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Afferro Mining Inc. - Afferro Confirms Tax Settlement with the Government of Liberia
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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\nTORONTO, Dec. 13, 2012 /CNW/ - Afferro Mining Inc. (\"Afferro\", TSX-V & AIM: AFF) is pleased to announce the signing of a compromise\n and settlement agreement (the \"Settlement Agreement\") amongst, inter alia, Afferro, the Republic of Liberia and Lybica Holding B.V. (\"Lybica\") in relation to certain outstanding tax claims made by the Republic of\n Liberia in connection with the sale of Afferro's 38.5 per cent minority\n interest in Severstal Liberia Iron Ore Ltd. (\"SLIO\") to Lybica, an affiliate of Severstal (the \"Transaction\").\n\n\nThe Settlement Agreement provides that the parties have agreed that a\n single payment of $9,750,000 (the \"Settlement Payment\") be made to the Republic of Liberia as full and final settlement for\n and release from all tax claims relating to the Transaction. The\n Settlement Payment will be transferred within five business days from\n funds previously escrowed by Afferro, as disclosed on 4 April 2012, and\n shown as a provision in the Company's filed quarterly financial\n statements dated 29 November 2012.\n\n\nAfferro's CEO, Luis da Silva, commented:\n\n\n\"The Company believes this settlement is in the best interests of all\n parties concerned - its shareholders, the future of the development of\n the Putu project and the Republic of Liberia. It also releases the\n former joint venture partners of claims on future related payments.\"\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, Ntem and Akonolinga iron ore projects.  It also holds a\n 70% interest in the Ngoa project, an exploration target bordering\n Nkout.  Nkout comprises a National Instrument 43-101 (\"NI 43-101\")\n compliant Indicated Mineral Resource Estimate of 1.19Bt at 32.9% Fe and\n an Inferred Mineral Resource Estimate of 1.33Bt at 30.3% Fe.\n\n\nQualified Person\n\n\nHoward Baker (MAusIMM(CP)) has 18 years' experiences in the mining\n industry and 10 years' experience in the exploration, definition and\n mining of iron ore mineral resources.  Mr Baker is a full-time employee\n of SRK Consulting (UK) Ltd., an independent consultancy, and has\n su...