/NOT FOR DISTRIBUTION IN THE UNITED
STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES./
TSX-V: AFF
AIM: AFF
LONDON, UK,
May 13, 2013 /CNW/ - Afferro Mining
Inc. ("Afferro" or the "Company"), the exploration and development
company focused on iron ore in Cameroon, notes the announcement made on the
8 May 2013 by International Mining
and Infrastructure Corporation plc ("IMIC"), confirming that it has
successfully arranged financing of US$100
million for the cash element of its potential offer for the
entire issued and to be issued share capital of the Company.
Afferro has now received the relevant
documentation for the source of funds and discussions on the
indicative offer are taking place. There can be no certainty that
any formal offer for the Company will be forthcoming nor as to the
terms of any such offer.
Afferro advises shareholders to take no action
at this time.
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 1.19Bt at 32.9% Fe and an Inferred Mineral Resource Estimate of
1.33Bt at 30.3% 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
totaling $89m on the 31 December 2012 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
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.
