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LONDON, April 30, 2012 /CNW/ - Afferro Mining Inc. ("Afferro", TSX-V & AIM: AFF) confirms that, following discussions with the Cameroon Government, it will be provided the opportunity to access the proposed railway line through the south of Cameroon.
Following Sundance Resources Ltd. achieving the significant milestone of signing the key terms and principles of the mining convention for the Mbalam Iron Ore project with the Government of Cameroon, the Company is pleased to confirm that it has been given assurances by the Government that there will be third party access to the infrastructure that is expected to be constructed. The Board of Directors had a series of ministerial meetings last week in Yaoundé, the capital city of Cameroon. In these meetings the Government emphasised its commitment that the infrastructure should also serve third party mining projects to develop the nascent Cameroonian iron ore industry. Afferro is in discussions with the government regarding the possibility of participating in the financing of the special purpose vehicle being set up to develop the railway.
Accordingly, the Company is revising its Preliminary Economic Assessment ("PEA") to take these developments under consideration and shall be disclosing the findings of its PEA in May.
Luis da Silva, Chief Executive Officer of Afferro, commented:
"This represents a significant step in the development of the rapidly emerging iron ore district that covers the south of Cameroon and the north of the Republic of Congo. It is very pleasing to be able to see the infrastructure solution for this district coming together, and for Afferro to have a stated commitment from the Cameroon Government for access. We believe the situation will be further clarified in the coming months.
Afferro has a very good relationship with the Cameroon Government and held a series of productive ministerial meetings last week, at which infrastructure was discussed and commitment given, that Afferro would have access. We find the Government to be far-sighted in respect of the opportunity to develop various iron ore projects in the region.
Afferro remains in discussions with potential strategic partners to develop its flagship asset, Nkout."
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 iron ore project and surrounding iron ore targets in Cameroon. At the Nkout Project, Afferro has a 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.
Howard Baker has eighteen years' experience in the mining industry and ten years' experience in the exploration, definition and mining of iron ore Mineral Resources. Howard 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. A NI 43-101 technical report titled "Mineral Resource Estimate for the Nkout Iron Ore Project", dated 15 November 2011, has been filed on SEDAR.
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:
Afferro Mining Inc.
Luis da Silva / Bevan Metcalf /Jeremy Cave
Tel: +44 (0) 20 7257 2930
Evolution Securities Limited
Nominated Adviser: Neil Elliot
Corporate Broker: Chris Sim
Tel: +44 (0) 20 7071 4300
RBC Capital Markets
Joint Broker: Martin Eales / Richard Hughes
Tel: +44 (0) 20 7653 4000
Pelham Bell Pottinger
Charles Vivian / James MacFarlane
Tel: +44 (0) 20 7861 3232