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TSX-V: AFF
AIM: AFF
LONDON,
Sept. 16, 2013 /CNW/ - The Board of
Afferro Mining Inc. ("Afferro" or the "Company") announces that, at
a special meeting (the "Meeting") held on 16
September 2013 in Vancouver,
Canada, Afferro shareholders and optionholders
(collectively, "Securityholders") voted in favour of the previously
announced proposed acquisition by IMIC of 100% of the issued and
outstanding share capital of Afferro pursuant to a Canadian court
approved plan of arrangement (the "Arrangement"). The Arrangement
resolution was approved by 97.03% of the shareholders of Afferro
present in person or represented by proxy at a Meeting and by 100%
of the optionholders of Afferro present in person or represented by
proxy at the Meeting.
In addition to the approval of Afferro
Securityholders, the Arrangement is subject inter alia to IMIC
shareholder approval, final court approval and the satisfaction or
waiver of the conditions to closing, including receipt of all
necessary regulatory approvals. As previously announced, it is
expected that the Arrangement will complete by 31 October 2013.
David
Netherway, Chairman of Afferro, commented: "We are
pleased that Afferro shareholders and optionholders have voted with
the Board of Afferro at this special meeting to consider the
Company's acquisition by IMIC and the opportunity to further
progress Afferro's flagship Nkout project and unlock value through
IMIC's ability to continue to de-risk the project and provide an
infrastructure solution. We now look forward to the completion of
the transaction, which we expect to take place next month."
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. All projects
are subject to government rights. Nkout has an Indicated Mineral
Resource Estimate of 1.6Bt at 33.3% Fe and an Inferred Mineral
Resource Estimate of 0.9Bt at 30.8% Fe. Ntem comprises an Indicated
Mineral Resource Estimate of 39.1Mt at 34.0% Fe and an Inferred
Mineral Resource Estimate of 76.4Mt at 34.2% Fe.
Qualified Person
Howard Baker
(MAusIMM(CP)) has 19 years' experience in the mining industry and
11 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.
SOURCE Afferro Mining Inc.