Afferro Mining: metallurgical testwork indicates potential for sinter fines product

• Test work conducted on 188kg composite sample of haematitic saprolite ore
• Sample achieved head grade of 43.6% for this surface ore
• Initial testing rendered a 65% Fe product
• Results demonstrate good potential for sinter fines product
• Minimal deleterious materials in the resulting product
• Lump product material potential to be tested from all material >55% Fe
• Luis da Silva, Chief Executive of Afferro, commented:
• “Following on from last week’s update on our current expansion of drilling over the strike of the main Nkout target, it is encouraging that the early test work from last year’s surface material drill samples has rendered such positive results. With more metallurgical test work underway and planned, it is exciting to note that to date all aspects of the orebody – surface material and the banded iron formation – have provided such positive results indicating the potential to create a saleable product. We shall be updating investors in the very near future with further assay results.”

Preliminary metallurgical test work was conducted on a composite sample of the haematitic saprolite ore from the Nkout Centre area of the deposit. The sample consisted of drill hole intersections from the central part of the deposit and had a head grade of 43.6% Fe. The aim of the test work was to determine the potential to produce a suitable blast furnace feed. The test work was conducted at SGS Mineral Services, Truro, UK.

Gravity separation test work indicated good potential for the production of a sinter fines product from the composite sample. At a top size of 6 mm, a concentrate assaying 65% Fe was produced. The mass yield to this concentrate was 27%, a figure that is expected to increase in practice as tailings from the coarser size fractions would be crushed finer and re-processed by a combination of gravity and magnetic separation. The concentrate had a silica assay of 2.9%, an alumina assay of 0.7% and a phosphorous content of 0.03%.

The sample had a ‘mid range’ Crushing Work Index of 6.5 kWh/t, and a ‘moderately high’ Ball Mill Work Index of 16.9 kWh/t.

Further test work is planned to test the effect of head grade and to further test the lateral variability of the orebody. It will include the potential to produce a lump product from the 7.01Mt of oxidised >55% Fe material already detailed in the mineral resource estimate (“MRE”) released on the 1 February 2011. The test work is being conducted under the guidance of SRK Consulting (UK) Limited’s principal mineral processing consultant, Dr John Willis.

About Afferro Mining Inc.

Afferro Mining is an established exploration and development company listed on the TSX-V (AFF) and London’s AIM (AFF). Afferro Mining’s portfolio includes a 100% interest in the Nkout iron ore project (the “Nkout Project”), which has an estimated Inferred Mineral Resource of some 1.04 billion tonnes grading 34.2% Fe, 43.0% SiO2 and 2.9% AL2O3 and 0.05% P, and surrounding iron targets in Cameroon which is subject to a resource expansion drilling programme targeting 4Bt. Afferro Mining also has a 38.5% interest in the Putu iron ore project in Liberia (the “Putu Project”), which has an estimated Inferred Mineral Resource of 185 Mt of oxide material with a grade of 37.8% Fe, 17 Mt of haematite itabirite at 48.25% Fe, and 2,173 Mt of magnetite itabirite at 33.7% Fe. The Putu Project is subject to a resource expansion drilling programme and is moving through pre-feasibility managed by joint venture partner Severstal Resources (the mining division of London and Moscow listed OAO Severstal). In September 2010, Putu was granted a 25 year renewable Mineral Development Agreement by the Government of Liberia.