TIDMAFF
RNS Number : 6331T
Afferro Mining Inc.
17 December 2012
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES.
17 December 2012
AFFERRO MINING INC.
Encouraging DSO Metallurgy Results From Nkout
Afferro Mining Inc. ("Afferro", TSX-V & AIM: AFF) announces
encouraging results from the direct shipping ore ("DSO") bulk
metallurgical testing conducted on material from the Nkout project.
Results from the remaining bulk metallurgical testing are on track
to be released in January 2013.
Highlights:
-- Over 5 tonnes of potential DSO material tested from 12
representative holes across the Nkout deposit
-- Fines product achieved with a 63.4% iron grade and low
deleterious materials, using simple attrition scrubbing
-- Low-cost crushing implied due to the soft, incompetent rock
with a very low bond work index of 2.6kWhr/t
-- Simple crushing circuit expected: high throughput and low capital cost
-- Saprolite and magnetite bulk metallurgical testing expected to be delivered in January 2013
-- Scale of testing sufficient to support pre-feasibility study ("PFS"), to commence in Q1 2013
Afferro's CEO, Luis da Silva, commented:
"The quality of the DSO we have identified at Nkout further
enhances the viability of the project and underlines our confidence
in its continuing development. This progress has been acknowledged
by the Government of Cameroon, which now classifies Nkout at
"Project" level having been promoted from "Exploration" level,
highlighting its strategic importance to the Country.
"The testwork implies that the first stage of DSO production at
Nkout should be low-cost, with low capital intensity, yielding a
high-grade product of 63.4% iron with low deleterious materials.
This early, low-capex stage of production will be examined in the
PFS, commencing in Q1 2013. We look forward to the remaining
metallurgical results, to be released in January 2013."
Summary of DSO Metallurgical Testing and Results
Metallurgical testwork was completed on 12 PQ-size (4.6 inch
outside diameter) holes taken from across the DSO mineralisation
identified at Nkout to date. The total weight of these samples was
in excess of 5 tonnes. This testwork is sufficient to support the
PFS, which is expected to commence in Q1 2013.
The physical test work suggests that the Nkout DSO material is
relatively fine and incompetent. After single-stage crushing,
nearly 40% of the DSO material was finer than 10mm. Bond impact
crushing work index measurements averaged a very low 2.6 kWhr/t.
This suggests that the energy required for crushing should be low,
and that the simple crushing circuit should have high throughput
and low capital cost.
Each sample was subjected to drop-tower testing in order to
estimate the quantity of lump that could be produced from the Nkout
DSO resource. Lump production only averaged 10.6%, suggesting that
it would not be feasible. However, a single fines product from the
operation will further simplify the process flowsheet and reduce
capital costs.
Attrition scrubbing testwork on samples of the fines product
suggests that this method could benefit the operation. Scrubbing
was shown to be able to increase the iron grade by approximately 4
percentage points to 63.4%. It also reduced the alumina content
from 3.5% to just over 2% and reduced silica content from 7.6% to
4.3%. Additional planned scrubbing testwork is anticipated to
further improve the product quality. This testwork would target
finer crush sizes and also examine the feasibility of scrubbing
high-grade Saprolite samples to achieve DSO product quality.
For further information please contact one of the following:
Contact Information
Afferro Mining Inc.
Luis da Silva / Jeremy Cave
Tel: +44 (0) 20 7010 7680
Investec
Nominated Adviser: Neil Elliot
Corporate Broker: Chris Sim
Tel: +44 (0) 20 7597 5970
RBC Capital Markets
Joint Broker: Martin Eales / Richard Hughes
Tel: +44 (0) 20 7653 4000
Pelham Bell Pottinger
Daniel Thöle / James MacFarlane
Tel: +44 (0) 20 7861 3232
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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