/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES./
LONDON, UK, Jan. 5, 2012 /CNW/ - Further to the announcement of 28 December 2011, Afferro is pleased to announce that it has published a circular, incorporating a notice of general meeting, regarding the proposed sale of its 38.5 per cent. interest in the Putu iron ore project in Liberia to Lybica Holdings B.V., an affiliate of ZAO Severstal Resources, (the "Transaction"). A copy of the document may be obtained via www.sedar.com and on the Company's corporate website www.afferro-mining.com.
The anticipated timetable of principal events relating to the Transaction is as follows:
|Latest time for receipt of Form of Instruction for Depositary Interest holders for the Special Meeting||26 January 2012 at 11.00 a.m. GMT|
|Latest time for receipt of Form of Proxy for Shareholders for the Special Meeting||27 January 2012 at 11.00 a.m. EST|
|Afferro Special Meeting||31 January 2012 at 11.00 a.m. GMT|
|Closing of Transaction||By 28 February 2012|
About Afferro Mining Inc.
Afferro Mining is an established exploration and development company listed on the TSX-V (AFF) and London's AIM (AFF). Afferro Mining's portfolio includes the Nkout iron ore project, which has an estimated Indicated Mineral Resource of 944.4 million tonnes grading 32.7% Fe, 45.6% SiO2 and 2.3% Al2O3 and 0.05% P and an Inferred Mineral Resource of 1,054 million tonnes grading 31.6% Fe, 45.2% SiO2 and 3.9% Al2O3 and 0.05% P, and surrounding iron targets in Cameroon, which is subject to a resource expansion drilling programme targeting 4Bt. Afferro Mining also has a 38.5% interest in the Putu iron ore project in Liberia (the "Putu Project"), which has an estimated Inferred Mineral Resource of 185 Mt of oxide material with a grade of 37.8% Fe, 17 Mt of haematite itabirite at 48.25% Fe, and 2,173 Mt of magnetite itabirite at 33.7% Fe. The Putu Project is subject to a resource expansion drilling programme and is moving through pre-feasibility managed by joint venture partner Severstal Resources (the mining division of London and Moscow listed OAO Severstal). In September 2010, Putu was granted a 25 year renewable Mineral Development Agreement by the Government of Liberia. As announced on 28 December 2011, Afferro has entered into a sale and purchase agreement with Lybica Holdings B.V., an affiliate of Severstal Resources to sell its 38.5% interest in Putu for a minimum total consideration of $115 million.
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.
For further information:
Afferro Mining Inc.
Luis da Silva / Jeremy Cave
Tel: +44 (0) 20 7257 2930
Evolution Securities Limited
Nominated Adviser: Neil Elliot / George Price
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
Nick Lambert / James MacFarlane
Tel: +44 (0) 20 7861 3232