Afferro Mining Inc. - Ntem Iron Ore Project - Operations Update

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TSX-V: AFF
AIM: AFF

LONDON, UK, Feb. 28, 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 progress for the Ntem Iron Ore Project ("Ntem").

Highlights:

• Completion of Phase 2 drilling comprising 23 diamond drill holes totalling 4,288m
  
• Highlights of the seven drill holes returned to date include:
  
  • NTDD035: 107.0m @ 38.1% Fe from surface
    
  • NTDD036: 80.7m @ 37.4% Fe from 32.3m
    
  • NTDD037: 98.0m @ 37.9% Fe from surface
  • NTDD039: 116.0m @ 34.6% Fe from surface

• SRK Consulting (UK) Limited ("SRK") preparing a Mineral Resource Estimate ("MRE") before the end of Q2 2013
  
• Davis Tube testwork commenced on 125 composite samples delivered to ALS Perth Australia, results are due in Q2 2013
  
• Further exploration work to continue with grab sampling and ground magnetics at the Fe11 target, located 5km from Fe08
  
• Mott MacDonald infrastructure scoping study, examining the economics of road haulage from Ntem to the port of Kribi, due for completion in Q1 2013
  
  

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

"Afferro is advancing parallel mineral resource estimation, metallurgical testwork and transport infrastructure scoping studies at Ntem, which is strategically located 80 kilometres from the Government-led, deep-water port complex at Kribi. Ntem is emerging as an opportunity to develop a standalone mine with lower capital expenditure and potential to generate cash flow in support of the ongoing development of the Nkout Iron Ore Project. The evolving flat-lying magnetite itabirite model may lend itself to an easily mined resource with a low stripping ratio. The Company looks forward to reporting the results of the transport infrastructure scoping study in Q1 2013 and the MRE and metallurgical testwork results in Q2 2013."

Fe08 Exploration Update

Phase II drilling commenced at the Fe08 Project in Q4 2012 and was completed as planned on 26 February 2013. 23 diamond drill holes and 4,288m were completed using three Afferro drill rigs. Assays have been returned for seven of these holes. In combination with the earlier reconnaissance drilling the Company has now completed 57 holes and 7,489m of drilling.

The primary objective of Phase II was to provide sufficient geological confidence and data for an MRE. SRK has been commissioned and the MRE is expected end of Q2 2013. Secondary objectives of Phase II were to test for depth continuity and potential strike extensions to the west.

Iron mineralisation at Fe08 is contained within two laterally extensive, shallow dipping predominantly near surface fresh magnetite horizons separated by faulting or limits of a potential mafic intrusion. The mineralisation contains areas of localised thickening associated with fold hinges. The mineralisation identified is currently constrained within a magnetic high.

The Fe08 mineralisation consists of cycles of finely laminated, crystalline to massively banded magnetite grading into coarsely crystalline, sheared magnetite aggregates contained within a coarse grained quartz-feldspar matrix often containing amphibole and garnet. The magnetite ore horizons are bound by strongly foliated quartz-biotite-amphibole gneiss and meta-sediment. The mineralised intersections have raised the question whether the mineralisation is sedimentary in origin, or related to fractionation of an intrusive mafic host. Samples have been sent for petrographic analysis to assist in understanding the magnetite genesis.

All intersections are presented in Table 1 and link below:

http://www.Afferro-Mining.com/i/maps/cameroon/Complete-Drill-Plan.png

Table 1 All intercepts:

*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.

Fe08 Metallurgical Testwork

A preliminary testwork programme using 200kg of 4.5t of samples has commenced with SGS Lakefield Oretest ("SGS") in Perth Australia. Results due in Q2 2013 from the program will provide key physical parameters and also determine concentrate grade and recovery through a low intensity magnetic separation process. Should the results of this preliminary testwork prove encouraging, a more detailed laboratory testwork programme will commence in Q3 2013.

Fe08 Davis Tube Tests

Assay pulps from the fresh magnetite have been used to produce eight metre composite samples. 125 composites are undergoing Davis Tube testwork with ALS Perth Australia and results are expected in Q2 2013.

Further Exploration

Field exploration has commenced at the Ntem Fe11 magnetic anomaly with a campaign of grab sampling, mapping and a ground magnetic surveys to enhance the airborne geophysics. Fe11 lies within 5km of Fe08.

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 National Instrument 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 matters relating to the geology, exploration results and mineral resources 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 the MD&A for the 12 months ended 31 December 2011, available under the Company's profile on SEDAR at www.sedar.com. 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 or accuracy of this release. 

SOURCE Afferro Mining Inc.