Afferro Mining Inc. - Ntem Testwork delivers Concentrate product up to 68.5% Iron

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TSX-V: AFF
AIM: AFF

LONDON, UK, May 2, 2013 /CNW/ - Afferro Mining Inc. ("Afferro" or the "Company"), the TSX-V (AFF) and AIM (AFF) listed exploration and development company, is pleased to announce metallurgy results for its iron ore project at Ntem, located in south west Cameroon.

Highlights

• High grade concentrate ranging between 68.5% and 65.2% iron obtained from a grind size of 75µm to 150µm (P₈₀), respectively
• Excellent mass recovery and iron recovery of 46.7% and 81.6% at 150µm, respectively
• Results obtained from pilot-scale tests (Low Intensity Magnetic Separation, "LIMS") of composite 15kg samples
• Testing designed to accurately reflect large-scale processing
• Marketable product with low deleterious elements
• Davis Tube Recovery ("DTR") tests on 125 samples show that an average 81.7% of iron is present as magnetite phase
• High level of consistency between LIMS and DTR testwork provides further confidence in LIMS results

Luis da Silva, Chief Executive of Afferro, commented:

"Ahead of the Mineral Resource Estimate ("MRE"), these excellent metallurgy results highlight the potential for a low-cost mining operation at Ntem, delivering a highly marketable iron ore product. Strategically located only 80km from the deep-water port being constructed south of Kribi, we believe that the economics of a small-scale operation at Ntem could be very exciting. We have now completed the first two phases of drilling at Ntem and we remain on track to complete the MRE and the infrastructure scoping study results during Q2 2013. We believe that Ntem could add significant value to our portfolio of assets, providing a potential low capex opportunity to enter early stage production generating cash flow to support our strategy to bring the large-scale Nkout iron ore project to production."

LIMS Testwork

The magnetite banded iron formation ("BIF") samples had an average head grade of 37.3% iron ("Fe"), representative of the deposit at the Fe08 target at Ntem. The samples were all 15kg composite samples taken from core from four holes across the deposit. The LIMS testwork was completed at the SGS laboratory in Perth, Australia. The results are highly encouraging and are consistent with DTR and Davis Tube Wash ("DTW") testing. LIMS testwork is pilot scale and uses a low magnetic field strength. It is therefore more representative of bulk processing. The results show that at a coarse grind size of a P₈₀ of 150µm a high grade concentrate of 65.2% iron is attained at high recovery rates with mass recovery of 46.7% and iron recovery of 81.6%. The product also has very low deleterious materials, with only 0.24% alumina ("Al₂O₃") and 0.01% phosphorous ("P") present. The silica ("SiO₂") content ranges from 4.25% to 8.55% at grind sizes of 75µm to 150µm respectively.

DTR Testwork

The magnetite BIF samples had an average head grade of approximately 36% iron, with 125 composite samples being selected for DTR test work. Assay pulps from the fresh magnetite were used to produce 8m down-hole length composite samples. The DTR test work was completed at the SGS laboratory in Perth, Australia. The results are highly encouraging with a very high grade concentrate averaging 70.9% Fe, 0.08% Al₂O₃, 1.42% SiO₂ and 0.002% P attained at an average mass recovery of 41.8%, at a grind size P₈₀ of less than 45µm. The DTR results show that on average 81.7% of the Fe within the BIF relates to a magnetite mineral phase. As the DTR tests were conducted on samples from across the deposit, they add confidence to the results of the more specific LIMS data.

DTW Testwork

DTW test work was carried out on the same composite sample as used for the LIMS test work and was used to identify at which grind sizes the LIMS test work should be carried out. The testing was completed at the ALS laboratory in Perth, Australia. The data is shown below and there is a good level of correlation with the LIMS results.

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 (subject to government rights).  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. The Company had cash, cash equivalents and short-term deposits totaling $89m on the 31 December 2012.

Qualified Person

Howard Baker (MAusIMM(CP)) has 19 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, 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 2012, 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.