Jun. 3, 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 3, 2011 /CNW/ - Afferro Mining Inc. ("Afferro" or the "Company"), the TSX-V / AIM (AFF) listed exploration and development company with iron ore projects in Cameroon and Liberia, is pleased to announce an update on its Nkout project in southern Cameroon.
Highlights
- High grade intercepts warrant additional drilling to evaluate potential direct shipping ore ("DSO")
- Two weathered banded iron formation ("BIF") units well defined in 2.4km of strike
- 500 million tonne exploration target previously set at Nkout East
- Updated mineral resource statement for Nkout project expected this month
Luis da Silva, Chief Executive of Afferro, commented:
"These results are highly encouraging and it is exciting to note that Nkout East exhibits similar geological and mineralisation characteristics to the adjacent Nkout Centre anomaly. The project continues at pace having more than doubled drilling since the maiden resource statement in February with an additional four rigs expected within three months."
Afferro has completed a first pass of strategic reconnaissance shallow drilling (Phase 1) over the 2.4km Nkout East magnetic anomaly target area within the 100% owned Djoum licence. Nkout East assay results have been received from the independent and accredited OMAC laboratory in Ireland. Geological logging and assay results prove the continuation of a BIF sequence that is contiguous with and exhibiting similar geological and mineralisation characteristics to the Nkout Centre anomaly that is supported by a CIM compliant 1 billion tonne inferred mineral resource.
To date, over the drill targeted strike length of 2.4km, two overlapping and distinct units have been identified from 12 shallow diamond drill holes totalling 1,150m (see Table 2). Mineralised intersections equate to 65% of the drilled metres. Each unit has an approximate length of 1,600m along strike with an initial interpreted true width of between 100 and 120m for each. Given the current knowledge of the Nkout Centre deposit, SRK Consulting (UK) Limited (SRK) considers that a reasonable exploration target for the Nkout East anomaly to be in the order of 500 million tonnes ("Mt"). A second phase drill programme has been outlined to investigate the continuity of the BIF at depth.
Afferro now anticipates an updated mineral resource estimate ("MRE") for the Nkout Iron Ore Project in June 2011. It will include a portion of the 500Mt target at Nkout East. A further updated mineral resource estimate is expected in the fourth quarter of 2011 to include the overall target.
Assay Results
Afferro and SRK have received the assay results received from the Phase 1 drilling at Nkout East with the composite results tabulated below. Early indications show the presence of higher grade intercepts in the surface oxidised cap which will warrant further targeted and closer spaced surface drilling to allow the potential of a DSO resource to be estimated. Overall, assays for Nkout East confirm a similar style of mineralisation to that determined at Nkout Centre.
Table 1: Nkout East composite assay results
| Hole ID | From | To | Int | Fe% | Al2O3 | SiO2 | P2O5 | S% | Comments |
| NKEHC003 | 0 | 36.8 | 36.8 | 40.17 | 3.05 | 37.4 | 0.13 | 0 | |
| NKEHC005 | 7.8 | 16.8 | 9 | 33.59 | 16.27 | 24.59 | 0.17 | 0.03 | |
| NKEHC005 | 61.6 | 66.1 | 4.5 | 33.91 | 2.38 | 47.04 | 0.08 | 0 |
Can be modelled as one with internal waste based on current info |
| NKEHC005 | 86 | 90 | 4 | 30.5 | 3.9 | 48.18 | 0.09 | 0.02 | |
| NKEHC005 | 102 | 110 | 8 | 28.15 | 3.55 | 49.67 | 0.13 | 0 | |
| NKEHC005 | 116 | 118.6 | 2.6 | 29.88 | 3.39 | 48.86 | 0.1 | 0 | |
| NKEHC006 | 0 | 110 | 110 | 37.27 | 2.71 | 39.68 | 0.13 | 0.03 |
Includes 55.69% Fe over 15m |
| NKEHC007 | 0 | 93 | 93 | 37.82 | 3.1 | 38.23 | 0.12 | 0.06 |
inc 55.78% Fe over 3m |
| NKEHC008 | 0 | 86 | 86 | 40.39 | 1.77 | 37.41 | 0.11 | 0.63 |
inc 57.59% Fe over 2.5m |
| NKEHC009 | 76 | 86 | 10 | 25.37 | 3.9 | 50.76 | 0.1 | 0 | |
| NKEHC010 | 2 | 7.8 | 5.8 | 30.05 | 17.14 | 29.29 | 0.16 | 0.03 | |
| NKEHC010 | 109 | 111 | 2 | 27.49 | 3.69 | 50.12 | 0.11 | 0.23 | |
| NKEHC011 | 0 | 6.3 | 6.3 | 41.12 | 10.27 | 19.99 | 0.17 | 0.05 | |
| NKEHC012 | 0 | 73.6 | 73.6 | 36.66 | 7.03 | 35.09 | 0.14 | 0.01 |
Table 2: Nkout East Phase 1 reconnaissance drilling data
| Hole ID | Azimuth | Dip | UTM Easting | UTM Northing | Elevation | End of Hole |
| NKEHC001 | 0 | -90 | 256404.21 | 286798.394 | 761.164 | 69.5 |
| NKEHC002 | 0 | -50 | 256402.897 | 286846.648 | 759.412 | 102.15 |
| NKEHC003 | 180 | -50 | 256403.023 | 286940.232 | 749.78 | 75.1 |
| NKEHC004 | 180 | -50 | 256407.781 | 287046.134 | 710.885 | 100.5 |
| NKEHC005 | 180 | -55 | 257198.33 | 286991.868 | 712.895 | 118.6 |
| NKEHC006 | 180 | -52 | 258002.234 | 286698.207 | 742.276 | 117.1 |
| NKEHC007 | 180 | -50 | 257995.798 | 286500.096 | 766.486 | 115.6 |
| NKEHC008 | 180 | -52 | 257622.424 | 286613.884 | 785.729 | 117.1 |
| NKEHC009 | 180 | -50 | 258394.13 | 286493.22 | 686.538 | 91.8 |
| NKEHC010 | 180 | -52 | 258699.858 | 286499.303 | 672.68 | 116.1 |
| NKEHC011 | 180 | -50 | 257200.973 | 286703.656 | 746.977 | 52.8 |
| NKEHC012 | 180 | -50 | 256796.816 | 286995.676 | 773.251 | 73.6 |
| Total Metres | 1149.95 | |||||
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
The technical information contained in this press release relating to the Nkout Project is from the technical report entitled "Mineral Resource Estimate for the Nkout Centre Iron Project, Community of Djoum, Cameroon" dated January 28, 2011 and prepared by Howard Baker, an employee of SRK and a "qualified person" within the meaning National Instrument 43-101 ("NI 43-101"), and Robert Goddard, an employee of SRK. Copies of the above-noted technical report are available under Afferro Mining's SEDAR profile at www.sedar.com or at www.afferro-mining.com .
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