Business
Afferro Announces Closing of Sale of Minority Interest in Severstal Liberia Iron Ore Ltd.
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES./ ...
About this update from Affinity Metals Corp
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US\n NEWS WIRE SERVICES./\n\n\nLONDON, UK, April 10, 2012 /CNW/ - Afferro Mining Inc. (\"Afferro\", TSX-V & AIM: AFF) announces that the sale of its 38.5 per cent\n minority interest in Severstal Liberia Iron Ore Ltd. (\"SLIO\") to Lybica Holding B.V. (\"Lybica\"), an affiliate of Severstal (the \"Transaction\") has closed today, following the receipt of funds.\n\n\nAs per the amended sale and purchase agreement, Lybica has made an\n initial cash payment of US$65,000,000. Of this, (a) a US$55,250,000\n payment has been delivered to Afferro and (b) an amount totalling\n US$9,750,000 is being held in escrow with Royal Bank of Canada to\n address certain tax claims made by the Government of Liberia's Ministry\n of Finance (the \"Ministry\") as described in the release dated 4 April 2012. The escrow of such\n amounts is not an acknowledgement of the validity of the Ministry's\n claims and Afferro continues to work to resolve this matter in a prompt\n manner.\n\n\nFollowing closing of the Transaction, Boris Granovsky will resign from\n the board of Afferro with immediate effect.\n\n\nAfferro's CEO, Luis da Silva, commented:\n\n\n\"We are very pleased to announce closing the Transaction, the initial\n payment from which secures the development of Nkout for the next 2\n years and provides for further exploration at Ntem.\n\n\nThe Board of Afferro and I personally would also like to take this\n opportunity to thank Boris for his excellent contribution to the\n Company over the last two years and during the near four year\n association between the two companies.\"\n\n\nAbout Afferro Mining Inc. \n\n\nAfferro is an established exploration and development company listed on\n the TSX-V (AFF) and AIM (AFF). Afferro's portfolio includes the 100%\n owned Nkout iron ore project and surrounding iron ore targets in\n Cameroon. At Nkout, Afferro has a NI 43-101 compliant indicated mineral\n resource estimate of 944Mt at 32.7% Fe and an inferred mineral resource\n estimate of 1.05Bt at 31.6% Fe.\n\n\nQualified Person\n\n\nHoward Baker has some ten years' experience in the exploration,\n definition and mining of iron ore Mineral Resources. Howard Baker is a\n full-time employee of SRK Consulting (UK) Ltd, an independent\n consultancy and has sufficient experience whic...