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TSX-V: AFF
AIM: AFF
LONDON, UK, July 10, 2013 /CNW/ - Afferro Mining Inc.
("Afferro" or the "Company"), notes the announcement made by
International Mining & Infrastructure Corporation plc ("IMIC")
on 10 July 2013 which states that
IMIC has acquired an additional 1,080,000 shares in the Company at
an average price of 79.6p. Following the acquisition, as at
10 July 2013, IMIC held 20,111,342
ordinary shares in Afferro representing 19.15% of the Company's
current voting rights.
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. All projects are subject to
government rights. Nkout has a National Instrument 43-101 ("NI
43-101") compliant Indicated Mineral Resource Estimate of 1.6Bt at
33.3% Fe and an Inferred Mineral Resource Estimate of 0.9Bt at
30.8% Fe. In addition Nkout has a NI 43-101 compliant Preliminary
Economic Assessment ("PEA") which indicates that the project is
economically viable. Ntem comprises a NI 43-101 compliant Indicated
Mineral Resource Estimate of 39.1Mt at 34.0% Fe and an Inferred
Mineral Resource Estimate of 76.4Mt at 34.2% Fe. The Company had
cash, cash equivalents and short-term deposits totalling
$84m on the 31
March 2013 and is fully funded for at least the next two
years.
Qualified Person
Howard Baker (MAusIMM(CP)) has 19
years' experience in the mining industry and 11 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.
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.