rns out12 Nov 2012 09:40
AFFERRO MINING INC.
Nkout Iron Ore Project - Operations Update
Afferro Mining Inc. ("Afferro" or the "Company"), the exploration and development company focused on iron ore in Cameroon, is pleased to provide an update on operations at its 100% owned Nkout project ("Nkout"). The Company is continuing its programme of exploration for further potential direct shipping ore ("DSO") zones.
Highlights
· High grade intercepts at Nkout East indicate a potential DSO zone similar to that delineated at Nkout Centre. Highlights include:
o NKEGS003 44.8m @ 55.5% Fe from surface
o NKEGS008 85.5m @ 55.3% Fe from surface
o NKEGS010 101.8m @ 54.1% Fe from surface
o NKEGS004 77.3m @ 53.2% Fe from surface
o NKEHC070 84.3m @ 51.8% Fe from surface
· Metallurgical testwork shows that material above a 50% iron mineralised cut-off is amenable to processing through the potential DSO plant with a mass yield of approximately 75%
· Reconnaissance drilling of the D8 target zone ("D8") identifies a high-grade zone consisting of iron-bearing saprolite, overlying a magnetite banded iron formation ("BIF") that is open at depth. Highlights include:
o NKDE026 35.9m @ 38.9% Fe from 4.0m
o NKDE004 35.8m @ 38.9% Fe from 13.6m
o NKDE010 44.5m @ 37.8% Fe from surface
o NKDE023 30.5m @ 37.7% Fe from 3.0m
· Assays returned from a total of 77 diamond drill holes totalling 4,872m of drilling. Assays currently outstanding from a further 108 holes, totalling 6,434m of drilling
· Further high-grade intersections from Nkout Centre include:
o NKHC139 96.4m @ 47.4% Fe from surface
o NKHC147 71.0m @ 46.5% Fe from surface
o NKHC140 59.5m @ 46.5% Fe from surface
o NKHC144 55.9m @ 45.6% Fe from surface
o NKHC141 65.0m @ 45.2% Fe from surface
· Drilling programme to continue, targeting identification of further potential DSO resource at Nkout
Luis da Silva, Chief Executive Officer of Afferro, commented:
"These excellent results from our on-going exploration programme identify further DSO resource at Nkout. In particular, the results indicate a separate DSO zone in Nkout East, with wide intercepts grading up to 55% iron. Metallurgical testing has indicated that material with a 50% cut-off should be amenable to processing with a DSO plant.
These results, the results from assays pending and results from further drilling will be collated in an updated Mineral Resource Estimate ("MRE5"), which will be used as the basis for a prefeasibility study which is to commence in Q1 2013"
Nkout Iron Ore Project
Afferro has continued reconnaissance and resource drilling at Nkout through 2012. The results reported are from 77 drill holes comprising 4,872m of drilling conducted between 16 April 2012 and 20 August 2012. Dril
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