Afferro Mining Inc. - Strong magnetic target identified at Ntem

NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES.

TSX-V: AFF
AIM: AFF

LONDON, UK, Oct. 19, 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, is pleased to announce that it has identified a significant target within the Ntem exploration permit ("Ntem") in south-west Cameroon.

Highlights:

• Target strike length of 2km, with maximum width of 1km
• Strongly modelled magnetic signature defines new target
• Located 80km from the Government-proposed deep-water port at Kribi
• Less than 10km from the proposed rail corridor
• Results expected in 1H 2012 from initial exploration programme

Luis da Silva, Chief Executive of Afferro, commented:

"This latest interpretation is significant for the Company in terms of strengthening our project portfolio and implementing our strategy in Cameroon, where we have already made considerable progress with our Nkout iron ore project. The Ntem project is located 80km from the coast and close to the same proposed railway infrastructure that the Company's Nkout project is expected to use. We look forward to the results of the grab sampling and subsequent reconnaissance drilling in early 2012."

Magnetic airborne data identifies strong target at Ntem

The modelling was performed on data received from the Ntem airborne geophysics, flown by New Resolution Geophysics ("NRG"). The survey was conducted over the majority of the licence area, with traverse line spacing of 100m and perpendicular tie line spacing of 1,000m, at an average height over the terrain of 30m. The data was processed by Southern Geoscience Consultants ("SGC").

Interpretation of the airborne geophysical survey has identified a number of prospective targets at Ntem. The strongest of these has magnetic amplitude of 26,200nT, which is comparable to the Company's projects in Putu, Liberia (at 36,300nT) and Nkout, Cameroon (at 22,700nT). The target is approximately 2km in strike length and 1km in width, in a complex folded zone. The Company will undertake a systematic geological exploration programme leading to reconnaissance drilling in Q1 2012.

Ntem is strategically well positioned

Ntem is strategically well positioned in the south-west of Cameroon. It is located only 80km from the Government-led, Kribi deep-water port, which is currently under construction, and is adjacent to the proposed rail corridor through the south of the Country. This strengthens the Company's strategy in southern Cameroon, where all its other licences lie further east along this same rail corridor. The Company's most advanced project in Cameroon, Nkout already has an NI 43-101 compliant 1.42Bt of iron ore at 33.6% (700.5mt Indicated at 32.4% and 716.5mt Inferred at 34.8%), and is currently drilling for a larger DSO and magnetite/itabirite resource.

The location of Ntem in relation to the coast, the proposed rail and other Afferro iron ore projects can be viewed by visiting the following link:

http://www.afferro-mining.com/i/maps/Current Operations.jpg

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.

Qualified Person

William Peters is a geophysicist with thirty eight years' experience in the interpretation of geophysical data including for iron ore exploration.  William Peters is the Managing Director of Southern Geoscience Consultants, an independent geophysical consultancy. William Peters is a Fellow and Chartered Professional (Geology) of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the type of activity which he is undertaking to qualify as a Qualified Person. William Peters 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.

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.