Afferro Mining Inc. - Nkout Iron Ore Project - Further Extensions Defined

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES./

LONDON, UK, Feb. 21, 2013 /CNW/ - Afferro Mining Inc. ("Afferro" or the "Company"), the exploration and development company focused on iron ore in Cameroon, is pleased to provide an update on operations at its 100% owned Nkout project ("Nkout"). The Company is continuing its programme of exploration for further potential direct shipping ore ("DSO") and high grade saprolite zones, which could be beneficiated, at a low cost, using a simple processing solution.

Highlights

  • Additional assays returned from 74 diamond drill holes completed in Q3 and Q4 2012 amounting to 4,349m of drilling. Highlights include:
    • 44m at 51.7% Fe from surface, including 11m at 62.2% Fe and 10m at 59.2% Fe
    • 28m at 53.4% Fe from surface, including 12m at 55.8% Fe
    • 26m at 52.0% Fe from surface, including 12m at 60.6% Fe
    • 9m at 59.9% Fe from surface
    • 26m at 50.5% Fe from surface
  • Drilling programme to continue, targeting open areas of further potential DSO and potentially easily beneficiated high grade saprolite
  • Full structural review of the Nkout data set underway
  • Results from drilling programs completed at Nkout have been returned in preparation for commencement of Mineral Resource Estimation 5 ("MRE5")

Luis da Silva, Chief Executive Officer of Afferro, commented:

"These results from the on-going exploration at Nkout have identified further potential DSO and a high grade saprolite resource which could be beneficiated using a simple processing solution. In particular, the results indicate a high grade saprolite zone extending to the south-west of Nkout Centre, with intercepts grading up to 60% iron.  We believe that this material would be conducive to the attrition scrubbing method, as discussed in our announcement of 4 February 2013.

These results will be incorporated into an updated MRE5. Work will continue in February with reconnaissance drilling of the D9 magnetic anomaly."

Nkout Iron Ore Project

Afferro continued reconnaissance and resource drilling at Nkout through in Q3 and Q4 of 2012. The results reported are from 74 diamond drill holes comprising 4,349m of drilling conducted between 20 August 2012 and 5 November 2012 when drilling was relocated to focus on the Ntem exploration permit.

As set out in the announcement dated 12 November 2012, drilling at Nkout East and Nkout Centre is focused on investigating shallow, high grade iron mineralisation contained in the oxide and transitional saprolitic zones overlying the primary magnetite BIF. A summary of the mineralised intersections are shown in Table 1 and in the links below.

http://www.Afferro-Mining.com/i/maps/cameroon/Intercepts_NkoutCentre_JAN2013.png
http://www.Afferro-Mining.com/i/maps/cameroon/Intercepts_NkoutEast_JAN2013.png

The potential DSO, saprolite and magnetite BIF mineralisation at Nkout is the subject of metallurgical testwork being carried out by SGS Laboratories in Perth, Western Australia.  Further results are expected in Q1 2013.

Nkout East

20 diamond drill holes were completed, totaling 1,118 metres which have further defined the potential DSO unit detailed in the news release of 12 November 2012. Results of this drilling remain positive with multiple intercepts in excess of 55% Fe defining the high grade DSO ore body and additional high grade saprolitic material within the oxide zone (results are contained in table 1).

Nkout Centre

54 diamond drill holes were completed totaling 3,231 metres to further define and extend the potential DSO in the south-western extension of the Nkout Centre prospect. Drilling has resulted in better definition of the high grade DSO zone outlined in earlier drill phases and expanded on additional high grade saprolitic material associated with underlying magnetite BIF mineralisation. A structural study has commenced to focus on this area to further define the bounding controls to mineralisation and allow better targeting for future DSO drill programmes. Potential DSO material remains open to the south west.

