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 effect.
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.
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