56.9 0.05 0.6 16.0
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
33.5 36.5 3.0 55.1 0.06 0.4 19.2
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ -----
Nkout
NKHC142 Centre 180 -80 704 285,855 254,294 39.4 0.0 39.4 39.4 42.2 0.05 3.0 33.4
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
Nkout
NKHC143 Centre 180 -80 723 285,906 254,305 65.0 0.0 29.0 29.0 48.1 0.07 4.2 21.9
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
35.0 65.0 30.0 34.7 0.05 3.2 43.2
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
including# 4.0 8.0 4.0 55.4 0.1 5.8 7.1
---------------------------------------------------------------------------- ------ ------ ------ -----
Nkout
NKHC144 Centre 180 -80 737 285,954 254,302 55.9 0.0 55.9 55.9 49.8 0.04 2.0 20.8
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
including# 0.0 23.0 23.0 58.6 0.05 2.8 8.3
---------------------------------------------------------------------------- ------ ------ ------ -----
Nkout
NKHC145 Centre 180 -80 739 285,906 254,397 56.0 0.0 52.0 52.0 42.8 0.05 3.0 32.7
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
including# 5.0 8.0 3.0 57.8 0.1 1.7 12.0
---------------------------------------------------------------------------- ------ ------ ------ -----
Nkout
NKHC146 Centre 180 -80 706 286,047 254,195 64.5 0.0 45.5 45.5 47.9 0.06 1.7 26.7
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
54.5 64.5 10.0 38.7 0.04 0.4 42.7
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
Nkout
NKHC147 Centre 180 -80 707 286,005 254,196 71.0 0.0 71.0 71.0 45.6 0.05 0.6 30.5
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
Nkout
NKHC155 Centre 180 -80 755 285,842 253,892 93.1 0.0 93.1 93.1 40.6 0.08 5.6 29.7
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE001 D8 0 -90 658 287,048 246,143 59.5 3.0 5.5 2.5 30.9 0.07 3.6 35.8
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE002 D8 180 -80 714 286,803 246,259 56.5 0.0 10.0 10.0 37.3 0.03 2.6 42.2
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
24.0 28.0 4.0 37.1 0.05 0.6 44.2
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
30.0 43.0 13.0 33.8 0.04 3.2 45.6
------ ------ ------ ----- ----- ------ -------
46.5 56.5 10.0 37.5 0.03 1.1 41.9
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE004 D8 180 -80 805 286,450 246,654 48.4 0.0 8.3 8.3 49.9 0.05 6.6 15.7
---------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
D8 13.6 49.4 35.8 38.9 0.04 1.5 40.3
------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE005 D8 180 -80 746 286,193 246,853 50.3 12.8 14.8 2.0 31.0 0.05 0.8 52.0
---------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
D8 20.8 22.8 2.0 35.4 0.04 1.2 45.6
------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
33.8 40.3 6.5 26.3 0.06 1.6 58.6
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE006 D8 180 -80 760 286,736 246,548 36.0 0.0 4.0 4.0 41.3 0.06 12.8 19.0
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE010 D8 180 -80 751 286,650 246,446 44.8 0.0 44.5 44.5 37.8 0.04 0.7 42.6
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE011 D8 180 -80 691 286,750 246,202 56.3 6.1 14.4 8.3 43.8 0.09 8.2 22.2
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE012 D8 180 -80 721 286,598 246,404 53.1 0.0 13.8 13.8 42.8 0.07 4.9 39.4
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
41.5 50.3 8.8 39.1 0.04 0.4 42.0
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE013 D8 180 -80 703 286,540 246,367 57.8 5.3 8.3 3.0 42.3 0.06 11.1 21.4
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE014 D8 180 -80 805 286,499 246,699 65.3 0.0 10.5 10.5 50.5 0.11 11.5 8.2
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE015 D8 180 -80 785 286,546 246,753 47.8 0.0 6.0 6.0 35.6 0.17 20.9 13.8
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE018 D8 180 -80 770 286,698 246,503 38.7 0.0 10.3 10.3 41.0 0.05 4.5 32.5
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE019 D8 180 -80 691 285,954 246,853 55.4 4.0 8.0 4.0 43.6 0.09 5.4 27.5
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE021 D8 180 -80 721 286,835 246,295 42.9 0.0 8.1 8.1 37.6 0.03 4.2 40.6
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
14.0 38.0 24.0 35.5 0.04 2.8 43.7
