AFO Afriore

RNS Number:4690Q
AfriOre Limited
25 August 2005

                      AFRIORE LIMITED COMPLETES FINANCING

For Immediate Release Thursday, August 25th, 2005

Road Town, Tortola, British Virgin Islands (August 25, 2005) - AfriOre Limited
("AfriOre") (TSX/AIM: AFO) announces that the best efforts private placement
(previously announced on August 5, 2005) closed today.  In order to meet demand
for the units, Westwind Partners Inc., Jones, Gable and Company Limited and
PowerOne Capital Markets Ltd. (collectively, the "Agents") exercised their
over-allotment option, resulting in AfriOre issuing 4,666,640 Units at C$1.50
each, generating gross proceeds of C$6,999,960.00.

As a result of the placement, 4,666,640 common shares are expected to be
admitted to trading on AIM of the London Stock Exchange on 30 August 2005,
following this there will be a total of 40,099,377 common shares in issue.

Each Unit consisted of one common share of AfriOre and one-half of a common
share purchase warrant.  Each whole common share purchase warrant entitles the
holder thereof to acquire one AfriOre common share of AfriOre at an exercise
price of C$1.85 per share until August 24, 2007. In the event that the closing
price of the AfriOre common shares, on the Toronto Stock Exchange, exceeds
C$2.50 for a period of 20 consecutive trading days, AfriOre will have the right
to accelerate the expiry date of the common share purchase warrants to 30
calendar days following such notice.

In connection with the private placement, the Agents received an aggregate of
303,331 broker warrants, each broker warrant entitling the holder thereof to
acquire one common share of AfriOre at an exercise price of C$1.50 per share at
any time until August 24, 2007.

The net proceeds from the private placement will be used for drilling and
exploration at the Akanani Platinum project in South Africa, as well as for
general corporate purposes.



For further information, please contact:
AfriOre Limited                                   Charles Stanley & Co
Stuart Comline                                    Dugald Carlean
T: +27 83 654 5449                                T: +44(0) 20 7953 2485
Alan Friedman                                     Parkgreen Communications
T: +1 416 361 9636                                Justine Howarth / Ana Ribeiro
E: friedman@taucapital.com                        T: +44 (0) 20 7493 3713
www.afriore.com

About AfriOre

AfriOre is listed on the Toronto Stock Exchange and London's Alternative
Investment Market and is engaged in the acquisition, exploration and development
of gold and platinum exploration properties in Africa. It has gold explorations
properties in South Africa, Mali, Namibia and Kenya and the Akanani platinum
group metals properties in South Africa.

AfriOre has 40,099,377 common shares outstanding (47,265,203 shares fully
diluted) and cash of approximately C$ 9.5 million.

AfriOre is listed in Standard & Poor's Corporation Records and furnishes
information to the SEC pursuant to Rule 12g 3-2(b) under the Securities Exchange
Act of 1934.








                      This information is provided by RNS
            The company news service from the London Stock Exchange
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