/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES./
LONDON, UK, Nov. 26, 2013 /CNW/ - Further to the announcement made on 25 November 2013 Afferro Mining Inc. ("Afferro" or the "Company") and International Mining & Infrastructure Corporation plc ("IMIC") have agreed to amend the Arrangement Agreement.
The amendment provides for the extension of the outside date to 31 December 2013. All other commercial details of the Arrangement Agreement remain unchanged. In addition to the approval of the shareholders of IMIC, the Arrangement remains subject to, inter alia, the satisfaction or waiver of the conditions to closing.
A further announcement on the timetable of the principal events will be made in due course.
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. 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 for the 12 months ended 31 December 2012, available under the Company's profile on SEDAR at www.sedar.com. 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.
This news release contains forward-looking statements concerning the expected completion date of the Arrangement. There can be no assurance that the Arrangement will occur or that the anticipated strategic benefits and operational, competitive and cost synergies will be realized. The Arrangement remains conditional on approval by IMIC shareholders and the satisfaction or waiver of the conditions to closing, including receipt of all necessary regulatory approvals, and there can be no assurance that any such approvals will be obtained in a timely manner or at all and/or any such conditions will be met.
The Arrangement could be modified, restructured or terminated. Readers are cautioned that the foregoing list of factors is not exhaustive. Other risks and uncertainties not presently known to Afferro or that Afferro presently believes are not material could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein.
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.
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 which are supported by the technical report titled "Mineral Resource Estimate and Preliminary Economic Assessment for the Nkout Iron Project, Community of Djoum, Cameroon May 2013" with the effective date May 28, 2013. Ntem has 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 which are supported by the technical report titled "Mineral Resource Estimate for the Ntem (Fe08) Iron Ore Project, South Province, Cameroon May 2013, with the effective date 3 May 2013.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Afferro Mining Inc.
For further information:
Afferro Mining Inc.
Luis da Silva / Jeremy Cave
+44 (0) 20 7010 7680
Canaccord Genuity Limited
Neil Elliot / Joe Weaving
+44 (0) 20 7523 8000
Investec Bank Plc
Nominated Adviser and Joint Broker
Chris Sim / Jeremy Ellis / George Price
+44 (0) 20 7597 5970
RBC Capital Markets
Jonathan Hardy/Richard Hughes
+44 (0) 20 7653 4000
Pelham Bell Pottinger
Public Relations Adviser
Daniel Thöle/James MacFarlane
+44 (0) 20 7861 3232