Afferro Mining Inc. - Encouraging Results at Ngoa, Adjacent to Nkout

Afferro Mining Inc. - Encouraging Results at Ngoa, Adjacent to Nkout 
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TSX-V:AFF
AIM:AFF 
LONDON, UK, Oct. 24, 2012 /CNW/ - Afferro Mining Inc. ("Afferro" or the 
"Company"), the exploration and development company focused on iron ore in 
Cameroon, is pleased to provide initial results for the exploration work 
undertaken at its 70% owned Ngoa prospect, which lies within the Essong 
exploration permit, adjacent to the Nkout iron ore project ("Nkout") and 20km 
from the proposed south Cameroon rail corridor. 
Highlights 


    --  Mineralised zone with 1km strike remains open at depth
    --  Drilling highlights, from 33 diamond drill holes over 1,790m,


    include:
  o NGHC003  11.0m @ 61.1% Fe from surface
  o NGGS026    8.8m @ 54.6% Fe from surface
  o NGGS019  12.8m @ 47.0% Fe from surface
  o NGGS002  28.0m @ 45.6% Fe from 2.6m
  o NGGS021  15.6m @ 42.4% Fe from surface
  o NGGS014  29.2m @ 40.9% Fe from surface
  o NGGS010  14.7m @ 40.8% Fe from surface
  o NGGS003  31.0m @ 39.8% Fe from surface
  o NGGS010  28.2m @ 38.8% Fe from 37.8m 


    --  Located adjacent to Nkout, with any resource likely to be
        processed centrally and enhance the economics of the current
        stand-alone Nkout project

Luis da Silva, Chief Executive Officer of Afferro, commented:

"Drilling results at Ngoa are encouraging with multiple intersections from 
surface above 40% Fe and a number of down-hole length intersections in excess 
of 55% Fe. We believe Ngoa can become a satellite resource to support scalable 
mining of up to 35mtpa at Nkout, which is situated less than 5km to the north 
of Ngoa. The recent preliminary economic assessment showed Nkout to be a 
robust project; additional high grade resources at Ngoa will enhance the 
already attractive economics."

"Afferro continues to explore all four of its exploration permits in Cameroon. 
With these initial results for Ngoa, Afferro has defined mineralised banded 
iron formations in three of these permits. Further results from additional 
drilling at Nkout are pending."

Ngoa Anomaly

Exploration at Ngoa was carried out in two phases. The first phase comprising 
10 diamond drill holes totalling over 520m was completed in December 2010. A 
second phase of 25 holes totalling 1,270m was completed in June 2012. Drilling 
was targeted on two parallel, high intensity magnetic features striking north 
east to south west with approximately 1km of strike extent and coincident 
topographic high. The magnetic anomaly is the geophysical expression of 
quartz-magnetite bearing banded iron formations ("BIFs") at depth beneath a 
cap of laterite, indurated ferruginised saprolite and colluvial scree. 
Airborne magnetics were flown over the Ngoa area in Q1 2010 and interpreted by 
Southern GeoScience Consultants of Perth, Western Australia.

Results of the drilling are shown in Table 1 below. The higher grade 
intersections above 55% Fe are from weathered and oxidised primary iron rich 
BIF originally containing magnetite which is now altered to haematite. Mapping 
of limited surface outcrop, geophysical interpretation and interpretation of 
the current broadly spaced drilling suggest two parallel BIF units, striking 
north east to south west and dipping moderately to the north-west. The BIF 
mineralisation remains open at depth. The magnetite BIFs are structurally 
deformed with associated amphibole meta-sedimentary country rock underlain by 
a strongly foliated granitoid gneiss basement.

