/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US
NEWS WIRE SERVICES./
TSXV: AFF
AIM: AFF
LONDON , UK, Dec. 23, 2011 /CNW/ - Afferro Mining Inc. ("Afferro" or the
"Company"), the TSX-V / AIM listed exploration and development company
with
With this news release, the Company is reporting the filing as required
under the National Instrument 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 Nkout project are as
follows:
-
Total Nkout resource increased by 41% to 2.0Bt at 32.2% Fe
-
70% tonnage increase in high-grade, potential direct shipping ore
("DSO") to 18. 5Mt
-
Corresponding increase in DSO grade from 58.7% Fe total to 60.3% Fe
total with an associated drop in SiO2, Al2O3
-
944Mt of magnetite banded iron formation ("BIF") promoted to Indicated
category at Nkout Centre, representing 47% of the MRE
-
MRE now covers an 8.9km section of a 20km-long magnetic anomaly
-
Drilling campaign continues to focus on further definition of high-grade
zones and adding additional tonnage at depth
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 Nkout
iron ore project (the "Nkout Project"), and surrounding iron targets in
Cameroon and which is subject to a resource expansion drilling
programme. Afferro also has a 38.5% interest in the Putu iron ore
project in Liberia (the "Putu Project"), which 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 ,
the Putu Project was granted a 25 year renewable Mineral Development
Agreement by the Government of Liberia . As announced on 12 December
2011 , Afferro has entered into a head of agreement with Lybica Holdings
B.V. ("Lybica"), an affiliate of Severstal Resources to sell its 38.5%
interest in Putu for a minimum total consideration of $115 million .
Qualified Person
Howard Baker has some 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 mineralization 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 NI43-101 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.
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