Afferro Mining Inc. - Potential to Reduce Processing Capital
Expenditure and Operating Costs at Nkout
/NOT FOR DISTRIBUTION IN THE UNITED
STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES./
LONDON, UK,
Feb. 4, 2013 /CNW/ - Afferro Mining
Inc. ("Afferro or the Company", TSX-V & AIM: AFF) is pleased to
announce further excellent metallurgical testwork results from the
Nkout Iron Ore Project ("Nkout"). Further to the press release of
17th December 2012, the
company has now completed all of the original testwork. The results
highlight the opportunity for significant savings in the combined
processing of Direct Shipping Ore ("DSO") and saprolite resource
and are consistent with the earlier testwork for the Magnetite
Banded Iron Formation ("BIF").
Highlights:
Saprolite
- Testwork has been designed to understand the potential of the
saprolite component of NI 43-101 compliant resource:
-
- 248mt Inferred at 35.0% iron
- Results demonstrate that higher grade material can be
beneficiated to a premium grade material
-
- Samples grading 53% iron were beneficiated using simple
attrition scrubbing to a product grade of 59-64%
- Further testing underway to assess the potential to simplify
saprolite and DSO processing
-
- A significant reduction in capital expenditure ("Capex") and
operating expenditure ("Opex") may be achievable from:
-
- Saprolite circuit simplified by removal of milling
- Integration of DSO and saprolite processing into a single
combined circuit
- Simple mechanical beneficiation of both DSO and saprolite
- Further results expected by the end of Q1 2013
Magnetite BIF
- Davis Tube wash testing on five composite samples were
consistent with excellent early results:
-
- Highly marketable sinter fines magnetite concentrate of 66-69%
iron, with low deleterious elements achieved at a coarse grind size
of 106µm for all composites
- High 70-71% iron grade achieved at a pellet feed grind
size
- Tests designed to closely simulate full-scale plant performance
and predict plant recovery and product grade. There is greater
confidence in the scalability of the Davis Tube wash results than
the previous Davis Tube recovery results
- Pilot-scale testing of the five composites at 106µm, 125µm and
150µm grind sizes commenced in January
2013, with results expected by the end of Q1 2013
Afferro's CEO, Luis da
Silva, commented:
"These outstanding results highlight one of the
key attractions of Nkout- its metallurgy. Bench-scale testing of
the 28t of material has been completed to schedule and confirms and
increases confidence from earlier results. We feel this sets Nkout
apart from other projects in the region.
Work on the saprolite resource is encouraging.
There is the potential to combine saprolite and DSO processing to
deliver significant Opex and Capex improvements relative to the
Preliminary Economic Assessment ("PEA"). Combining saprolite and
DSO processing would result in a substantially less
capital-intensive early phase production with significant upside to
the Nkout economics. This is another area where there is upside to
last year's PEA, enabling an early phase of production.
The BIF further supports the project economics.
It is therefore very good news to have our positive early
metallurgical results confirmed by a further five composite samples
put through improved testing. Modelling this coarse grind size in
further feasibility work should provide additional process cost
savings from those assumed in the PEA. We look forward to the
releasing of the results of the additional BIF and saprolite
testing when they are completed."