Table 1 -- Nkout Mineralised Intersections

                      Fe P Al2O3 SiO2
  Hole_ID  Azimuth    Dip    Elevation   UTM_Easting   UTM_Northing   End of Hole  From To  Interval   average   average   average   average 
Nkout
East
 NKEGS011  180 -80 719 258002 286800 59.8 6.5 30 23.5 34.02 0.05 8.83 40.49
            41 56.7 15.7 35.29 0.05 3.02 45.08
NKEGS012 180 -80 711 258001 286853 63.05 7 12.03 5.03 33.5 0.04 16.29 25.54
NKEGS013 180 -80 697 257996 286954 52.51 2.48 8.3 5.82 36.47 0.08 14.48 21.62
NKEGS014 180 -80 710 258102 286849 47.9 6 11 5 35.48 0.06 14.66 23.36
NKEGS015 180 -80 707 258106 286903 43.85 5 12.3 7.3 34.31 0.08 16.35 22.22
            30 38 8 32.47 0.1 4.76 44.52
            41.8 43.85 2.05 33.97 0.07 2.53 43.8
NKEHC072 180 -80 703 258002 286905 51.4 3.4 9.4 6 46.68 0.05 10.69 14.67
NKEHC073 180 -80 711 258100 286808 52.9 2.5 7 4.5 34.09 0.07 16.38 23.98
NKEHC074 180 -80 705 258104 286952 35.7 5 9 4 32.04 0.05 18.72 23.95
NKEHC075 180 -80 712 257291 286899 75.5 2 26 24 35.92 0.05 7.24 36.17
          86 44 61 17 34.97 0.05 2.49 46.01
          69.5 67.5 75.5 8 31.23 0.06 2.42 48.5
NKEHC076 180 -80 712 257303 286952 84.5 2 9 7 39.4 0.09 13.54 19.73
            47 56 9 35.05 0.05 2.79 44.47
            77 80.5 3.5 34.46 0.05 1.08 46.1
NKEHC077 180 -80 723 257299 286849 98.2 0 59.65 59.65 36.73 0.07 5.62 37.72
            68 69.5 1.5 10.96 0.05 2.39 49.3
NKEHC079 180 -80 735 257299 286799 48.67 0 12 12 49.08 0.1 7 13.49
          inc 5 10 5 55.37 0.13 4.79 6.75
NKEHC082 180 -80 755 257095 286752 61.9 0 8 8 51.66 0.04 9.62 8.99
          inc 6 8 2 55.72 0.03 7.81 7.45
NKEHC083 180 -80 739 257096 286653 74 3.4 6.4 3 30.48 0.04 9.12 40.7
NKEHC084 180 -80 804 256899 286760 28.9 0 30.4 30.4 41.58 0.05 6.21 28.03
NKEHC085 180 -80 809 256898 286848 52.9 0 44 44 51.67 0.05 6.96 10.6
          inc 9.5 20 10.5 62.16 0.05 2.33 2.12
          inc 27.5 37.5 10 59.23 0.07 1.75 5.26
NKEHC086 180 -80 769 256993 286706 61 3.4 12.9 9.5 49.13 0.08 10.16 10.61
NKEHC087 180 -80 780 256991 286800 83.35 0 9.4 9.4 47.39 0.06 9.64 14.94
Nkout
 Centre 
NKGS033 180 -80 850 253303 285451 150.03 0 61 61 38.32 0.05 2.58 32.58
          inc 10.5 13.28 2.78 60.57 0.05 3.57 8.18
NKGS034 180 -80 858 253104 285655 54.5 0 11 11 40.64 0.09 18.1 11.15
            26.8 36.04 9.24 49.9 0.1 7.62 14.45
          inc 29.5 34.04 4.54 56.77 0.1 5.03 8.29
NKGS035 180 -50 789 253306 285158 78.94 0 47.16 47.16 43.8 0.05 1.92 29.48
          inc 2.5 6.5 4 59.14 0.09 4.18 6.92
            84 96 12 30.17 0.04 3.47 47.15
            112 118 6 34.24 0.04 1.04 45.9
            140  150.08  10.08 32.1 0.04 2.69 44.02
NKGS036 180 -80 762 253088 285356 64.38 0 7 7 50.67 0.06 11.3 6.25
NKGS038 180 -80 803 253313 285261 45.34 0 64.34 64.34 40.46 0.05 3.44 35.33
          inc 2 10.5 8.5 58.32 0.05 5.88 5.07
NKGS040 180 -80 814 253307 285307 68.07 0 45.34 45.34 39.1 0.04 1.18 35.31
          inc 0 5.85 5.85 56.16 0.1 5.18 6.71
NKGS041 180 -80 869 253393 285602 41.22 0 38.8 38.8 40.23 0.05 4.1 20.85