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE023 D8 180 -80 707 286,108 246,750 62.8 3.0 33.5 30.5 37.7 0.06 2.2 41.7
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE024 D8 180 -80 780 286,402 246,601 55.6 0.0 8.9 8.9 39.7 0.06 5.9 32.4
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE025 D8 0 -90 754 286,358 246,556 33.2 2.0 4.0 2.0 38.0 0.17 14.0 21.4
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE026 D8 180 -80 747 286,159 246,804 67.6 4.0 39.9 35.9 38.9 0.04 1.0 40.9
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
46.5 60.5 14.0 33.4 0.05 2.3 45.7
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE027 D8 180 -80 739 286,783 246,605 51.8 3.0 5.3 2.3 35.3 0.06 17.0 20.7
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE028 D8 0 -90 716 286,015 246,896 60.9 0.0 10.5 10.5 39.4 0.04 1.6 40.6
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
17.0 25.0 8.0 37.7 0.05 1.5 43.6
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
31.0 50.5 19.5 37.8 0.05 1.0 41.9
------------------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE030 D8 180 -80 662 286,992 246,104 57.1 6.7 8.6 1.9 38.1 0.05 9.9 28.8
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE031 D8 180 -80 707 286,104 247,000 43.3 4.0 10.0 6.0 49.2 0.08 7.2 16.0
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE034 D8 180 -80 700 286,150 247,035 50.7 6.0 8.0 2.0 39.3 0.06 11.7 21.4
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE035 D8 180 -80 733 286,241 246,895 56.8 0.0 7.3 7.3 50.3 0.11 5.4 17.2
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE036 D8 180 -80 671 286,648 246,105 47.3 8.3 11.3 3.0 35.8 0.08 5.7 38.1
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
NKDE038 D8 180 -80 685 286,052 246,704 63.5 6.3 9.5 3.2 41.1 0.09 8.8 24.4
---------- -------- ------ ------ ------ ---------- ---------- ------ ------ ------ ------ ----- ----- ------ -------
*results are reported as down-hole lengths with a lower cut-off
grade of 30% and a maximum internal waste of 5m. Datum WGS84, Zone
33, some minor errors occur due to rounding. # reported with a
>55% Fe COG
Afferro Mining Inc.
Luis da Silva / Jeremy Cave
Tel: +44 (0) 20 7010 7681
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 Thöle / 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 a National
Instrument 43-101 ("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. Afferro's cash position at
the end of Q2, 2012 of US$51 million, leaves it well placed for the
medium-term funding of 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.
Forward-looking Statements
This announcement includes certain forward-looking statements.
All statements, other than statements of historical fact, included
herein are forward-looking statements that involve various known
and unknown risks and uncertainties as well as other factors. Such
forward looking statements are subject to a number of risks and
uncertainties that may cause actual results or events to differ
materially from current expectations, including delays in obtaining
or failure to obtain required regulatory approvals. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements.
Information about the risks and uncertainties of the Company's
business is provided in its disclosure materials, including its
Annual Information Form and the MD&A for the 12 months ended 31
December 2011, available under the Company's profile on SEDAR at
www.sedar.com. Although the Company has attempted to identify
important factors that could cause actions, events or results to
differ materially from those described in forward looking
information, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that forward looking information will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such information. Accordingly,
readers should not place undue reliance on forward-looking
information. The forward-looking information contained herein,
speaks only as of the date hereof (unless stated otherwise) and,
except as may be required by applicable law, Afferro disclaims any
obligation to update or modify such forward-looking statements,
either as a result of new information, future events or for any
other reason.
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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