TIDMAFF
RNS Number : 9922W
Afferro Mining Inc.
04 February 2013
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES.
4 February 2013
AFFERRO MINING INC.
Potential to Reduce Processing Capital Expenditure and Operating
Costs at Nkout
Afferro Mining Inc. ("Afferro or the Company", TSX-V & AIM:
AFF) is pleased to announce further excellent metallurgical
testwork results from the Nkout Iron Ore Project ("Nkout"). Further
to the press release of 17(th) December 2012, the company has now
completed all of the original testwork. The results highlight the
opportunity for significant savings in the combined processing of
Direct Shipping Ore ("DSO") and saprolite resource and are
consistent with the earlier testwork for the Magnetite Banded Iron
Formation ("BIF").
Highlights:
Saprolite
-- Testwork has been designed to understand the potential of the saprolite component of
NI-43 101 compliant resource:
o 248mt Inferred at 35.0% iron
-- Results demonstrate that higher grade material can be beneficiated to a premium grade
material
o Samples grading 53% iron were beneficiated using simple
attrition scrubbing to a product grade of 59-64%
-- Further testing underway to assess the potential to simplify saprolite and DSO
processing
o A significant reduction in capital expenditure ("Capex") and
operating expenditure ("Opex") may be achievable from:
-- Saprolite circuit simplified by removal of milling
-- Integration of DSO and saprolite processing into a single
combined circuit
-- Simple mechanical beneficiation of both DSO and saprolite
-- Further results expected by the end of Q1 2013
Magnetite BIF
-- Davis Tube wash testing on five composite samples were consistent with excellent
early results:
o Highly marketable sinter fines magnetite concentrate of 66-69%
iron, with low
deleterious elements achieved at a coarse grind size of 106um
for all
composites
o High 70-71% iron grade achieved at a pellet feed grind
size
o Tests designed to closely simulate full-scale plant
performance and predict
plant recovery and product grade. There is greater confidence in
the scalability of the Davis Tube wash results than the previous
Davis Tube recovery results
-- Pilot-scale testing of the five composites at 106um, 125um and 150um grind sizes
commenced in January 2013, with results expected by the end of
Q1 2013
Afferro's CEO, Luis da Silva, commented:
"These outstanding results highlight one of the key attractions
of Nkout- its metallurgy. Bench-scale testing of the 28t of
material has been completed to schedule and confirms and increases
confidence from earlier results. We feel this sets Nkout apart from
other projects in the region.
Work on the saprolite resource is encouraging. There is the
potential to combine saprolite and DSO processing to deliver
significant Opex and Capex improvements relative to the Preliminary
Economic Assessment ("PEA"). Combining saprolite and DSO processing
would result in a substantially less capital-intensive early phase
production with significant upside to the Nkout economics. This is
another area where there is upside to last year's PEA, enabling an
early phase of production.
The BIF further supports the project economics. It is therefore
very good news to have our positive early metallurgical results
confirmed by a further five composite samples put through improved
testing. Modelling this coarse grind size in further feasibility
work should provide additional process cost savings from those
assumed in the PEA. We look forward to the releasing the results of
the additional BIF and saprolite testing when they are
completed."
