TIDMAFF
RNS Number : 6459W
Afferro Mining Inc.
30 January 2013
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES.
30 January 2013
TSX-V: AFF
AIM: AFF
AFFERRO MINING INC.
Encouraging Results at the Akonolinga Exploration Project in
Cameroon
Afferro Mining Inc. ("Afferro" or the "Company"), the
exploration and development company focused on iron ore in
Cameroon, is pleased to provide results for the exploration
programme undertaken at its 100% owned Akonolinga exploration
permit, located 85km North-west of the Nkout Iron Ore Project
("Nkout").
Highlights
-- Four drill targets identified, with a total of 50 magnetic anomalies discovered
-- Surface sampling identifies high grades of up to 58.5% Fe
-- Pits and trenching identify mineralised intersections with grades up to 55.9% Fe
Luis da Silva, Chief Executive Officer of Afferro,
commented:
"The results from Akonolinga demonstrate the potential at the
fourth of the Company's iron exploration permits, as Afferro looks
to create value across its portfolio of projects in Cameroon.
Akonolinga demonstrates strong potential transport synergies with
our flagship project, Nkout, as it lies alongside the proposed rail
corridor, which Afferro intends to use for transfering iron ore
from Nkout to the planned terminal at Kribi. Akonolinga provides
further optionality and exploration upside."
Interpretation of Airborne Geophysics
Preliminary interpretation by Southern Geoscience Consultants of
an airborne geophysical survey comprising 2,054 line kilometres
added 25 magnetic anomalies to the 25 that had already been
identified within the permit.
The survey comprised two adjoining blocks. Block A comprising
880 line kilometres flown at 50m line spacing to provide enhanced
definition over the AKFE-20 and AKFE-23 magnetic anomalies
previously identified and reported in the Afferro news release of 2
May 2012. Block B comprised 1,174 line kilometres flown at 100m
line spacing over untested ground and revealed two further magnetic
anomalies known as AKFE-45 and AKFE-43. These two anomalies are
coincident with topographic highs and lower magnetic amplitudes
potentially associated with oxidation of underlying banded iron
formations ("BIF").
Trial Pits and Trench
Twenty-five trial pits extending up to eleven metres in depth
and one trench were excavated over prioritised magnetic anomalies
to substantiate the preliminary magnetic interpretation.
Iron mineralisation was encountered in the majority of the pits.
Mineralisation extended from surface through a friable oxidised
zone to the underlying competent BIF interface. Two pits in the
vicinity of AKFE-23 each returned grades in excess of 50% Fe. The
highest grade reported was 55.9% Fe at the trench excavated within
the AKFE-20 anomaly.
Surface Sampling
Assays results returned to date from a combination of 194 rock
and soil samples based on 1km north-south traverses at a spacing of
200m were taken in conjunction with the trial pits. Grades of up to
58.5% Fe were found in a specific 4km by 1km area coincident with
AKFE-23 and topographic high.
Drill Targets
Afferro has selected magnetic anomalies known as AFFE-20,
AKFE-23, AKFE-43 and AKFE-45 as follow-up drill targets.
Afferro Mining Inc.
Luis da Silva / Jeremy Cave
Tel: +44 (0) 20 7010 7680
Investec
Nominated Adviser: Neil Elliot
Corporate Broker: Chris Sim
Tel: +44 (0) 20 7597 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% iron and an Inferred Mineral
Resource Estimate of 1.33Bt at 30.3% iron.
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) accepts 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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