BIF Metallurgical Results
Davis Tube Wash tests indicate a good
concentrate grade and liberation at comparatively coarse particle
size. The PFS BIF processing is expected to target a P80 in the 150
micron to 106 micron range. Deleterious elements in this size range
are low. The following is an example of the results achieved from
this work:
Davis Tube Wash Results summary for Comps 1 and 2
| Comp |
Feed |
Grind |
Magnetic
Concentrate |
| |
Fe |
SiO2 |
P80 |
Mass
Rec. |
Fe
Rec. |
Fe |
SiO2 |
Al2O3 |
P |
| |
(%) |
(%) |
(microns) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
| NKMET 032 |
33.3 |
45.8 |
500 |
63.3 |
91.6 |
51.8 |
25.6 |
0.3 |
0.02 |
| 250 |
52.6 |
88.8 |
57.9 |
17.8 |
0.3 |
0.01 |
| 150 |
45.6 |
88.5 |
66.6 |
6.6 |
0.2 |
0.005 |
| 106 |
48.8 |
90.2 |
69.1 |
3.2 |
0.3 |
0.003 |
| 75 |
45.3 |
89.3 |
70.6 |
1.6 |
0.1 |
0.003 |
| 45 |
47.6 |
89.9 |
71.2 |
0.9 |
0.1 |
0.003 |
| 38 |
47.9 |
89.7 |
71.0 |
0.8 |
0.2 |
0.003 |
| NKMET 034 |
33.9 |
44.4 |
500 |
61.6 |
91.1 |
52.4 |
24.7 |
0.2 |
0.017 |
| 250 |
56.3 |
90.8 |
59.8 |
15.2 |
0.2 |
0.011 |
| 150 |
48.9 |
89.2 |
65.9 |
7.7 |
0.1 |
0.007 |
| 106 |
46.8 |
89.4 |
69.0 |
3.6 |
0.1 |
0.005 |
| 75 |
46.0 |
89.4 |
70.6 |
1.6 |
0.1 |
0.003 |
| 45 |
42.1 |
87.6 |
71.4 |
0.8 |
0.1 |
0.003 |
| 38 |
42.4 |
87.3 |
71.4 |
0.9 |
0.1 |
0.003 |
Davis Tube Wash Results summary for Comps 3 and 4
| Comp |
Feed |
Grind |
Magnetic
Concentrate |
| |
Fe |
SiO2 |
P80 |
Mass
Rec. |
Fe
Rec. |
Fe |
SiO2 |
Al2O3 |
P |
| |
(%) |
(%) |
(microns) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
| NKMET 035 |
33.5 |
45.1 |
500 |
59.0 |
83.0 |
47.5 |
30.3 |
0.6 |
0.024 |
| 250 |
50.3 |
88.6 |
59.8 |
15.2 |
0.2 |
0.011 |
| 150 |
37.6 |
72.3 |
63.3 |
10.2 |
0.6 |
0.011 |
| 106 |
35.5 |
72.0 |
67.8 |
5.2 |
0.2 |
0.007 |
| 75 |
38.3 |
74.5 |
69.4 |
2.8 |
0.1 |
0.007 |
| 45 |
38.3 |
74.2 |
70.9 |
1.1 |
0.1 |
0.005 |
| 38 |
33.5 |
70.1 |
71.2 |
1.1 |
0.1 |
0.005 |
| NKMET 036 |
25.3 |
29.3 |
500 |
45.9 |
71.0 |
42.0 |
32.7 |
4.2 |
0.04 |
| 250 |
38.1 |
67.9 |
46.7 |
27.7 |
3.5 |
0.036 |
| 150 |
29.3 |
63.5 |
59.4 |
13.2 |
1.8 |
0.021 |
| 106 |
22.5 |
58.7 |
66.0 |
6.5 |
1.1 |
0.013 |
| 75 |
25.9 |
63.8 |
68.1 |
3.8 |
0.7 |
0.01 |
| 45 |
24.6 |
62.6 |
69.8 |
2.3 |
0.6 |
0.007 |
| 38 |
n/t |
|
|
|
|
|
Davis Tube Wash Results summary for Comp 5
| Comp |
Feed |
Grind |
Magnetic
Concentrate |
| |
Fe |
SiO2 |
P80 |
Mass
Rec. |
Fe
Rec. |
Fe |
SiO2 |
Al2O3 |
P |
| |
(%) |
(%) |
(microns) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
| NKMET 038 |
31.4 |
45.8 |
500 |
75.6 |
88.9 |
35.9 |
42.2 |
2.0 |
0.041 |
| 250 |
46.0 |
78.4 |
52.4 |
23.6 |
0.9 |
0.022 |
| 150 |
39.8 |
79.4 |
66.0 |
7.6 |
0.3 |
0.008 |
| 106 |
38.2 |
78.8 |
68.6 |
4.2 |
0.2 |
0.005 |
| 75 |
33.4 |
76.1 |
70.3 |
2.1 |
0.2 |
0.003 |
| 45 |
33.0 |
75.7 |
71.2 |
1.1 |
0.2 |
0.003 |
| 38 |
37.7 |
79.2 |
71.2 |
1.1 |
0.2 |
0.003 |
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.