Jun. 7, 2011 (Canada NewsWire Group) --
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES.
TSX-V: AFF
AIM: AFF
LONDON, June 7, 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, announces that it is holding a site visit for investors and equity analysts to the Nkout iron ore project in southern Cameroon on 7 - 9 June 2011. All relevant presentations to be provided on the site visit will be available on the Company's website, www.afferro-mining.com, from 9 June 2011.
The Company's objective with its first analyst's site visit to the Nkout iron ore project (the "Nkout Project"), is to further demonstrate what the directors believe to be the significant potential value in its iron ore portfolio.
The Nkout Project currently has an estimated Inferred Mineral Resource of 1.04 billion tonnes and further progress in 2011 is expected as follows:
- further metallurgical testing and assay results;
- a material increase in the number of drill rigs from the two currently on site;
- the completion of a new resource estimate which is expected to increase the tonnage at Nkout Centre and an initial resource estimate for Nkout East; and
- the completion of a scoping study in Q4 2011.
The Company looks forward to updating shareholders in due course.
About Afferro Mining Inc.
Afferro Mining is an established exploration and development company listed on the TSX-V (AFF) and London's AIM (AFF). Afferro Mining's portfolio includes a 100% interest in the Nkout iron ore project (the "Nkout Project"), which has an estimated Inferred Mineral Resource of some 1.04 billion tonnes grading 34.2% Fe, 43.0% SiO2 and 2.9% AL2O3 and 0.05% P, and surrounding iron targets in Cameroon which is subject to a resource expansion drilling programme targeting 4Bt. Afferro Mining also has a 38.5% interest in the Putu iron ore project in Liberia (the "Putu Project"), which has an estimated Inferred Mineral Resource of 185 Mt of oxide material with a grade of 37.8% Fe, 17 Mt of haematite itabirite at 48.25% Fe, and 2,173 Mt of magnetite itabirite at 33.7% Fe. The Putu Project 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, Putu was granted a 25 year renewable Mineral Development Agreement by the Government of Liberia.
Qualified Person
Howard Baker has some ten years experience in the exploration, definition and mining of iron ore Mineral Resources. Mr. Baker has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a "qualified person" under NI 43-101 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 this press release of the matters relating to iron ore in the form and context in which they appear and confirms that the 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.
Afferro Mining Inc.
Luis da Silva, President & CEO
Tel: +44 (0) 20 7257 2930
Evolution Securities Limited
Jeremy Ellis / Neil Elliot/ Tim Redfern
Tel: +44 (0) 20 7071 4300
Pelham Bell Pottinger
Charles Vivian / James MacFarlane
Tel: +44 (0) 20 7861 3232