BIF Metallurgical Results
Davis Tube Wash tests indicate a good concentrate grade and
liberation at comparatively coarse particle size. The PFS BIF
processing is expected to target a P80 in the 150 micron to 106
micron range. Deleterious elements in this size range are low. The
following is an example of the results achieved from this work:
Davis Tube Wash Results summary for Comps 1 and 2
Comp Feed Grind Magnetic Concentrate
------- -------------- ---------- ------------------------------------------------
Fe SiO(2) P(80) Mass Fe Rec. Fe SiO(2) Al(2) P
Rec. O(3)
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
(%) (%) (microns) (%) (%) (%) (%) (%) (%)
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
NKMET
032 33.3 45.8 500 63.3 91.6 51.8 25.6 0.3 0.02
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
250 52.6 88.8 57.9 17.8 0.3 0.01
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
150 45.6 88.5 66.6 6.6 0.2 0.005
---------- ------ -------- ----- ------- ------ ------
106 48.8 90.2 69.1 3.2 0.3 0.003
---------- ------ -------- ----- ------- ------ ------
75 45.3 89.3 70.6 1.6 0.1 0.003
---------- ------ -------- ----- ------- ------ ------
45 47.6 89.9 71.2 0.9 0.1 0.003
---------- ------ -------- ----- ------- ------ ------
38 47.9 89.7 71.0 0.8 0.2 0.003
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
NKMET
034 33.9 44.4 500 61.6 91.1 52.4 24.7 0.2 0.017
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
250 56.3 90.8 59.8 15.2 0.2 0.011
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
150 48.9 89.2 65.9 7.7 0.1 0.007
---------- ------ -------- ----- ------- ------ ------
106 46.8 89.4 69.0 3.6 0.1 0.005
---------- ------ -------- ----- ------- ------ ------
75 46.0 89.4 70.6 1.6 0.1 0.003
---------- ------ -------- ----- ------- ------ ------
45 42.1 87.6 71.4 0.8 0.1 0.003
---------- ------ -------- ----- ------- ------ ------
38 42.4 87.3 71.4 0.9 0.1 0.003
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
Davis Tube Wash Results summary for Comps 3 and 4
Comp Feed Grind Magnetic Concentrate
------- -------------- ---------- ------------------------------------------------
Fe SiO(2) P(80) Mass Fe Rec. Fe SiO(2) Al(2) P
Rec. O(3)
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
(%) (%) (microns) (%) (%) (%) (%) (%) (%)
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
NKMET
035 33.5 45.1 500 59.0 83.0 47.5 30.3 0.6 0.024
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
250 50.3 88.6 59.8 15.2 0.2 0.011
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
150 37.6 72.3 63.3 10.2 0.6 0.011
---------- ------ -------- ----- ------- ------ ------
106 35.5 72.0 67.8 5.2 0.2 0.007
---------- ------ -------- ----- ------- ------ ------
75 38.3 74.5 69.4 2.8 0.1 0.007
---------- ------ -------- ----- ------- ------ ------
45 38.3 74.2 70.9 1.1 0.1 0.005
---------- ------ -------- ----- ------- ------ ------
38 33.5 70.1 71.2 1.1 0.1 0.005
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
NKMET
036 25.3 29.3 500 45.9 71.0 42.0 32.7 4.2 0.04
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
250 38.1 67.9 46.7 27.7 3.5 0.036
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
150 29.3 63.5 59.4 13.2 1.8 0.021
---------- ------ -------- ----- ------- ------ ------
106 22.5 58.7 66.0 6.5 1.1 0.013
---------- ------ -------- ----- ------- ------ ------
75 25.9 63.8 68.1 3.8 0.7 0.01
---------- ------ -------- ----- ------- ------ ------
45 24.6 62.6 69.8 2.3 0.6 0.007
---------- ------ -------- ----- ------- ------ ------
38 n/t
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
Davis Tube Wash Results summary for Comp 5
Comp Feed Grind Magnetic Concentrate
------- -------------- ---------- ------------------------------------------------
Fe SiO(2) P(80) Mass Fe Rec. Fe SiO(2) Al(2) P
Rec. O(3)
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
(%) (%) (microns) (%) (%) (%) (%) (%) (%)
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
NKMET
038 31.4 45.8 500 75.6 88.9 35.9 42.2 2.0 0.041
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
250 46.0 78.4 52.4 23.6 0.9 0.022
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
150 39.8 79.4 66.0 7.6 0.3 0.008
---------- ------ -------- ----- ------- ------ ------
106 38.2 78.8 68.6 4.2 0.2 0.005
---------- ------ -------- ----- ------- ------ ------
75 33.4 76.1 70.3 2.1 0.2 0.003
---------- ------ -------- ----- ------- ------ ------
45 33.0 75.7 71.2 1.1 0.2 0.003
---------- ------ -------- ----- ------- ------ ------
38 37.7 79.2 71.2 1.1 0.2 0.003
------- ----- ------- ---------- ------ -------- ----- ------- ------ ------
For further information please contact one of the following:
Contact Information
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% Fe and an Inferred Mineral
Resource Estimate of 1.33Bt at 30.3% Fe.
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 its MD&A for the 12 months ended 31
December 2011, available under the Company's profile on SEDAR at
www.sedar.com. Factors that could cause actual results or events to
differ materially from current expectations include but are not
limited to: exploration risks, the grade and recovery of ore which
is mined varying from estimates; estimates of future production,
mine development costs, timing of commencement of operations;
changes in exchange rates; access to capital; fluctuations in
commodity prices; and adverse political and economic developments
in the countries in which we or our investments operate. 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 of this
release.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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