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Sunday, December 25, 2011

Afferro Mining files new NI43 101 report on Nkout iron ore project

Sunday, 25 Dec 2011

Iron ore miner Afferro Mining has filed a technical report which is compliant with the NI43-101 standard on its Nkout project in Cameroon. Investors welcomed the news as shares in the company rose 3% to trade at 53 pence in early deals valuing the company at GBP 55.1 million.

The latest NI43-101 compliant report on Nkout which was unveiled in November showed a 41% increase in the total resource to 2 billion tonnes grading 32.2 iron. Afferro said that the new resource includes a 70% increase in tonnage of high-grade, potential direct shipping ore. The project is now estimated to contain 18.5 million tonnes of direct shipping ore.

The DSO grades have improved from 58.7% to 60.3%. In addition, 944 million tonnes of magnetite banded iron formation was upgraded to the indicated category representing 47% of the mineral resource estimate.

The company noted that the MRE now covers an 8.9 kilometre section of a 20 km long magnetic anomaly. Afferro continues its drilling program at Nkout to further define high grade zones and add additional tonnage at depth.

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