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TSX-V: AFF
AIM: AFF
LONDON, UK, Aug. 30, 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 the filing of a technical report pursuant to National Instrument 43-101, relating to the Company's Putu project. This follows the news release dated 11 July 2011 announcing the updated resource statement.
With this news release, the Company is reporting the filing as required under the National Instrument 43-101. A copy of the document may be obtained via www.sedar.com and on the Company's corporate website www.afferro-mining.com. The previously announced highlights of the Putu project are as follows:
- Total Putu resource grows by 36% to 3.24Bt at 34.3% Fe
- 1.89 Billion tonnes of itabirite banded iron formation (BIF), representing 58% of the resource, promoted to indicated category
- Prefeasibility study accelerated to complete in 6-8 months, Q1 2012
- Definitive feasibility study now expected Q1 2013
- Four diamond drill rigs operating since June
- 2011 drilling campaign target now 48,500m with 28,700m completed as of 11 July
- Current resource based on 47,713m of drilling, of which 36,630m has been assayed
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
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.