Afferro Mining Inc. - Nkout Iron Ore Project - Further Extensions Defined

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LONDON, UK, Feb. 21, 2013 /CNW/ - 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") and high grade saprolite zones, which could be beneficiated, at a low cost, using a simple processing solution.

Highlights

• Additional assays returned from 74 diamond drill holes completed in Q3 and Q4 2012 amounting to 4,349m of drilling. Highlights include:
• 44m at 51.7% Fe from surface, including 11m at 62.2% Fe and 10m at 59.2% Fe
• 28m at 53.4% Fe from surface, including 12m at 55.8% Fe
• 26m at 52.0% Fe from surface, including 12m at 60.6% Fe
• 9m at 59.9% Fe from surface
• 26m at 50.5% Fe from surface
• Drilling programme to continue, targeting open areas of further potential DSO and potentially easily beneficiated high grade saprolite
• Full structural review of the Nkout data set underway
• Results from drilling programs completed at Nkout have been returned in preparation for commencement of Mineral Resource Estimation 5 ("MRE5")

Luis da Silva, Chief Executive Officer of Afferro, commented:

"These results from the on-going exploration at Nkout have identified further potential DSO and a high grade saprolite resource which could be beneficiated using a simple processing solution. In particular, the results indicate a high grade saprolite zone extending to the south-west of Nkout Centre, with intercepts grading up to 60% iron.  We believe that this material would be conducive to the attrition scrubbing method, as discussed in our announcement of 4 February 2013.

These results will be incorporated into an updated MRE5. Work will continue in February with reconnaissance drilling of the D9 magnetic anomaly."

Nkout Iron Ore Project

Afferro continued reconnaissance and resource drilling at Nkout through in Q3 and Q4 of 2012. The results reported are from 74 diamond drill holes comprising 4,349m of drilling conducted between 20 August 2012 and 5 November 2012 when drilling was relocated to focus on the Ntem exploration permit.

As set out in the announcement dated 12 November 2012, drilling at Nkout East and Nkout Centre is focused on investigating shallow, high grade iron mineralisation contained in the oxide and transitional saprolitic zones overlying the primary magnetite BIF. A summary of the mineralised intersections are shown in Table 1 and in the links below.

http://www.Afferro-Mining.com/i/maps/cameroon/Intercepts_NkoutCentre_JAN2013.png
http://www.Afferro-Mining.com/i/maps/cameroon/Intercepts_NkoutEast_JAN2013.png

The potential DSO, saprolite and magnetite BIF mineralisation at Nkout is the subject of metallurgical testwork being carried out by SGS Laboratories in Perth, Western Australia.  Further results are expected in Q1 2013.

Nkout East

20 diamond drill holes were completed, totaling 1,118 metres which have further defined the potential DSO unit detailed in the news release of 12 November 2012. Results of this drilling remain positive with multiple intercepts in excess of 55% Fe defining the high grade DSO ore body and additional high grade saprolitic material within the oxide zone (results are contained in table 1).

Nkout Centre

54 diamond drill holes were completed totaling 3,231 metres to further define and extend the potential DSO in the south-western extension of the Nkout Centre prospect. Drilling has resulted in better definition of the high grade DSO zone outlined in earlier drill phases and expanded on additional high grade saprolitic material associated with underlying magnetite BIF mineralisation. A structural study has commenced to focus on this area to further define the bounding controls to mineralisation and allow better targeting for future DSO drill programmes. Potential DSO material remains open to the south west.

Table 1 -- Nkout Mineralised Intersections

*results are reported as down-hole lengths with a lower cut-off grade of 30% and a maximum internal waste of 5m. Datum WGS84, Zone 33, some minor errors occur due to rounding. # reported with a >55% Fe COG

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 100% owned Nkout, Ntem and Akonolinga iron ore projects.  It also holds a 70% interest in the Ngoa project, an exploration target bordering Nkout.  Nkout comprises a National Instrument 43-101 ("NI 43-101") compliant Indicated Mineral Resource Estimate of 1.19Bt at 32.9% Fe and an Inferred Mineral Resource Estimate of 1.33Bt at 30.3% Fe.

Qualified Person

Howard Baker (MAusIMM(CP)) has 18 years' experience in the mining industry and 10 years' experience in the exploration, definition and mining of iron ore mineral resources.  Mr 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 mineralisation 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 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 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.

Forward-looking Statements

This announcement includes certain forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various known and unknown risks and uncertainties as well as other factors. Such forward looking statements are subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including delays in obtaining or failure to obtain required regulatory approvals. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Information about the risks and uncertainties of the Company's business is provided in its disclosure materials, including its Annual Information Form and its MD&A for the 12 months ended 31 December 2011, available under the Company's profile on SEDAR at www.sedar.com.  Factors that could cause actual results or events to differ materially from current expectations include but are not limited to:  exploration risks, the grade and recovery of ore which is mined varying from estimates; estimates of future production, mine development costs, timing of commencement of operations; changes in exchange rates; access to capital; fluctuations in commodity prices; and adverse political and economic developments in the countries in which we or our investments operate.  Although the Company has attempted to identify important factors that could cause actions, events or results to differ materially from those described in forward looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein, speaks only as of the date hereof (unless stated otherwise) and, except as may be required by applicable law, Afferro disclaims any obligation to update or modify such forward-looking statements, either as a result of new information, future events or for any other reason.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.

SOURCE Afferro Mining Inc.