Afferro Mining Inc. - Exercise of Share Options

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TSX-V: AFF
AIM: AFF

LONDON, UK, Dec. 13, 2011 /CNW/ - Afferro Mining Inc. ("Afferro" or the "Company"), the TSX-V / AIM listed exploration and development company with iron ore projects in Cameroon and Liberia, has issued 68,687 new common shares in the Company ("Common Shares") to be admitted to trading on the AIM market of the London Stock Exchange ("Admission"). Application will also be made for listing on the TSX Venture Exchange ("TSX-V").

The Common Shares are being issued pursuant to an exercise of options by Adventure Capital Partners, an entity controlled by Guy Pas, a Non-Executive Director of the Company, 39,250 options have been exercised at a price of C$0.25 (c.16p) and 29,437 have been exercised at a price of C$0.51 (c. 32p). His resulting holding is detailed below:

These shares are covered by the existing blocklisting, announced on 23 September 2011. The new Common Shares will rank pari passu with the Company's existing Common Shares. Following issue of the new Common Shares, the total issued share capital of the Company will be 104,003,387 Common Shares, all of which have voting rights.

The above figure (104,003,387) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Afferro Mining Inc.

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, 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.

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.