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Afferro Mining Inc. - Maiden Mineral Resource Statement For Ntem
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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\nTSX-V: AFF\nAIM: AFF\n\n\nLONDON, UK, May 7, 2013 /CNW/ - Afferro Mining Inc. (\"Afferro\" or the\n \"Company\"), the exploration and development company focused on iron ore\n in Cameroon, is pleased to announce the maiden National Instrument\n 43-101 (\"NI 43-101\") compliant Mineral Resource for the Ntem iron ore\n project (\"Ntem\").\n\n\nHighlights:\n\n\n\nA total Indicated Mineral Resource of 39.1 million tonnes (\"Mt\") at a\n grade of 34.0% iron (\"Fe\")\n\n\nA total Inferred Mineral Resource of 76.4 Mt at a grade of  34.2% Fe\n\n\nPositive pilot-scale metallurgical testwork indicates a saleable and\n high grade product\n\n\n\n\n\n\nLuis da Silva, Chief Executive Officer of Afferro, commented:\n\n\n\"The maiden resource marks an important step in the development of Ntem.\n This resource, which has potential to increase, is of an appropriate\n size to build a small-scale operation to drive early cash flow for\n Afferro. This would take advantage of Ntem's strategic location, only\n 80km from the deep-water port under construction south of Kribi, where\n a shipping berth for a small operation should be available from\n mid-2014. It is also close to the Kribi gas-fired power station with a\n projected output of 216MW. \n\n\nThis MRE follows the release of the metallurgical results last week,\n which point to a saleable and high-grade concentrate at a coarse grind\n size, with low deleterious materials, and the Company is now\n progressing further work to investigate the viability of the project.\n The infrastructure scoping study will be released shortly, and should,\n in the first instance, build on the idea of using road haulage to\n transport the magnetite concentrate to port, given the project's\n proximity to the coast.\"\n\n\nMineral Resource Estimate\n\n\nThe maiden Mineral Resource Estimate has been managed and prepared by\n Howard Baker of SRK Consulting (UK) Ltd. (\"SRK\") in accordance with the\n provisions of NI 43-101. Mr Baker is an independent Qualified Person as\n defined by NI 43-101 and its companion policy 43-101CP.\n\n\nThe definitions of Measured, Indicated and Inferred Mineral Resources,\n and Mineral Reserves as used in the report, are as defined in the CIM\n Definition Standards...