Table 1 - Ngoa Mineralised Intersections

 ______________________________________________________________________________________
|Hole ID|   |   |         |      |      |     |    |    |        |    | Al |     | SiO |
|       |Azm|Dip|Elevation|East m|North | EOH |From| To |INTERVAL|Fe %|(2)O| P % | (2) |
|       | m | m |    m    |      |  m   |  m  | m  | m  |   m    |    |(3) |     |  %  |
|       |   |   |         |      |      |     |    |    |        |    | %  |     |     |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS001| 0 |-90|    913  |249839|281863|116.4|0.0 |50.4|   50.4 |33.4|1.9 |0.06 |44.5 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS002| 0 |-90|    862  |249643|281767|58.9 |2.6 |30.6|   28.0 |45.7|2.6 |0.07 |27.3 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|including (#)                                |2.6 |10.4|   7.8  |57.5|3.7 |0.04 |11.7 |
|                                             |____|____|________|____|____|_____|_____|
|                                             |23.2|25.4|   2.3  |55.7|1.6 |0.09 |11.7 |
|_____________________________________________|____|____|________|____|____|_____|_____|
|NGGS003| 0 |-90|    924  |249864|281665|37.7 |0.0 |31.0|   31.0 |39.9|2.7 |0.04 |26.9 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS004| 0 |-90|    754  |250335|281923|45.8 |0.0 |4.0 |   4.0  |51.5|6.2 |0.09 |12.9 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS005| 0 |-90|    662  |250466|282641|41.8 |0.0 |8.0 |   8.0  |48.1|5.2 |0.06 |20.0 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|including (#)                                |0.0 |4.0 |   4.0  |57.8|3.4 |0.06 | 8.9 |
|_____________________________________________|____|____|________|____|____|_____|_____|
|NGGS006|180|-80|    732  |250293|282076|74.8 |0.0 |6.0 |   6.0  |43.0|5.6 |0.06 |28.8 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS007|180|-80|    714  |250429|281719|46.1 |6.5 |8.4 |   1.9  |37.0|8.8 |0.04 |31.4 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS008|180|-80|    818  |250080|281864|55.5 |0.0 |6.0 |   6.0  |51.0|5.4 |0.08 |15.7 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|Including (#)                                |2.0 |4.0 |   2.0  |55.4|4.5 |     |12.5 |
|_____________________________________________|____|____|________|____|____|_____|_____|
|NGGS009|180|-80|    776  |250091|282005|65.3 |0.0 |18.8|   18.8 |36.4|4.0 |0.04 |40.9 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS010|   |   |         |      |      |     |0.0 |14.7|   14.7 |40.8|3.8 |0.05 |34.7 |
|       |180|-80|    827  |250210|281721|65.8 |____|____|________|____|____|_____|_____|
|       |   |   |         |      |      |     |37.8|62.8|   25.0 |39.1|1.1 |0.04 |40.5 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS011| 0 |-90|    829  |249687|281968|64.1 |1.0 |3.3 |   2.3  |53.1|5.9 |0.12 |55.9 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS012|180|-80|    827  |249621|281714|87.6 |0.0 |8.0 |   8.0  |40.3|2.3 |0.05 |36.2 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS013|   |   |         |      |      |     |0.0 |2.0 |   2.0  |38.5|0.9 |0.03 |42.8 |
|       | 0 |-90|    843  |250130|281547|  36 |____|____|________|____|____|_____|_____|
|       |   |   |         |      |      |     |12.4|35.8|   23.4 |35.7|1.0 |0.04 |45.1 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS014|   |   |         |      |      |     |0.0 |29.2|   29.2 |40.9|1.1 |0.05 |38.9 |
|       |180|-80|    826  |249729|281564|  69 |____|____|________|____|____|_____|_____|
|       |   |   |         |      |      |     |39.5|49.5|   10.0 |    |1.6 |0.05 |49.2 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS016| 0 |-90|    828  |249905|281464|49.5 |0.0 |14.5|   14.5 |38.4|0.4 |0.04 |42.2 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS017|180|-80|    784  |250287|281585|48.6 |2.0 |6.0 |   4.0  |46.7|7.9 |0.05 |20.0 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS018|180|-80|    775  |249508|281916|38.3 |3.3 |14.3|   11.0 |42.5|4.4 |0.05 |31.1 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS019|180|-90|    773  |249549|281622|81.7 |4.4 |17.3|   12.9 |47.0|6.4 |0.06 |21.3 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|Including (#)                                |7.3 |11.5|   4.2  |56.8|3.5 |0.07 |11.5 |
|_____________________________________________|____|____|________|____|____|_____|_____|
|NGGS021| 0 |-90|    785  |249752|281430|73.6 |0.0 |15.8|   15.8 |41.9|3.1 |0.06 |33.9 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS023| 0 |-90|    775  |250052|281416|60.7 |0.0 |14.5|   14.5 |37.6|4.1 |0.04 |38.8 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS025|180|-80|    732  |249914|281201|47.0 |0.0 |2.2 |   2.2  |47.5|8.1 |0.07 |16.6 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGGS026|180|-80|    731  |249454|281347|67.8 |0.0 |8.8 |   8.8  |54.6|4.1 |0.05 |12.1 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|Including (#)                                |2.0 |8.8 |   6.8  |56.6|3.4 |0.03 | 9.5 |
|_____________________________________________|____|____|________|____|____|_____|_____|
|NGGS027|180|-80|    744  |249168|281743|40.8 |0.0 |13.2|   13.2 |36.4|7.2 |0.06 |34.9 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|Including (#)                                |0.0 |2.2 |   2.2  |55.0|4.7 |0.09 | 9.5 |
|_____________________________________________|____|____|________|____|____|_____|_____|
|NGHC001|   |   |         |      |      |     |0.0 |3.5 |   3.5  |37.9|1.7 |0.05 |39.8 |
|       | 0 |-90|    888  |249842|281959|  80 |____|____|________|____|____|_____|_____|
|       |   |   |         |      |      |     |10.5|12.5|   2.0  |31.6|0.8 |0.07 |48.4 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|NGHC002| 0 |-90|    863  |249745|281771|54.6 |0.0 |12.1|   12.1 |40.3|7.4 |0.04 |29.8 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|
|Including (#)                                |0.0 |5.1 |   5.1  |57.6|2.9 |0.05 |12.6 |
|_____________________________________________|____|____|________|____|____|_____|_____|
|NGHC003| 0 |-90|    726  |250500|282015|44.0 |0.0 |11.0|   11.0 |61.1|3.3 |0.15 | 4.1 |
|_______|___|___|_________|______|______|_____|____|____|________|____|____|_____|_____|

*results are reported as down-hole lengths with a lower cut-off grade of 30% 
and a maximum internal waste of 5m. Datum WGS84,  Zone 33, some minor errors 
occur due to rounding. # reported with a >55% Fe COG.

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. Afferro's cash position at the end of Q2, 2012 of US$51 
million, leaves it well placed for the medium-term funding of its projects.

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 the MD&A for the 12 months ended 31 December 2011, 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) accept 
responsibility for the adequacy or accuracy of this release.





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

SOURCE: Afferro Mining Inc.

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CO: Afferro Mining Inc.
NI: MNG FIELD 

-0- Oct/24/2012 11:00 GMT


 
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