TIDMAFF
RNS Number : 7897D
Afferro Mining Inc.
02 May 2013
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES.
2 May 2013
TSX-V: AFF
AIM: AFF
AFFERRO MINING INC.
Ntem Testwork delivers Concentrate product up to 68.5% Iron
Afferro Mining Inc. ("Afferro" or the "Company"), the TSX-V
(AFF) and AIM (AFF) listed exploration and development company, is
pleased to announce metallurgy results for its iron ore project at
Ntem, located in south west Cameroon.
Highlights
-- High grade concentrate ranging between 68.5% and 65.2% iron
obtained from a grind size of 75um to 150um (P(80) ),
respectively
-- Excellent mass recovery and iron recovery of 46.7% and 81.6% at 150um, respectively
-- Results obtained from pilot-scale tests (Low Intensity
Magnetic Separation, "LIMS") of composite 15kg samples
-- Testing designed to accurately reflect large-scale processing
-- Marketable product with low deleterious elements
-- Davis Tube Recovery ("DTR") tests on 125 samples show that an
average 81.7% of iron is present as magnetite phase
-- High level of consistency between LIMS and DTR testwork
provides further confidence in LIMS results
Table 1: Results of pilot-scale LIMS testing of Ntem samples
Grind Size Feed Mass Fe Rec% Fe % SiO(2) Al(2) P % S %
(um P(80) Fe % Rec % O(3)
) % %
----------- ------ ----- -------- ----- ------- ------ ----- -----
75 37.4 44.2 80.9 68.5 4.25 0.12 0.01 0.00
106 37.2 44.9 81.2 67.2 6.14 0.17 0.01 0.00
150 37.3 46.7 81.6 65.2 8.55 0.24 0.01 0.01
----------- ------ ----- -------- ----- ------- ------ ----- -----
Luis da Silva, Chief Executive of Afferro, commented:
"Ahead of the Mineral Resource Estimate ("MRE"), these excellent
metallurgy results highlight the potential for a low-cost mining
operation at Ntem, delivering a highly marketable iron ore product.
Strategically located only 80km from the deep-water port being
constructed south of Kribi, we believe that the economics of a
small-scale operation at Ntem could be very exciting. We have now
completed the first two phases of drilling at Ntem and we remain on
track to complete the MRE and the infrastructure scoping study
results during Q2 2013. We believe that Ntem could add significant
value to our portfolio of assets, providing a potential low capex
opportunity to enter early stage production generating cash flow to
support our strategy to bring the large-scale Nkout iron ore
project to production."
LIMS Testwork
The magnetite banded iron formation ("BIF") samples had an
average head grade of 37.3% iron ("Fe"), representative of the
deposit at the Fe08 target at Ntem. The samples were all 15kg
composite samples taken from core from four holes across the
deposit. The LIMS testwork was completed at the SGS laboratory in
Perth, Australia. The results are highly encouraging and are
consistent with DTR and Davis Tube Wash ("DTW") testing. LIMS
testwork is pilot scale and uses a low magnetic field strength. It
is therefore more representative of bulk processing. The results
show that at a coarse grind size of a P(80) of 150um a high grade
concentrate of 65.2% iron is attained at high recovery rates with
mass recovery of 46.7% and iron recovery of 81.6%. The product also
has very low deleterious materials, with only 0.24% alumina ("Al(2)
O(3) ")and 0.01% phosphorous ("P") present. The silica ("SiO(2) ")
content ranges from 4.25% to 8.55% at grind sizes of 75um to 150um
respectively.
DTR Testwork
The magnetite BIF samples had an average head grade of
approximately 36% iron, with 125 composite samples being selected
for DTR test work. Assay pulps from the fresh magnetite were used
to produce 8m down-hole length composite samples. The DTR test work
was completed at the SGS laboratory in Perth, Australia. The
results are highly encouraging with a very high grade concentrate
averaging 70.9% Fe, 0.08% Al(2) O(3) , 1.42% SiO(2) and 0.002% P
attained at an average mass recovery of 41.8%, at a grind size
P(80) of less than 45um. The DTR results show that on average 81.7%
of the Fe within the BIF relates to a magnetite mineral phase. As
the DTR tests were conducted on samples from across the deposit,
they add confidence to the results of the more specific LIMS
data.
DTW Testwork
DTW test work was carried out on the same composite sample as
used for the LIMS test work and was used to identify at which grind
sizes the LIMS test work should be carried out. The testing was
completed at the ALS laboratory in Perth, Australia. The data is
shown below and there is a good level of correlation with the LIMS
results.
Table 2: DTW Results from Ntem
Grind Size Mass Fe Rec Fe % SiO(2) Al(2) P % S %
(um P(80) Rec % % % O(3)
) %
----------- ------- ------- ----- ------- ------ ------ ------
500 56.5 84.2 54.8 21.7 0.45 0.023 0.009
250 50.1 82.9 61.3 13.5 0.31 0.014 0.010
150 46.2 84.5 67.2 6.0 0.18 0.009 0.011
106 43.8 80.5 69.4 3.3 0.11 0.007 0.008
75 43.2 81.9 70.4 1.9 0.08 0.005 0.012
45 42.1 79.8 71.1 1.2 0.07 0.003 0.009
38 42.2 79.0 71.0 1.2 0.08 0.005 0.009
----------- ------- ------- ----- ------- ------ ------ ------
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) 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 (subject to government rights). 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.
The Company had cash, cash equivalents and short-term deposits
totaling $89m on the 31 December 2012.
Qualified Person
Howard Baker (MAusIMM(CP)) has 19 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, 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 National Instrument 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 matters relating to the
geology, exploration results and mineral resources 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 2012, 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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