Jun. 30, 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, UK, June 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 that certain of its UK tax resident employees have surrendered a certain number of their stock options granted under the Company's Share Option Plan and have been issued the same number of new stock options (the "EMI Options") for nil consideration. The EMI options have been awarded under the Enterprise Management Incentive Plan (the "EMI Plan") recently adopted by the Company and will have the same exercise price and the same expiry date as the original share options. The issue of options under the EMI Plan will allow employees to benefit from UK tax concessions.
Luis da Silva is the only Director affected by the award under the EMI Plan; his interests in the Company, existing stock options and new stock options are as follows:
| Director | Total options held | Options surrendered | EMI Options granted (C$0.48) | Common Shares held | Percentage of issued share capital |
| Luis da Silva | 1,157,500 | 155,038 | 155,038 | 74,826 | 0.09 |
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.
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
Nominated Adviser: Jeremy Ellis / Neil Elliot
Corporate Broker: Tim Redfern / Jonathan Wynn
Tel: +44 (0) 20 7071 4300
RBC Capital Markets
Joint Broker: Martin Eales / Richard Hughes
Tel: +44 (0) 20 7653 4000
Pelham Bell Pottinger
Charles Vivian / James MacFarlane
Tel: +44 (0) 20 7861 3232