AFO Afriore

RNS Number:1238U
AfriOre Limited
15 November 2005


    Craigmuir Chambers,       Tel: 212-386-5496       E-mail: info@afriore.com
    Main Street,              Fax: 212-386-5425       Web site: www.afriore.com
    Road Town,                Toll: 800-364-1782
    Tortola,
    British Virgin Islands




AfriOre Disposes of its Rights in Banankoro Gold Project, Mali as Focus Remains
on  Development of Akanani Platinum Project



Road Town, Tortola, British Virgin Islands (November 15, 2005): AfriOre Limited
(TSX/AIM: AFO) ("AfriOre") announces that it has concluded an agreement to sell
its rights in the Banankoro gold project in Mali to a private French company,
Pacifico (Societe en Commandite par Actions) ("Pacifico"), for the sum of US$1.5
million, payable in cash. Proceeds of the sale will be used mainly for AfriOre's
exploration projects, and in particular its Akanani Platinum Project.

In September 2002 AfriOre entered into a joint venture agreement (the "Banankoro
JV") with New Gold Mali SA ("NGM"), a subsidiary of Paris-listed company Maurel
and Prom, to explore and develop NGM's exploration licence areas in the
Banankoro area of the Kangaba district in south-western Mali.  By 2004 AfriOre
had drilled approximately 4,500 metres in 23 holes, confirming the presence of
gold mineralization at the Bagama high-grade prospect and identifying other
targets for follow-up exploration. However, the acquisition of rights in late
2004 to the promising Akanani Platinum Project in South Africa prompted a review
of the Company's exploration priorities and a decision was taken to focus on the
Akanani Platinum Project and dispose of the Company's rights in Banankoro.

The purchase consideration of US$1.5 million is payable by Pacifico in three
unconditional cash tranches, an initial amount of US$750,000 payable upon the
date of signature of the disposal agreement on 4 November 2005, followed by
tranches of US$500,000 and US$250,000 payable at six and twelve months
respectively after the signature date. In the event of any payment default, the
Banankoro JV will be reinstated and AfriOre will again have the right to earn up
to 60% interest in the Banankoro project.



                                    - Ends-

For further information contact:

AfriOre Limited                                    Charles Stanley & Co
Stuart Comline                                     Dugald Carlean
T: +27 83 654 5449                                 T: +44(0) 20 7953 2485

Alan Friedman
Tau Capital Corp                                   Parkgreen Communications
T: +1 416 361 9636                                 Justine Howarth / Ana Ribeiro
E: friedman@taucapital.com                         T: +44 (0) 20 7493 3713
www.afriore.com


Notes to editors

About AfriOre

AfriOre is engaged in the acquisition, exploration and development of gold and
platinum exploration properties in Africa. It has gold exploration properties in
South Africa, Mali, Namibia and Kenya and the Akanani platinum group metal
properties in South Africa.

The Company has 40,099,377 shares outstanding (47,270,203 fully diluted) and
cash of approximately CAD 6.1 million, excluding the proceeds to be received
from the abovementioned disposal of rights in Banankoro.

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 document may contain or refer to forward looking information based on
  current expectations. Forward-looking statements are subject to significant
 risks and uncertainties, and other factors that could cause actual results to
 differ materially from expected results. These forward-looking statements are
 made as of the date hereof and we assume no responsibility to update or revise
                  them to reflect new events or circumstances.


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

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