          inc 6 16.34 10.34 56.73 0.04 3.52 11.57
NKGS042 180 -80 861 253390 285554 43.8 0 33.2 33.2 40.35 0.09 5.82 16.82
          inc 0 2 2 56.47 0.26 9.3 1.94
          inc 9.04 15 5.96 55.25 0.08 7.82 5.79
            39.2 55.5 16.3 38.21 0.05 0.94 39.87
NKGS043 180 -80 805 253008 285549 60.2 0 42.86 42.86 42.92 0.04 0.69 35.79
          inc 0 4.5 4.5 57.31 0.07 2.89 10.74
NKGS044 180 -80 729 252901 285499 44.64 2 10 8 41.91 0.06 6.5 28.26
NKGS045 180 -80 806 253490 285449 52.3 0 8.9 8.9 47.16 0.08 15.32 6.61
NKGS046 180 -80 813 253493 285544 59.7 0 11.7 11.7 53 0.1 10.67 4.73
NKGS047 180 -80 809 253490 285496 65.94 0 12.3 12.3 49.83 0.11 12.12 6.84
          inc 7.3 10.3 3 56.3 0.07 8.03 3.47
NKGS048 180 -80 774 253304 285101 73.93 0 59.7 59.7 39.87 0.55 1.3 34.28
          inc 0 8.7 8.7 59.89 0.09 4.75 3.03
NKGS049 180 -80 751 253304 285003 56.53 0 44.94 44.94 39.55 0.04 1.05 37.78
             50.94  57.74 6.8 35.12 0.06 1.61 46.61
NKGS050 180 -80 717 253305 284849 56 0 69.75 69.75 40.29 0.04 0.8 36.65
NKGS051 180 -80 694 253304 284751 39 0 8.9 8.9 28.15 0.07 2.79 16.05
            20.9 24.9 4 37.44 0.06 3.45 39.1
            28.9 32.9 4 41.04 0.07 1.72 36.5
NKGS052 180 -80 736 252904 285544 48.47 0 8.5 8.5 41.06 0.05 5.14 31.62
NKGS053 180 -80 721 252897 285455 46.35 0 10.5 10.5 45.87 0.06 5.68 10.53
          inc 0 3.62 3.62 55.58 0.08 6.1 8.8
NKGS054 180 -80 712 252898 285407 46.2 0 4 4 41.63 0.08 7.93 25.15
NKGS055 180 -80 691 252800 285452 115.6 6.05 8 1.95 36.57 0.04 8.58 32.2
NKGS056 180 -80 697 252797 285496 93.14 2 12.53 10.53 34.35 0.07 9.55 35.09
NKHC156 180 -80 721 253894 285997 74.04 0 115.6 115.6 44.62 0.06 1.18 32.49
          inc 6 12 6 56.12 0.09 2.24 12.5
NKHC157 180 -80 703 254002 285899 66.04 0 77 77 40.56 0.06 5.46 32.41
            83 91 8 31.74 0.06 1.97 47.05
NKHC158 180 -80 886 253301 285609 55.48 0 28 28 53.43 0.2 10.24 2.32
          inc 0 12 12 55.76 0.12 9.94 0.9
          inc 18 20 2 57.23 0.26 6.76 2.11
            46 48 2 31.01 0.13 20.5 25.5
NKHC159 180 -80 870 253303 285549 66.04 0 26 26 50.52 0.12 12.27 5.19
          inc 0 2 2 59.02 0.23 5.64 1.82
            40 54 14 38.43 0.06 7.04 33.81
            64 66.04 2.04 32.04 0.06 4.7 54.3
NKHC160 180 -80 856 253301 285497 58.38 0 22 22 44.59 0.08 13.45 12.9
NKHC161 180 -80 848 253097 285605 49.44 0 21 21 45.11 0.09 14.39 11.06
            27 58.5 31.5 44.07 0.07 2.61 31.23
NKHC162 180 -80 833 253102 285551 36.14 0 16 16 41.67 0.07 15.64 14.95
            44 56.88 12.88 34.87 0.05 2.37 44.83
NKHC163 180 -80 819 253103 285509 52.28 0 12 12 44.17 0.07 14.21 12.38
            45.5 47.5 2 39.48 0.06 0.11 41.4
NKHC164 180 -80 797 253101 285459 52.58 0 36.14 36.14 41.69 0.03 1.12 37.41
NKHC166 180 -80 740 253081 285309 46.7 0 3.363 3.363 52.64 0.05 7.1 11.58
NKHC167 180 -80 721 253104 285256 52.97 0 17 17 43 0.06 8.6 23.14
NKHC168 180 -80 662 254039 286056 55.37 0 46.7 46.7 37.55 0.07 2.23 39.5
NKHC169 180 -80 673 254001 286009 67.74 0 38.3 38.3 45.89 0.06 2.02 29.98
