NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US
NEWS WIRE SERVICES
LONDON, June 26, 2012 /CNW/ - Afferro Mining Inc. ("Afferro" or the
"Company"), the exploration and development company focused on iron ore
in West Africa is pleased to announce the appointment of Mr Ousmane
Kane (57) as a Non-Executive Director of the Company with immediate
Mr Kane has had an established and diverse career with leading
Mauritanian and pan-African public and financial institutions. During
pivotal periods over the last few decades, he served as Minister of
Finance and Governor of the Central Bank of Mauritania, as Director
General of Mauritania's state-owned iron ore company Société Nationale
Industrielle et Minière ("SNIM"), and as Senior Adviser to Mauritania's
Head of State.
Whilst holding these positions, Mr Kane initiated and managed major
official reform, restructuring and investment programmes, including at
SNIM (Africa's second-largest iron ore exporter), with the successful
implementation of a $1bn financing for the modernisation and the
development of the company, whilst concurrently addressing challenges
related to the 2008-09 global economic crisis.
Earlier in his career, he held senior positions of increasing strategic
importance at the African Development Bank, and served as its Vice
President from 2003-2005. Mr Kane is a qualified engineer and a
graduate of the Ecole Nationale Supérieure des Mines de Saint-Etienne
(France) and the Ecole Polytechnique, Palaiseau (France).
The Company's Chairman, David Netherway commented:
"I am very pleased that Ousmane has agreed to join the Board of Afferro.
His extensive knowledge of the iron ore industry, together with his
experience in banking and government, will ensure that he contributes
richly to the Company's strategy and development. We believe his depth
of knowledge and skills will be invaluable to Afferro as we position
the Company for the next major phase of development and growth."
Mr Kane further commented:
"I am delighted to be joining Afferro at this important time for the
Company and I am excited about the opportunity to advance the Nkout
Project and the Company's other Cameroon assets, which I believe offer
significant opportunities for value creation for both shareholders of
Afferro and Cameroon alike."
Mr Kane is currently Deputy Chairman of African Iron Ore Group Ltd, a
private company incorporated in Seychelles with interests in the
African iron ore industry.
Save as set out above, there are no details in relation to the
appointment which need to be disclosed under paragraph (g) of Schedule
2 of the AIM Rules.
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 Ngoa, an exploration target bordering Nkout. Nkout
comprises an NI 43-101 compliant indicated mineral resource estimate of
944Mt at 32.7% Fe and an inferred mineral resource estimate of 1.05Bt
at 31.6% Fe.
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.
SOURCE Afferro Mining Inc.
For further information:
Please see the Company's website at www.afferro-mining.com or contact one of the following:
Afferro Mining Inc.
Bevan Metcalf / Jeremy Cave
Tel: +44 (0) 20 7257 2930
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