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TSX-V: AFF
AIM: AFF
LONDON, UK, May 23, 2013 /CNW/ - The Board of Afferro Mining
Inc. announces the release of its unaudited Financial Statements
for the quarter ended March 31, 2013.
The Financial Statements should be read in conjunction with the
accompanying Management Discussion and Analysis. These documents
have been filed on Sedar and are available on the Company's website
www.afferro-mining.com or at www.sedar.com.
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 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.
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.