            50 53.3 3.3 36.38 0.03 0.23 43.76
NKHC170 180 -80 699 253905 286050 20.38 0 27.11 27.11 45.63 0.14 7.51 20.64
          inc 12.11 15.11 3 55.3 0.11 4.7 10.6
            34.61 41 6.39 38.93 0.04 5.46 49.42
            49.61 55.37 5.76 36.98 0.05 0.2 42.05
NKHC171 180 -80 694 254003 285955 50.22 0 67.74 67.74 43.72 0.05 2.67 31.31
          inc 10 15.24 5.24 57.17 0.1 5.34 6.83
NKHC173 180 -80 711 253103 285205 33.29 0 18.12 18.12 51.89 0.06 7.62 12.41
          inc 3.36 10.66 7.3 56.14 0.07 8.33 4.2
            42 50.22 8.22 42.26 0.04 0.97 36.9
NKHC174 180 -80 843 253395 285452 40.77 0 26.36 26.36 52.01 0.06 4.94 15.94
          inc 3.4 15.36 11.96 60.62 0.06 4.66 3.93
            48.36 51.36 3 38.92 0.04 0.77 43.54
NKHC175 180 -80 849 253396 285494 42.16 0 33.29 33.29 39.66 0.04 0.83 40.41
NKHC176 180 -80 762 253007 285458 61.09 0 41.17 41.17 40.28 0.04 0.88 38.65
NKHC177 180 -80 793 253021 285502 60.5 0 9 9 50.24 0.08 8.66 13.99
NKHC178 180 -80 818 253494 285600 53.75 0 25.81 25.81 47.09 0.05 1.4 29.65
          inc 7 9 2 55.05 0.05 2.19 17.8
            37.81 55.5 17.69 38.95 0.05 1.02 40.39
          inc 0 3 3 60 0.09 3.55 5.97
NKHC179 180 -80 762 253301 285056 89.64 0 60.5 60.5 41.84 0.04 0.24 38.74
NKHC180 180 -80 744 253308 284959 38.34 0 53.75 53.75 42.13 0.03 0.46 38.17
NKHC181 180 -80 730 253309 284900 57.5 0 47.9 47.9 43.13 0.06 1.46 34.74
            69.5 75.5 6 30.01 0.06 3.05 46.33
NKHC183 180 -80 725 252807 285604 56.4 0 2.5 2.5 31.13 0.06 10.95 37
NKHC185 180 -80 688 252805 285404   4 6 2 39.07 0.09 9.06 27.6

*results are reported as down-hole lengths with a lower cut-off grade of 30% and a maximum internal waste of 5m. Datum WGS84, Zone 33, some minor errors occur due to rounding. # reported with a >55% Fe COG

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.  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.

Qualified Person

Howard Baker (MAusIMM(CP)) has 18 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 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.

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 its MD&A for the 12 months ended 31 December 2011, available under the Company's profile on SEDAR at www.sedar.com.  Factors that could cause actual results or events to differ materially from current expectations include but are not limited to:  exploration risks, the grade and recovery of ore which is mined varying from estimates; estimates of future production, mine development costs, timing of commencement of operations; changes in exchange rates; access to capital; fluctuations in commodity prices; and adverse political and economic developments in the countries in which we or our investments operate.  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 of this release.

SOURCE: Afferro Mining Inc.

For further 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) 20 7597 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

Profil de l'entreprise

Afferro Mining Inc.

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