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LONDON, UK, Aug. 20, 2012 /CNW/ - Afferro Mining Inc. ("Afferro" or the "Company"), the TSX-V / AIM listed exploration and development company with iron ore projects in Cameroon is pleased to announce the filing of a technical report pursuant to National Instrument 43-101 ("NI 43-101"), relating to its Nkout project ("Nkout" or the "Project"). This follows the news release dated 4 July 2012 announcing the increase of indicated and inferred resources at Nkout.
With this news release, the Company is reporting the filing as required under NI 43-101. A copy of the document may be obtained via www.sedar.com and on the Company's corporate website www.afferro-mining.com.
The previously announced highlights of the Project are as follows:
- A 25% increase in the total indicated resources to 1.19 billion tonnes ("Bt") at a grade of 32.9% iron;
- A 27% increase in the total inferred resources to 1.33 Bt at a grade of 30.3% iron;
- High grade cap, comprising all material above a mineralised cut-off of 50% iron, totalling 25.1 million tonnes ("Mt"), with a grade of 57.7% iron in the indicated category;
- Promotion of 16.7 Mt, representing 87% of the potential direct shipping ore ("DSO") to the indicated category with a grade of 60.5% iron;
- Promotion of 8.4 Mt, representing 49% of the high grade saprolite to the indicated category, with a grade of 52% iron; and
- Metallurgical testwork shows that material above a 50% iron mineralised cut-off is amenable to processing through the potential DSO plant with a mass yield of approximately 75%.
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 an NI 43-101 compliant indicated mineral resource estimate of 1.19 Bt at 32.9% Fe and an inferred mineral resource estimate of 1.33 Bt at 30.3% Fe plus an NI 43-101 compliant preliminary economic assessment. Afferro currently has a cash position of approximately $48m, plus a deferred cash consideration of at least $50m resulting from the divestment of its interest in Severstal Liberia Iron Ore Ltd., leaving it well placed for medium-term funding of all its projects.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE: Afferro Mining Inc.
For further information:
Please see the Company's web site at www.afferro-mining.com or contact one of the following:
Afferro Mining Inc.
Luis da Silva /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 323